RGC Resources (NASDAQ:RGCO) Director Purchases 1,070 Shares of Stock

RGC Resources Inc. (NASDAQ:RGCO) Director Robert Johnston purchased 1,070 shares of RGC Resources stock in a transaction dated Wednesday, September 23rd. The stock was bought at an average price of $20.74 per share, for a total transaction of $22,191.80. Following the completion of the purchase, the director owned 67,070 shares in the company, valued at $1,391,031.80. This represents a 1.62% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

RGC Resources Price Performance

NASDAQ:RGCO traded up $0.19 on Friday, hitting $20.97. The company had a trading volume of 5,077 shares, compared to its average volume of 12,807. RGC Resources Inc. has a 52 week low of $20.55 and a 52 week high of $27.99. The company has a current ratio of 0.94, a quick ratio of 0.67 and a debt-to-equity ratio of 1.19. The stock has a market capitalization of $218.52 million, a price-to-earnings ratio of 15.65 and a beta of 0.52. The firm has a 50 day moving average of $21.85 and a two-hundred day moving average of $22.56.

RGC Resources (NASDAQ:RGCO) last announced its quarterly earnings results on Wednesday, August 5th. The energy company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.01). RGC Resources had a return on equity of 11.73% and a net margin of 13.05%.The company had revenue of $17.11 million for the quarter, compared to analyst estimates of $18.19 million.

RGC Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Friday, July 17th were issued a dividend of $0.2175 per share. This represents a $0.87 annualized dividend and a dividend yield of 4.1%. The ex-dividend date was Friday, July 17th. RGC Resources’s payout ratio is 64.93%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Wall Street Zen lowered shares of RGC Resources from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Weiss Ratings reiterated a “buy (b)” rating on shares of RGC Resources in a research report on Friday, August 7th. Finally, Huntington started coverage on RGC Resources in a research note on Monday, September 14th. They issued an “outperform” rating and a $27.00 price target for the company. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $27.00.

Institutional Investors Weigh In On RGC Resources

A number of hedge funds have recently added to or reduced their stakes in RGCO. Bank of New York Mellon Corp bought a new stake in RGC Resources in the second quarter valued at $1,717,000. Ancora Advisors LLC bought a new stake in RGC Resources in the 2nd quarter valued at about $3,272,000. BlackRock Inc. acquired a new position in RGC Resources during the 2nd quarter worth approximately $10,213,000. Hennessy Advisors Inc. boosted its holdings in RGC Resources by 6.2% in the second quarter. Hennessy Advisors Inc. now owns 13,754 shares of the energy company’s stock worth $329,000 after acquiring an additional 800 shares in the last quarter. Finally, Deutsche Bank AG acquired a new stake in RGC Resources in the second quarter valued at approximately $199,000. 35.77% of the stock is currently owned by institutional investors.

RGC Resources Company Profile

RGC Resources, Inc is a holding company whose principal subsidiary, Roanoke Gas Company, provides regulated natural gas distribution services in southwestern Virginia. The company delivers natural gas to residential, commercial and industrial customers through a local distribution network.

Roanoke Gas serves communities in and around the Roanoke Valley, including the cities of Roanoke, Salem and Vinton, as well as portions of surrounding counties. Its activities include operating and maintaining natural gas pipelines, providing customer connections and delivering gas for heating, water heating, cooking and other commercial and industrial uses.

RGC Resources traces its operating history to Roanoke Gas Company, which was established in the early twentieth century.