RGC Resources (NASDAQ:RGCO) Stock Price Crosses Above Fifty Day Moving Average – Here’s What Happened

RGC Resources Inc. (NASDAQ:RGCO)’s stock price crossed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $23.33 and traded as high as $25.09. RGC Resources shares last traded at $23.72, with a volume of 13,498 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Wall Street Zen upgraded shares of RGC Resources from a “hold” rating to a “buy” rating in a research note on Saturday, June 27th. Weiss Ratings raised shares of RGC Resources from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. One research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy”.

RGC Resources Stock Up 0.9%

The company has a debt-to-equity ratio of 1.04, a current ratio of 0.69 and a quick ratio of 0.59. The company has a market cap of $246.93 million, a PE ratio of 17.70 and a beta of 0.50. The company has a fifty day moving average price of $23.33 and a 200 day moving average price of $22.36.

RGC Resources (NASDAQ:RGCO) last announced its earnings results on Wednesday, May 6th. The energy company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.06. RGC Resources had a net margin of 13.01% and a return on equity of 11.87%. The business had revenue of $45.46 million for the quarter, compared to the consensus estimate of $38.20 million.

RGC Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Friday, July 17th will be issued a dividend of $0.2175 per share. This represents a $0.87 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend is Friday, July 17th. RGC Resources’s payout ratio is currently 64.93%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in RGC Resources by 0.6% during the third quarter. Vanguard Group Inc. now owns 442,151 shares of the energy company’s stock valued at $9,922,000 after purchasing an additional 2,678 shares in the last quarter. Gamco Investors INC. ET AL boosted its holdings in shares of RGC Resources by 0.9% in the 1st quarter. Gamco Investors INC. ET AL now owns 416,900 shares of the energy company’s stock worth $9,193,000 after purchasing an additional 3,600 shares in the last quarter. Ameriprise Financial Inc. increased its position in shares of RGC Resources by 0.6% during the 2nd quarter. Ameriprise Financial Inc. now owns 403,414 shares of the energy company’s stock valued at $9,028,000 after purchasing an additional 2,486 shares during the last quarter. Russell Investments Group Ltd. increased its position in shares of RGC Resources by 23.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 233,352 shares of the energy company’s stock valued at $5,236,000 after purchasing an additional 43,900 shares during the last quarter. Finally, Gabelli Funds LLC raised its holdings in shares of RGC Resources by 0.6% during the 1st quarter. Gabelli Funds LLC now owns 230,300 shares of the energy company’s stock valued at $5,078,000 after buying an additional 1,300 shares in the last quarter. Institutional investors own 35.77% of the company’s stock.

RGC Resources Company Profile

RGC Resources, Inc (NASDAQ: RGCO) is a natural gas distribution and transmission company headquartered in Wheeling, West Virginia. Through its regulated subsidiaries, the company provides energy delivery services to residential, commercial and industrial customers across northern West Virginia, western Pennsylvania and parts of Maryland. RGC Resources focuses on maintaining a safe and efficient local pipeline network to ensure reliable supply to its service areas.

The company operates two primary business segments: distribution and transmission.