Zacks Investment Research upgraded shares of RGC Resources (NASDAQ:RGCO) from a hold rating to a strong-buy rating in a research report sent to investors on Thursday, Zacks.com reports. Zacks Investment Research currently has $30.00 target price on the energy company’s stock.

According to Zacks, “RGC Resources, Inc. has thousands of customers through its natural gas distribution companies that serve the Roanoke Valley and Bluefield, Virginia and West Virginia areas and Diversified Energy Company, which serves the Roanoke Valley, Southwestern Virginia and Southern West Virginia. The company’s stock will continue to be listed on the Nasdaq National Market, trading symbol RGCO. (PRESS RELEASE) “

Separately, ValuEngine cut shares of RGC Resources from a buy rating to a hold rating in a report on Tuesday, January 21st.

Shares of RGC Resources stock traded down $0.10 during trading on Thursday, hitting $26.40. 68,200 shares of the company’s stock were exchanged, compared to its average volume of 23,035. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.81 and a current ratio of 1.21. The business has a 50-day simple moving average of $26.69 and a 200-day simple moving average of $28.22. RGC Resources has a 52-week low of $24.95 and a 52-week high of $31.00. The stock has a market capitalization of $215.05 million, a price-to-earnings ratio of 20.79 and a beta of -0.22.

RGC Resources (NASDAQ:RGCO) last issued its earnings results on Friday, February 7th. The energy company reported $0.49 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.17. RGC Resources had a net margin of 15.42% and a return on equity of 12.11%. The firm had revenue of $19.79 million during the quarter, compared to analysts’ expectations of $22.00 million. On average, equities analysts anticipate that RGC Resources will post 1.13 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th will be issued a $0.175 dividend. This is a boost from RGC Resources’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Tuesday, April 14th. This represents a $0.70 dividend on an annualized basis and a yield of 2.65%.

In other news, CEO Paul W. Nester acquired 1,100 shares of the business’s stock in a transaction on Monday, February 10th. The stock was bought at an average price of $25.56 per share, with a total value of $28,116.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders acquired 1,321 shares of company stock valued at $34,268 in the last ninety days. 7.20% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RGCO. BlackRock Inc. increased its holdings in RGC Resources by 8.7% in the second quarter. BlackRock Inc. now owns 384,140 shares of the energy company’s stock valued at $11,723,000 after buying an additional 30,857 shares in the last quarter. Vanguard Group Inc. increased its holdings in RGC Resources by 8.1% in the second quarter. Vanguard Group Inc. now owns 324,788 shares of the energy company’s stock valued at $9,912,000 after buying an additional 24,240 shares in the last quarter. Bank of America Corp DE increased its holdings in RGC Resources by 72.1% in the fourth quarter. Bank of America Corp DE now owns 45,766 shares of the energy company’s stock valued at $1,308,000 after buying an additional 19,177 shares in the last quarter. State Street Corp increased its holdings in RGC Resources by 14.2% in the third quarter. State Street Corp now owns 127,328 shares of the energy company’s stock valued at $3,723,000 after buying an additional 15,822 shares in the last quarter. Finally, Renaissance Technologies LLC increased its holdings in RGC Resources by 35.3% in the fourth quarter. Renaissance Technologies LLC now owns 37,198 shares of the energy company’s stock valued at $1,063,000 after buying an additional 9,698 shares in the last quarter.

RGC Resources Company Profile

RGC Resources, Inc, through its subsidiaries, operates as an energy services company. The company sells and distributes natural gas to residential, commercial, and industrial customers in Roanoke, Virginia, and the surrounding localities. It also provides various unregulated services. The company operates approximately 1,141 miles of transmission and distribution pipeline; and a liquefied natural gas storage facility, as well as owns and operates 8 metering stations.

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