RGC Resources (NASDAQ:RGCO) Posts Quarterly Earnings Results, Misses Estimates By $0.01 EPS

RGC Resources (NASDAQ:RGCO) released its quarterly earnings results on Wednesday. The energy company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.01), Zacks reports. RGC Resources had a net margin of 13.01% and a return on equity of 11.87%. The company had revenue of $17.11 million during the quarter, compared to analyst estimates of $18.19 million.

RGC Resources Stock Down 2.6%

Shares of NASDAQ RGCO traded down $0.59 during midday trading on Wednesday, reaching $21.70. The company’s stock had a trading volume of 15,983 shares, compared to its average volume of 12,422. The stock has a 50 day simple moving average of $23.53 and a 200-day simple moving average of $22.60. The company has a current ratio of 0.69, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $225.90 million, a price-to-earnings ratio of 16.19 and a beta of 0.51. RGC Resources has a fifty-two week low of $20.55 and a fifty-two week high of $27.99.

RGC Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Friday, July 17th were issued a $0.2175 dividend. The ex-dividend date was Friday, July 17th. This represents a $0.87 dividend on an annualized basis and a dividend yield of 4.0%. RGC Resources’s dividend payout ratio (DPR) is 64.93%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in RGCO. Martingale Asset Management L P increased its stake in RGC Resources by 3.6% in the 4th quarter. Martingale Asset Management L P now owns 17,738 shares of the energy company’s stock valued at $378,000 after buying an additional 616 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in shares of RGC Resources by 80.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,816 shares of the energy company’s stock valued at $41,000 after acquiring an additional 812 shares in the last quarter. Geneos Wealth Management Inc. increased its position in shares of RGC Resources by 200.0% in the second quarter. Geneos Wealth Management Inc. now owns 1,602 shares of the energy company’s stock valued at $36,000 after acquiring an additional 1,068 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of RGC Resources by 9.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 14,557 shares of the energy company’s stock valued at $310,000 after acquiring an additional 1,202 shares during the last quarter. Finally, Barclays PLC raised its holdings in RGC Resources by 11.0% during the fourth quarter. Barclays PLC now owns 12,985 shares of the energy company’s stock worth $277,000 after acquiring an additional 1,288 shares in the last quarter. Institutional investors own 35.77% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Weiss Ratings raised shares of RGC Resources from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Wall Street Zen raised RGC Resources from a “hold” rating to a “buy” rating in a research note on Saturday, June 27th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat, the company has a consensus rating of “Buy”.

About RGC Resources

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.