RGC Resources (NASDAQ:RGCO) Announces Earnings Results, Misses Expectations By $0.01 EPS

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

RGC Resources Trading Down 2.6%

Shares of RGC Resources stock traded down $0.59 on Wednesday, hitting $21.70. The stock had a trading volume of 15,983 shares, compared to its average volume of 15,175. The company has a quick ratio of 0.59, a current ratio of 0.69 and a debt-to-equity ratio of 1.04. RGC Resources has a one year low of $20.55 and a one year high of $27.99. The stock’s 50-day simple moving average is $23.50 and its two-hundred day simple moving average is $22.60. The stock has a market cap of $225.90 million, a price-to-earnings ratio of 16.19 and a beta of 0.51.

RGC Resources Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research firms have commented on RGCO. Wall Street Zen raised 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 research note on Monday, May 11th. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat, RGC Resources has an average rating of “Buy”.

Institutional Investors Weigh In On RGC Resources

Several institutional investors have recently added to or reduced their stakes in RGCO. Tower Research Capital LLC TRC increased its position in shares of RGC Resources by 440.4% in the second quarter. Tower Research Capital LLC TRC now owns 2,821 shares of the energy company’s stock valued at $63,000 after acquiring an additional 2,299 shares during the period. Los Angeles Capital Management LLC bought a new stake in shares of RGC Resources in the fourth quarter worth about $103,000. Kestra Advisory Services LLC purchased a new position in RGC Resources during the 4th quarter valued at about $119,000. Focus Partners Wealth purchased a new position in RGC Resources during the 3rd quarter valued at about $282,000. Finally, JPMorgan Chase & Co. raised its position in RGC Resources by 24.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 12,678 shares of the energy company’s stock valued at $284,000 after purchasing an additional 2,502 shares during the last quarter. Hedge funds and other institutional investors own 35.77% of the company’s stock.

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.