RGC Resources (NASDAQ:RGCO) Director Buys $52,350.00 in Stock

RGC Resources Inc. (NASDAQ:RGCO) Director John Williamson III purchased 2,500 shares of the stock in a transaction that occurred on Wednesday, September 23rd. The shares were acquired at an average cost of $20.94 per share, with a total value of $52,350.00. Following the completion of the transaction, the director owned 182,431 shares in the company, valued at $3,820,105.14. This trade represents a 1.39% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

RGC Resources Stock Up 0.9%

Shares of RGCO stock traded up $0.19 during trading hours on Friday, hitting $20.97. 5,077 shares of the company’s stock traded hands, compared to its average volume of 12,807. The company has a quick ratio of 0.67, a current ratio of 0.94 and a debt-to-equity ratio of 1.19. The stock’s fifty day simple moving average is $21.85 and its two-hundred day simple moving average is $22.56. RGC Resources Inc. has a 12-month low of $20.55 and a 12-month high of $27.99. The stock has a market cap of $218.53 million, a price-to-earnings ratio of 15.65 and a beta of 0.52.

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

RGC Resources Dividend Announcement

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

Hedge Funds Weigh In On RGC Resources

A number of institutional investors and hedge funds have recently modified their holdings of the company. Deutsche Bank AG purchased a new position in RGC Resources in the second quarter worth about $199,000. D.A. Davidson & CO. bought a new stake in RGC Resources during the first quarter valued at approximately $201,000. Clearstead Advisors LLC purchased a new stake in RGC Resources during the fourth quarter valued at approximately $219,000. Oppenheimer Asset Management Inc. purchased a new stake in RGC Resources during the second quarter valued at approximately $248,000. Finally, Hennessy Advisors Inc. raised its position 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 during the period. 35.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

RGCO has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of RGC Resources in a report on Friday, August 7th. Wall Street Zen cut shares of RGC Resources from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Finally, Huntington assumed coverage on shares of RGC Resources in a research report on Monday, September 14th. They set an “outperform” rating and a $27.00 price target for the company. Two analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $27.00.

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.