RGC Resources (NASDAQ:RGCO) Releases Earnings Results, Misses Expectations 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. The company had revenue of $17.11 million for the quarter, compared to analyst estimates of $18.19 million. RGC Resources had a return on equity of 11.87% and a net margin of 13.01%.

RGC Resources Trading Up 1.1%

Shares of RGCO traded up $0.23 during mid-day trading on Thursday, reaching $21.93. The stock had a trading volume of 8,729 shares, compared to its average volume of 12,389. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.69 and a quick ratio of 0.59. RGC Resources has a 52-week low of $20.55 and a 52-week high of $27.99. The business’s fifty day moving average is $23.50 and its 200 day moving average is $22.60. The firm has a market cap of $228.34 million, a price-to-earnings ratio of 16.12 and a beta of 0.51.

RGC Resources Dividend Announcement

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

Analysts Set New Price Targets

Several research firms recently issued reports on RGCO. Wall Street Zen upgraded RGC Resources from a “hold” rating to a “buy” rating in a report on Saturday, June 27th. Weiss Ratings upgraded RGC Resources from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. One research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy”.

Hedge Funds Weigh In On RGC Resources

A number of institutional investors have recently bought and sold shares of RGCO. Millennium Management LLC purchased a new stake in shares of RGC Resources in the 4th quarter valued at approximately $212,000. Barclays PLC raised its position in shares of RGC Resources by 11.0% during the 4th quarter. Barclays PLC now owns 12,985 shares of the energy company’s stock valued at $277,000 after buying an additional 1,288 shares during the period. Kestra Advisory Services LLC purchased a new stake in shares of RGC Resources during the 4th quarter valued at approximately $119,000. State Street Corp lifted its holdings in RGC Resources by 1.8% in the fourth quarter. State Street Corp now owns 109,804 shares of the energy company’s stock valued at $2,339,000 after acquiring an additional 1,898 shares during the last quarter. Finally, Martingale Asset Management L P lifted its holdings in RGC Resources by 3.6% in the fourth quarter. Martingale Asset Management L P now owns 17,738 shares of the energy company’s stock valued at $378,000 after acquiring an additional 616 shares during the last quarter. 35.77% of the stock is owned by hedge funds and other institutional investors.

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.