Short Interest in RGC Resources Inc. (NASDAQ:RGCO) Drops By 16.9%

RGC Resources Inc. (NASDAQ:RGCO) was the recipient of a significant drop in short interest during the month of January. As of January 30th, there was short interest totaling 60,531 shares, a drop of 16.9% from the January 15th total of 72,859 shares. Approximately 0.6% of the company’s stock are sold short. Based on an average daily volume of 10,570 shares, the short-interest ratio is currently 5.7 days. Based on an average daily volume of 10,570 shares, the short-interest ratio is currently 5.7 days. Approximately 0.6% of the company’s stock are sold short.

Analyst Ratings Changes

Several brokerages have recently issued reports on RGCO. Wall Street Zen upgraded RGC Resources from a “sell” rating to a “hold” rating in a report on Sunday. Weiss Ratings raised shares of RGC Resources from a “hold (c)” rating to a “buy (b-)” rating in a research report on Tuesday, February 10th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy”.

RGC Resources Stock Up 0.8%

Shares of NASDAQ RGCO traded up $0.18 during mid-day trading on Tuesday, reaching $22.04. 5,596 shares of the company traded hands, compared to its average volume of 9,627. The company’s fifty day moving average is $21.80 and its two-hundred day moving average is $21.83. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.58 and a current ratio of 0.80. RGC Resources has a fifty-two week low of $19.50 and a fifty-two week high of $23.82. The stock has a market cap of $229.00 million, a PE ratio of 17.77 and a beta of 0.52.

RGC Resources (NASDAQ:RGCO) last announced its earnings results on Thursday, February 5th. The energy company reported $0.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.05). RGC Resources had a return on equity of 11.11% and a net margin of 13.11%.The company had revenue of $30.26 million for the quarter, compared to the consensus estimate of $28.21 million. On average, analysts expect that RGC Resources will post 1.23 earnings per share for the current year.

RGC Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Shareholders of record on Friday, January 16th were issued a dividend of $0.2175 per share. This represents a $0.87 dividend on an annualized basis and a yield of 3.9%. This is a positive change from RGC Resources’s previous quarterly dividend of $0.21. The ex-dividend date was Friday, January 16th. RGC Resources’s dividend payout ratio is currently 70.16%.

Institutional Trading of RGC Resources

Several hedge funds have recently added to or reduced their stakes in the business. Barclays PLC increased its position in RGC Resources by 11.0% in the 4th quarter. Barclays PLC now owns 12,985 shares of the energy company’s stock worth $277,000 after buying an additional 1,288 shares during the period. Kestra Advisory Services LLC acquired a new position in RGC Resources during the 4th quarter valued at $119,000. State Street Corp boosted its holdings in RGC Resources by 1.8% in the 4th quarter. State Street Corp now owns 109,804 shares of the energy company’s stock valued at $2,339,000 after purchasing an additional 1,898 shares during the period. Martingale Asset Management L P grew its position 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 worth $378,000 after purchasing an additional 616 shares during the last quarter. Finally, Wells Fargo & Company MN increased its holdings in shares of RGC Resources by 9.6% during the 4th quarter. Wells Fargo & Company MN now owns 48,866 shares of the energy company’s stock worth $1,041,000 after purchasing an additional 4,298 shares during the period. Institutional investors own 35.77% of the company’s stock.

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.