Insider Buying: RGC Resources, Inc. (NASDAQ:RGCO) Director Buys $19,671.15 in Stock

RGC Resources, Inc. (NASDAQ:RGCO) Director Robert B. Johnston purchased 995 shares of the company’s stock in a transaction dated Thursday, December 19th. The shares were acquired at an average price of $19.77 per share, for a total transaction of $19,671.15. Following the purchase, the director now owns 64,000 shares in the company, valued at $1,265,280. The trade was a 1.58 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

RGC Resources Stock Up 3.1 %

Shares of RGCO stock opened at $20.26 on Monday. The company has a market capitalization of $207.93 million, a price-to-earnings ratio of 17.47 and a beta of 0.17. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.52 and a current ratio of 0.87. The stock’s 50 day simple moving average is $20.83 and its 200 day simple moving average is $20.77. RGC Resources, Inc. has a twelve month low of $17.90 and a twelve month high of $24.20.

RGC Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, February 1st. Stockholders of record on Friday, January 17th will be paid a $0.2075 dividend. This represents a $0.83 dividend on an annualized basis and a dividend yield of 4.10%. This is a boost from RGC Resources’s previous quarterly dividend of $0.20. The ex-dividend date is Friday, January 17th. RGC Resources’s payout ratio is presently 71.55%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of RGCO. Gabelli Funds LLC boosted its holdings in RGC Resources by 16.4% during the second quarter. Gabelli Funds LLC now owns 224,206 shares of the energy company’s stock valued at $4,585,000 after acquiring an additional 31,651 shares during the period. Geode Capital Management LLC boosted its stake in RGC Resources by 4.1% during the 3rd quarter. Geode Capital Management LLC now owns 196,205 shares of the energy company’s stock valued at $4,429,000 after purchasing an additional 7,701 shares during the period. Cutter & CO Brokerage Inc. grew its holdings in RGC Resources by 18.5% in the 3rd quarter. Cutter & CO Brokerage Inc. now owns 137,948 shares of the energy company’s stock valued at $3,113,000 after buying an additional 21,489 shares during the last quarter. State Street Corp increased its position in RGC Resources by 0.6% in the 3rd quarter. State Street Corp now owns 104,929 shares of the energy company’s stock worth $2,368,000 after buying an additional 592 shares during the period. Finally, Renaissance Technologies LLC lifted its holdings in shares of RGC Resources by 1.4% during the second quarter. Renaissance Technologies LLC now owns 43,433 shares of the energy company’s stock worth $888,000 after buying an additional 600 shares during the last quarter. 35.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded shares of RGC Resources from a “hold” rating to a “sell” rating in a research report on Thursday.

About RGC Resources

RGC Resources, Inc, through its subsidiaries, operates as an energy services company. It sells and distributes natural gas to residential, commercial, and industrial customers in Roanoke, Virginia, and the surrounding localities. The company also provides various unregulated services. It operates approximately 1,179 miles of transmission and distribution pipeline; and a liquefied natural gas storage facility, as well as owns and operates six metering stations.