RGC Resources (NASDAQ:RGCO) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Thursday, Zacks.com reports. The brokerage presently has a $30.00 target price on the energy company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 13.64% from the stock’s current price.
According to Zacks, “RGC Resources, Inc. has thousands of customers through its natural gas distribution companies that serve the Roanoke Valley and Bluefield, Virginia and West Virginia areas and Diversified Energy Company, which serves the Roanoke Valley, Southwestern Virginia and Southern West Virginia. The company’s stock will continue to be listed on the Nasdaq National Market, trading symbol RGCO. (PRESS RELEASE) “
Separately, ValuEngine cut shares of RGC Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, January 21st.
Shares of NASDAQ RGCO opened at $26.40 on Thursday. RGC Resources has a 1 year low of $24.95 and a 1 year high of $31.00. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.21 and a quick ratio of 0.81. The company’s 50-day moving average is $26.69 and its 200 day moving average is $28.22. The stock has a market capitalization of $214.98 million, a P/E ratio of 20.87 and a beta of -0.22.
RGC Resources (NASDAQ:RGCO) last announced its quarterly earnings results on Friday, February 7th. The energy company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.17. RGC Resources had a net margin of 15.42% and a return on equity of 12.11%. The company had revenue of $19.79 million for the quarter, compared to analysts’ expectations of $22.00 million. Research analysts anticipate that RGC Resources will post 1.24 earnings per share for the current year.
In other RGC Resources news, CEO Paul W. Nester acquired 1,100 shares of the business’s stock in a transaction on Monday, February 10th. The shares were acquired at an average price of $25.56 per share, for a total transaction of $28,116.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders acquired 1,321 shares of company stock worth $34,268. Corporate insiders own 7.20% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. grew its holdings in RGC Resources by 8.7% in the second quarter. BlackRock Inc. now owns 384,140 shares of the energy company’s stock worth $11,723,000 after purchasing an additional 30,857 shares during the period. Vanguard Group Inc. grew its holdings in RGC Resources by 8.1% in the second quarter. Vanguard Group Inc. now owns 324,788 shares of the energy company’s stock worth $9,912,000 after purchasing an additional 24,240 shares during the period. State Street Corp grew its holdings in RGC Resources by 5.6% in the fourth quarter. State Street Corp now owns 134,405 shares of the energy company’s stock worth $3,841,000 after purchasing an additional 7,077 shares during the period. Dalton Greiner Hartman Maher & Co. grew its holdings in RGC Resources by 4.6% in the fourth quarter. Dalton Greiner Hartman Maher & Co. now owns 132,589 shares of the energy company’s stock worth $3,789,000 after purchasing an additional 5,784 shares during the period. Finally, Gabelli Funds LLC grew its holdings in RGC Resources by 9.5% in the fourth quarter. Gabelli Funds LLC now owns 92,000 shares of the energy company’s stock worth $2,629,000 after purchasing an additional 8,000 shares during the period.
RGC Resources Company Profile
RGC Resources, Inc, through its subsidiaries, operates as an energy services company. The company sells and distributes natural gas to residential, commercial, and industrial customers in Roanoke, Virginia, and the surrounding localities. It also provides various unregulated services. The company operates approximately 1,141 miles of transmission and distribution pipeline; and a liquefied natural gas storage facility, as well as owns and operates 8 metering stations.
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