RGC Resources (NASDAQ:RGCO) Stock: Insider Robert Johnston Purchases 1,070 Shares

RGC Resources Inc. (NASDAQ:RGCO) Director Robert Johnston acquired 1,070 shares of the business’s stock in a transaction dated Wednesday, September 23rd. The stock was bought at an average cost of $20.74 per share, with a total value of $22,191.80. Following the acquisition, the director owned 67,070 shares in the company, valued at $1,391,031.80. The trade was a 1.62% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

RGC Resources Stock Performance

NASDAQ:RGCO traded up $0.19 during mid-day trading on Friday, hitting $20.97. The stock had a trading volume of 5,077 shares, compared to its average volume of 12,807. The company’s 50 day simple moving average is $21.85 and its 200 day simple moving average is $22.56. The stock has a market cap of $218.52 million, a price-to-earnings ratio of 15.65 and a beta of 0.52. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.67 and a current ratio of 0.94. RGC Resources Inc. has a twelve month low of $20.55 and a twelve month high of $27.99.

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

RGC Resources Announces Dividend

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

Institutional Investors Weigh In On RGC Resources

Institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. bought a new position in RGC Resources in the 2nd quarter valued at about $10,213,000. Gamco Investors INC. ET AL raised its position in RGC Resources by 0.9% during the first quarter. Gamco Investors INC. ET AL now owns 416,900 shares of the energy company’s stock valued at $9,193,000 after purchasing an additional 3,600 shares in the last quarter. Gabelli Funds LLC lifted its stake in RGC Resources by 0.6% during the first quarter. Gabelli Funds LLC now owns 230,300 shares of the energy company’s stock worth $5,078,000 after purchasing an additional 1,300 shares during the last quarter. Ancora Advisors LLC acquired a new stake in shares of RGC Resources in the 2nd quarter valued at $3,272,000. Finally, Dimensional Fund Advisors LP increased its stake in shares of RGC Resources by 2.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 126,931 shares of the energy company’s stock valued at $2,799,000 after purchasing an additional 3,175 shares during the last quarter. Institutional investors own 35.77% of the company’s stock.

Analysts Set New Price Targets

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

About RGC Resources

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.