RGC Resources (NASDAQ:RGCO) Cut to “Sell” at Wall Street Zen

Wall Street Zen cut shares of RGC Resources (NASDAQ:RGCO) from a hold rating to a sell rating in a research report released on Saturday morning,Wall Street Zen reports.

Several other research analysts also recently issued reports on RGCO. Weiss Ratings reaffirmed a “buy (b)” rating on shares of RGC Resources in a report on Friday, August 7th. Huntington initiated coverage on RGC Resources in a research note on Monday, September 14th. They issued an “outperform” rating and a $27.00 target price for the company. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, RGC Resources has a consensus rating of “Buy” and an average price target of $27.00.

RGC Resources Trading Up 1.5%

Shares of NASDAQ RGCO opened at $21.60 on Friday. RGC Resources has a 1-year low of $20.55 and a 1-year high of $27.99. The company has a 50-day moving average of $21.74 and a two-hundred day moving average of $22.54. The company has a market cap of $225.07 million, a PE ratio of 16.12 and a beta of 0.52. The company has a current ratio of 0.94, a quick ratio of 0.67 and a debt-to-equity ratio of 1.19.

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

Insider Activity

In other RGC Resources news, Director John Williamson, III bought 2,500 shares of RGC Resources stock in a transaction dated Wednesday, September 23rd. The shares were bought at an average price of $20.94 per share, with a total value of $52,350.00. Following the purchase, the director owned 182,431 shares of the company’s stock, valued at $3,820,105.14. This trade represents a 1.39% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Over the last 90 days, insiders have bought 8,334 shares of company stock valued at $175,772. 7.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On RGC Resources

A number of institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. bought a new position in shares of RGC Resources in the 2nd quarter worth $10,213,000. Ancora Advisors LLC acquired a new stake in shares of RGC Resources during the second quarter worth $3,272,000. Bank of New York Mellon Corp bought a new stake in RGC Resources in the second quarter valued at about $1,717,000. Oppenheimer Asset Management Inc. bought a new stake in RGC Resources in the second quarter valued at about $248,000. Finally, Clearstead Advisors LLC bought a new stake in RGC Resources in the fourth quarter valued at about $219,000. 35.77% of the stock is owned by institutional investors.

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.