Janney Montgomery Scott initiated coverage on shares of RGC Resources (NASDAQ:RGCO) in a report published on Wednesday. The firm issued a neutral rating and a $29.00 price target on the energy company’s stock.
Shares of RGC Resources (RGCO) traded up $0.05 during trading hours on Wednesday, hitting $28.19. 2,600 shares of the company’s stock traded hands, compared to its average volume of 15,492. RGC Resources has a 12 month low of $16.53 and a 12 month high of $31.99. The firm has a market capitalization of $204.02, a price-to-earnings ratio of 32.85 and a beta of 0.08. The company has a quick ratio of 0.48, a current ratio of 1.09 and a debt-to-equity ratio of 1.02.
RGC Resources (NASDAQ:RGCO) last announced its quarterly earnings results on Wednesday, November 15th. The energy company reported $0.02 EPS for the quarter. RGC Resources had a net margin of 10.01% and a return on equity of 10.52%. The company had revenue of $10.17 million for the quarter.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BB&T Securities LLC increased its stake in shares of RGC Resources by 2.4% during the second quarter. BB&T Securities LLC now owns 64,800 shares of the energy company’s stock valued at $1,834,000 after acquiring an additional 1,500 shares during the period. Bank of New York Mellon Corp boosted its holdings in RGC Resources by 14.5% during the third quarter. Bank of New York Mellon Corp now owns 20,592 shares of the energy company’s stock worth $588,000 after buying an additional 2,601 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in RGC Resources by 5.0% during the third quarter. Dimensional Fund Advisors LP now owns 76,714 shares of the energy company’s stock worth $2,192,000 after buying an additional 3,657 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in RGC Resources by 67.2% during the third quarter. Wells Fargo & Company MN now owns 10,282 shares of the energy company’s stock worth $293,000 after buying an additional 4,131 shares in the last quarter. Finally, The Manufacturers Life Insurance Company bought a new stake in RGC Resources during the second quarter worth approximately $199,000.
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About RGC Resources
RGC Resources, Inc (Resources) is an energy services company. The Company is engaged in the regulated sale and distribution of natural gas to residential, commercial and industrial customers in Roanoke, Virginia, and the surrounding localities, through its Roanoke Gas Company (Roanoke Gas) subsidiary.
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