RGC Resources (NASDAQ:RGCO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Friday.
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) “
Several other analysts also recently weighed in on RGCO. Janney Montgomery Scott raised RGC Resources from a “neutral” rating to a “buy” rating and set a $27.00 target price for the company in a report on Tuesday. TheStreet downgraded RGC Resources from a “b” rating to a “c+” rating in a report on Friday, February 2nd.
RGC Resources (NASDAQ:RGCO) last announced its quarterly earnings results on Monday, February 5th. The energy company reported $0.25 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.34 by ($0.09). The business had revenue of $18.76 million for the quarter, compared to analysts’ expectations of $19.63 million. RGC Resources had a return on equity of 9.69% and a net margin of 9.73%. sell-side analysts predict that RGC Resources will post 0.84 earnings per share for the current fiscal year.
Institutional investors have recently bought and sold shares of the company. The Manufacturers Life Insurance Company acquired a new position in RGC Resources in the 2nd quarter valued at about $199,000. New York State Common Retirement Fund acquired a new position in RGC Resources in the 2nd quarter valued at about $201,000. Wells Fargo & Company MN increased its position in RGC Resources by 67.2% in the 3rd quarter. Wells Fargo & Company MN now owns 10,282 shares of the energy company’s stock valued at $293,000 after acquiring an additional 4,131 shares during the period. California State Teachers Retirement System acquired a new position in RGC Resources in the 2nd quarter valued at about $334,000. Finally, Schwab Charles Investment Management Inc. acquired a new position in RGC Resources during the 2nd quarter worth approximately $340,000.
RGC Resources Company Profile
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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