Janney Montgomery Scott assumed coverage on shares of RGC Resources (NASDAQ:RGCO) in a research note released on Wednesday morning, Marketbeat.com reports. The firm issued a neutral rating and a $29.00 target price on the energy company’s stock.

RGC Resources (NASDAQ RGCO) traded down $0.62 during trading on Wednesday, hitting $27.82. The company’s stock had a trading volume of 11,933 shares, compared to its average volume of 15,269. The company has a market cap of $206.19, a PE ratio of 32.47 and a beta of 0.08. RGC Resources has a 52-week low of $16.53 and a 52-week high of $31.99. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.09 and a quick ratio of 0.48.

RGC Resources (NASDAQ:RGCO) last posted its quarterly earnings results on Wednesday, November 15th. The energy company reported $0.02 earnings per share (EPS) for the quarter. The firm had revenue of $10.17 million for the quarter. RGC Resources had a return on equity of 10.52% and a net margin of 10.01%.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders of record on Tuesday, January 16th will be issued a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.23%. This is a boost from RGC Resources’s previous quarterly dividend of $0.15. The ex-dividend date is Friday, January 12th. RGC Resources’s dividend payout ratio is presently 67.70%.

Institutional investors have recently bought and sold shares of the business. BB&T Securities LLC raised its position 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 worth $1,834,000 after purchasing an additional 1,500 shares during the period. Bank of New York Mellon Corp raised its position in shares of 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 purchasing an additional 2,601 shares during the period. Dimensional Fund Advisors LP raised its position in shares of 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 purchasing an additional 3,657 shares during the period. Wells Fargo & Company MN raised its position in shares of 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 purchasing an additional 4,131 shares during the period. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of RGC Resources during the second quarter worth approximately $199,000.

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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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