Huntington Initiates Coverage on RGC Resources (NASDAQ:RGCO)

Equities research analysts at Huntington assumed coverage on shares of RGC Resources (NASDAQ:RGCO) in a report issued on Monday, MarketBeat.com reports. The firm set an “outperform” rating and a $27.00 price target on the energy company’s stock. Huntington’s target price would indicate a potential upside of 26.34% from the stock’s previous close.

A number of other research firms also recently commented on RGCO. Weiss Ratings restated a “buy (b)” rating on shares of RGC Resources in a report on Friday, August 7th. Wall Street Zen downgraded RGC Resources from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Two research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $27.00.

RGC Resources Price Performance

RGCO traded up $0.05 on Monday, hitting $21.37. 1,353 shares of the company were exchanged, compared to its average volume of 12,677. RGC Resources has a fifty-two week low of $20.55 and a fifty-two week high of $27.99. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.67 and a current ratio of 0.94. The business’s fifty day moving average is $22.44 and its 200 day moving average is $22.62. The firm has a market capitalization of $222.69 million, a P/E ratio of 15.95 and a beta of 0.52.

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

Hedge Funds Weigh In On RGC Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Ancora Advisors LLC acquired a new stake in shares of RGC Resources during the 2nd quarter worth approximately $3,272,000. BlackRock Inc. acquired a new position in shares of RGC Resources during the second quarter valued at $10,213,000. Bank of New York Mellon Corp bought a new position in shares of RGC Resources during the second quarter worth about $1,717,000. Deutsche Bank AG acquired a new stake in shares of RGC Resources in the 2nd quarter worth about $199,000. Finally, Kestra Advisory Services LLC bought a new stake in RGC Resources in the 4th quarter valued at about $119,000. 35.77% of the stock is currently owned by institutional investors and hedge funds.

About RGC Resources

RGC Resources, Inc (NASDAQ: RGCO) is a natural gas distribution and transmission company headquartered in Wheeling, West Virginia. Through its regulated subsidiaries, the company provides energy delivery services to residential, commercial and industrial customers across northern West Virginia, western Pennsylvania and parts of Maryland. RGC Resources focuses on maintaining a safe and efficient local pipeline network to ensure reliable supply to its service areas.

The company operates two primary business segments: distribution and transmission.