RGC Resources, Inc. (NASDAQ:RGCO – Get Rating) saw a large growth in short interest in September. As of September 15th, there was short interest totalling 34,800 shares, a growth of 23.8% from the August 31st total of 28,100 shares. Approximately 0.5% of the shares of the stock are sold short. Based on an average daily volume of 7,700 shares, the short-interest ratio is currently 4.5 days.
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of RGCO. US Bancorp DE increased its stake in shares of RGC Resources by 81.4% during the 2nd quarter. US Bancorp DE now owns 1,386 shares of the energy company’s stock worth $26,000 after purchasing an additional 622 shares in the last quarter. Belpointe Asset Management LLC grew its stake in RGC Resources by 31.1% in the 1st quarter. Belpointe Asset Management LLC now owns 10,108 shares of the energy company’s stock worth $216,000 after acquiring an additional 2,395 shares during the period. Boston Partners grew its stake in RGC Resources by 27.6% in the 1st quarter. Boston Partners now owns 15,275 shares of the energy company’s stock worth $327,000 after acquiring an additional 3,300 shares during the period. Cerity Partners LLC purchased a new stake in RGC Resources in the 2nd quarter worth approximately $457,000. Finally, State Street Corp grew its stake in RGC Resources by 14.3% in the 1st quarter. State Street Corp now owns 21,968 shares of the energy company’s stock worth $470,000 after acquiring an additional 2,750 shares during the period.
RGC Resources Trading Down 0.3 %
Shares of RGCO traded down $0.07 during mid-day trading on Friday, reaching $21.06. 13,989 shares of the company’s stock were exchanged, compared to its average volume of 8,429. The company has a current ratio of 1.69, a quick ratio of 1.27 and a debt-to-equity ratio of 1.23. The company has a 50-day simple moving average of $21.09 and a two-hundred day simple moving average of $20.68. RGC Resources has a 52-week low of $18.01 and a 52-week high of $25.00.
RGC Resources Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, October 14th will be paid a dividend of $0.195 per share. The ex-dividend date is Thursday, October 13th. This represents a $0.78 dividend on an annualized basis and a dividend yield of 3.70%.
Analysts Set New Price Targets
Separately, StockNews.com began coverage on shares of RGC Resources in a research report on Monday, September 26th. They set a “sell” rating for the company.
About RGC Resources
RGC Resources, Inc, through its subsidiaries, operates as an energy services company. It sells and distributes natural gas to residential, commercial, and industrial customers in Roanoke, Virginia, and the surrounding localities. The company also provides various unregulated services. It operates approximately 1,157 miles of transmission and distribution pipeline; and a liquefied natural gas storage facility, as well as owns and operates 6 metering stations.
Further Reading
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