JPMorgan Chase & Co. Buys 10,697 Shares of RGC Resources, Inc. (NASDAQ:RGCO)

JPMorgan Chase & Co. boosted its stake in shares of RGC Resources, Inc. (NASDAQ:RGCO) by 267.6% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,695 shares of the energy company’s stock after buying an additional 10,697 shares during the period. JPMorgan Chase & Co. owned approximately 0.14% of RGC Resources worth $332,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in RGCO. State Street Corp raised its holdings in RGC Resources by 0.6% in the third quarter. State Street Corp now owns 104,929 shares of the energy company’s stock worth $2,368,000 after buying an additional 592 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of RGC Resources by 1.4% during the second quarter. Renaissance Technologies LLC now owns 43,433 shares of the energy company’s stock valued at $888,000 after acquiring an additional 600 shares in the last quarter. Cerity Partners LLC raised its holdings in RGC Resources by 4.6% in the 3rd quarter. Cerity Partners LLC now owns 26,131 shares of the energy company’s stock worth $590,000 after acquiring an additional 1,161 shares during the last quarter. Fruth Investment Management raised its holdings in RGC Resources by 10.1% in the 3rd quarter. Fruth Investment Management now owns 13,100 shares of the energy company’s stock worth $295,000 after acquiring an additional 1,198 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in RGC Resources by 4.1% in the 3rd quarter. Geode Capital Management LLC now owns 196,205 shares of the energy company’s stock valued at $4,429,000 after acquiring an additional 7,701 shares in the last quarter. Hedge funds and other institutional investors own 35.77% of the company’s stock.

RGC Resources Price Performance

RGCO opened at $21.52 on Friday. The company’s 50-day simple moving average is $20.47 and its two-hundred day simple moving average is $20.80. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.52 and a current ratio of 0.87. The stock has a market capitalization of $220.80 million, a P/E ratio of 18.55 and a beta of 0.18. RGC Resources, Inc. has a 52-week low of $17.90 and a 52-week high of $24.20.

RGC Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Saturday, February 1st. Shareholders of record on Friday, January 17th will be given a $0.2075 dividend. This represents a $0.83 dividend on an annualized basis and a yield of 3.86%. The ex-dividend date is Friday, January 17th. This is an increase from RGC Resources’s previous quarterly dividend of $0.20. RGC Resources’s payout ratio is 71.55%.

Analyst Ratings Changes

Separately, StockNews.com cut RGC Resources from a “hold” rating to a “sell” rating in a research note on Wednesday.

RGC Resources Profile

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 1,179 miles of transmission and distribution pipeline; and a liquefied natural gas storage facility, as well as owns and operates six metering stations.