RGC Resources (RGCO)
Market Price (9/7/2026): $21.94 | Market Cap: $225.5 MilSector: Utilities | Industry: Gas Utilities
RGC Resources (RGCO)
Market Price (9/7/2026): $21.94Market Cap: $225.5 MilSector: UtilitiesIndustry: Gas Utilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, Dividend Yield is 3.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.8% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 14% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22% Low stock price volatilityVol 12M is 32% Megatrend and thematic driversMegatrends include Smart Grids & Grid Modernization, and Energy Transition & Decarbonization. Themes include Smart Metering, Grid Automation, Show more. | Weak multi-year price returns2Y Excs Rtn is -25%, 3Y Excs Rtn is -38% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 65% Weak revenue growthRev Chg QQuarterly Revenue Change % is -0.9% Key risksRGCO key risks include [1] a distressed financial position indicated by its low Altman Z-score and poor earnings coverage for interest payments, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, Dividend Yield is 3.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.8% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 14% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22% |
| Low stock price volatilityVol 12M is 32% |
| Megatrend and thematic driversMegatrends include Smart Grids & Grid Modernization, and Energy Transition & Decarbonization. Themes include Smart Metering, Grid Automation, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -25%, 3Y Excs Rtn is -38% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 65% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -0.9% |
| Key risksRGCO key risks include [1] a distressed financial position indicated by its low Altman Z-score and poor earnings coverage for interest payments, Show more. |
Qualitative Assessment
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Updated on 9/1/2026
RGC Resources (RGCO) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. RGC Resources reported a revenue miss for its fiscal Q3 2026, which ended in June 2026, and subsequently lowered its full-year fiscal 2026 earnings per share (EPS) outlook. The company's revenue of $17.11 million for fiscal Q3 2026 fell approximately 6% short of the anticipated $18.2 million. Following this, RGC Resources narrowed its fiscal 2026 EPS outlook to a range of $1.29 to $1.32, which reduced the midpoint of its prior projection by about 2.6%. This downward revision in expected profitability signaled slower growth to investors.
2. The ongoing disruption of RGC Resources' liquefied natural gas (LNG) facility has created operational challenges and supply concerns. Management highlighted the LNG facility disruption as a central operational issue during the fiscal Q3 2026 earnings call, noting that the facility would not be available for the upcoming winter season. The company is "aggressively working to replace the peak shaving supply" that the facility typically provides, indicating a significant operational hurdle and potential increased costs to secure alternative supply.
Show more
RGC Resources (RGCO) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. RGC Resources reported a revenue miss for its fiscal Q3 2026, which ended in June 2026, and subsequently lowered its full-year fiscal 2026 earnings per share (EPS) outlook. The company's revenue of $17.11 million for fiscal Q3 2026 fell approximately 6% short of the anticipated $18.2 million. Following this, RGC Resources narrowed its fiscal 2026 EPS outlook to a range of $1.29 to $1.32, which reduced the midpoint of its prior projection by about 2.6%. This downward revision in expected profitability signaled slower growth to investors.
2. The ongoing disruption of RGC Resources' liquefied natural gas (LNG) facility has created operational challenges and supply concerns. Management highlighted the LNG facility disruption as a central operational issue during the fiscal Q3 2026 earnings call, noting that the facility would not be available for the upcoming winter season. The company is "aggressively working to replace the peak shaving supply" that the facility typically provides, indicating a significant operational hurdle and potential increased costs to secure alternative supply.
Show more
Updated on 9/1/2026
RGC Resources (RGCO) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. RGC Resources reported a revenue miss for its fiscal Q3 2026, which ended in June 2026, and subsequently lowered its full-year fiscal 2026 earnings per share (EPS) outlook. The company's revenue of $17.11 million for fiscal Q3 2026 fell approximately 6% short of the anticipated $18.2 million. Following this, RGC Resources narrowed its fiscal 2026 EPS outlook to a range of $1.29 to $1.32, which reduced the midpoint of its prior projection by about 2.6%. This downward revision in expected profitability signaled slower growth to investors.
2. The ongoing disruption of RGC Resources' liquefied natural gas (LNG) facility has created operational challenges and supply concerns. Management highlighted the LNG facility disruption as a central operational issue during the fiscal Q3 2026 earnings call, noting that the facility would not be available for the upcoming winter season. The company is "aggressively working to replace the peak shaving supply" that the facility typically provides, indicating a significant operational hurdle and potential increased costs to secure alternative supply.
3. Expectations and actual increases in U.S. interest rates during the period put downward pressure on utility stocks like RGC Resources. The Federal funds rate was recorded at 3.63% in late August 2026, and there was a high likelihood, approximately 66%, that the Federal Reserve would implement another interest rate hike by September 16, 2026. Economists also projected further rate increases, with some anticipating three 0.25 percentage point hikes by March, raising the Federal Funds rate by 0.75 percentage points. Rising interest rates generally make the stable dividends offered by utility companies less attractive compared to increasingly competitive fixed-income investments, and can also increase the borrowing costs for capital-intensive utilities.
Show less
RGC Resources (RGCO) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. RGC Resources reported a revenue miss for its fiscal Q3 2026, which ended in June 2026, and subsequently lowered its full-year fiscal 2026 earnings per share (EPS) outlook. The company's revenue of $17.11 million for fiscal Q3 2026 fell approximately 6% short of the anticipated $18.2 million. Following this, RGC Resources narrowed its fiscal 2026 EPS outlook to a range of $1.29 to $1.32, which reduced the midpoint of its prior projection by about 2.6%. This downward revision in expected profitability signaled slower growth to investors.
2. The ongoing disruption of RGC Resources' liquefied natural gas (LNG) facility has created operational challenges and supply concerns. Management highlighted the LNG facility disruption as a central operational issue during the fiscal Q3 2026 earnings call, noting that the facility would not be available for the upcoming winter season. The company is "aggressively working to replace the peak shaving supply" that the facility typically provides, indicating a significant operational hurdle and potential increased costs to secure alternative supply.
3. Expectations and actual increases in U.S. interest rates during the period put downward pressure on utility stocks like RGC Resources. The Federal funds rate was recorded at 3.63% in late August 2026, and there was a high likelihood, approximately 66%, that the Federal Reserve would implement another interest rate hike by September 16, 2026. Economists also projected further rate increases, with some anticipating three 0.25 percentage point hikes by March, raising the Federal Funds rate by 0.75 percentage points. Rising interest rates generally make the stable dividends offered by utility companies less attractive compared to increasingly competitive fixed-income investments, and can also increase the borrowing costs for capital-intensive utilities.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -4.1% change in RGCO stock from 5/31/2026 to 9/6/2026 was primarily driven by a -3.8% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9062026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.86 | 21.93 | -4.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 107 | 107 | -0.1% |
| Net Income Margin (%) | 13.0% | 13.1% | 0.3% |
| P/E Multiple | 16.8 | 16.1 | -3.8% |
| Shares Outstanding (Mil) | 10 | 10 | -0.4% |
| Cumulative Contribution | -4.1% |
Market Drivers
5/31/2026 to 9/6/2026| Return | Correlation | |
|---|---|---|
| RGCO | -4.1% | |
| Market (SPY) | 1.8% | 9.4% |
| Sector (XLU) | -3.0% | 16.3% |
Fundamental Drivers
The 1.2% change in RGCO stock from 2/28/2026 to 9/6/2026 was primarily driven by a 9.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 9062026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.67 | 21.93 | 1.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 98 | 107 | 9.0% |
| Net Income Margin (%) | 13.1% | 13.1% | -0.5% |
| P/E Multiple | 17.2 | 16.1 | -6.2% |
| Shares Outstanding (Mil) | 10 | 10 | -0.5% |
| Cumulative Contribution | 1.2% |
Market Drivers
2/28/2026 to 9/6/2026| Return | Correlation | |
|---|---|---|
| RGCO | 1.2% | |
| Market (SPY) | 12.6% | 14.2% |
| Sector (XLU) | -9.1% | 24.7% |
Fundamental Drivers
The 2.4% change in RGCO stock from 8/31/2025 to 9/6/2026 was primarily driven by a 13.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312025 | 9062026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.42 | 21.93 | 2.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 94 | 107 | 13.8% |
| Net Income Margin (%) | 14.5% | 13.1% | -9.9% |
| P/E Multiple | 16.2 | 16.1 | -0.7% |
| Shares Outstanding (Mil) | 10 | 10 | 0.4% |
| Cumulative Contribution | 2.4% |
Market Drivers
8/31/2025 to 9/6/2026| Return | Correlation | |
|---|---|---|
| RGCO | 2.4% | |
| Market (SPY) | 20.4% | 11.4% |
| Sector (XLU) | 4.4% | 20.9% |
Fundamental Drivers
The 36.3% change in RGCO stock from 8/31/2023 to 9/6/2026 was primarily driven by a 30.4% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9062026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.09 | 21.93 | 36.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 99 | 107 | 8.1% |
| P/S Multiple | 1.6 | 2.1 | 30.4% |
| Shares Outstanding (Mil) | 10 | 10 | -3.3% |
| Cumulative Contribution | 36.3% |
Market Drivers
8/31/2023 to 9/6/2026| Return | Correlation | |
|---|---|---|
| RGCO | 36.3% | |
| Market (SPY) | 77.1% | 26.6% |
| Sector (XLU) | 48.8% | 27.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| RGCO Return | -0% | -1% | -4% | 3% | 10% | 5% | 13% |
| Peers Return | 14% | 1% | -11% | 16% | 26% | 5% | 56% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| RGCO Win Rate | 42% | 33% | 50% | 50% | 58% | 78% | |
| Peers Win Rate | 50% | 52% | 42% | 53% | 67% | 62% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| RGCO Max Drawdown | -17% | -22% | -35% | -16% | -15% | -19% | |
| Peers Max Drawdown | -19% | -23% | -30% | -12% | -10% | -16% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ATO, SR, UGI, NWN, OGS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/4/2026 (YTD)
How Low Can It Go
| Event | RGCO | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -23.5% | -9.5% |
| % Gain to Breakeven | 30.8% | 10.5% |
| Time to Breakeven | 40 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.7% | -6.7% |
| % Gain to Breakeven | 31.0% | 7.1% |
| Time to Breakeven | 441 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -20.9% | -24.5% |
| % Gain to Breakeven | 26.4% | 32.4% |
| Time to Breakeven | 58 days | 427 days |
| 2013 Taper Tantrum | ||
| % Loss | -10.6% | -0.2% |
| % Gain to Breakeven | 11.8% | 0.2% |
| Time to Breakeven | 107 days | 1 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -19.7% | -53.4% |
| % Gain to Breakeven | 24.6% | 114.4% |
| Time to Breakeven | 162 days | 1085 days |
In The Past
RGC Resources's stock fell -7.4% during the 2025 US Tariff Shock. Such a loss loss requires a 7.9% gain to breakeven.
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Asset Allocation
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| Event | RGCO | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -23.5% | -9.5% |
| % Gain to Breakeven | 30.8% | 10.5% |
| Time to Breakeven | 40 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.7% | -6.7% |
| % Gain to Breakeven | 31.0% | 7.1% |
| Time to Breakeven | 441 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -20.9% | -24.5% |
| % Gain to Breakeven | 26.4% | 32.4% |
| Time to Breakeven | 58 days | 427 days |
In The Past
RGC Resources's stock fell -7.4% during the 2025 US Tariff Shock. Such a loss loss requires a 7.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About RGC Resources (RGCO)
RGC Resources, Inc. (RGCO) operates as an energy services company primarily focused on the distribution and sale of natural gas. Headquartered in Roanoke, Virginia, and with roots tracing back to 1883, the company provides essential natural gas services to communities within Roanoke and its surrounding areas.
The company's main offering involves delivering natural gas to its customers. To achieve this, RGC Resources manages a substantial infrastructure network, including approximately 1,157 miles of transmission and distribution pipelines, a liquefied natural gas (LNG) storage facility, and six metering stations. Beyond its core gas distribution activities, RGC Resources also offers a variety of unregulated services.
RGC Resources serves a broad spectrum of clients in its operational region. Its primary customer segments include residential households, commercial businesses, and industrial facilities, all relying on the company for their natural gas needs.
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Here are 1-3 brief analogies for RGC Resources:
- Like your local **water utility**, but for natural gas.
- A regional version of a utility like **Con Edison**, but solely focused on natural gas distribution.
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- Natural Gas Distribution: The company sells and delivers natural gas to residential, commercial, and industrial customers.
- Unregulated Services: RGC Resources provides various services that fall outside its regulated natural gas distribution operations.
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RGC Resources (RGCO) primarily serves customers within its operating region in Roanoke, Virginia, and surrounding localities. As a natural gas distribution utility, it sells its services to broad categories of end-users rather than to a few specific major companies. Its customer base can be categorized as follows:
- Residential Customers: These include individual households and homeowners who utilize natural gas for heating, cooking, water heating, and other domestic energy needs.
- Commercial Customers: This category encompasses a diverse group of businesses and organizations, such as offices, retail establishments, restaurants, hotels, hospitals, and schools, which use natural gas for space heating, water heating, cooking, and various operational processes.
- Industrial Customers: This segment comprises manufacturing facilities, factories, and other large industrial operations that rely on natural gas as a fuel for production processes, heating, and power generation.
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- Transcontinental Gas Pipe Line Company, LLC (subsidiary of The Williams Companies, Inc. (WMB))
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Paul W. Nester President & CEO
Paul W. Nester was appointed President & CEO of RGC Resources in February 2020. Prior to this role, he served as Chief Financial Officer at UXB International Inc., Manager at EXELIS INC., and held the position of VP/CFO/Treasurer at RGC Resources Inc.
Timothy J. Mulvaney Vice President, Chief Financial Officer and Treasurer
Timothy J. Mulvaney was appointed Vice President, Treasurer and Chief Financial Officer of RGC Resources, effective February 1, 2024, after serving as interim Chief Financial Officer and Treasurer since September 6, 2023. Before joining RGC Resources, he was the Senior Vice President, Chief Accounting Officer for LL Flooring Holdings, Inc. for over five years, overseeing accounting records, external financial reporting, and treasury functions. He also served as Interim Chief Financial Officer for LL Flooring in 2019. Earlier in his career, Mulvaney spent more than 20 years at Media General, Inc., a multimedia company, as Chief Accounting Officer and Controller, and began his career in public accounting with Ernst and Young.
Lawrence T. Oliver Senior Vice President, Regulatory and External Affairs and Secretary
Lawrence T. Oliver serves as Senior Vice President, Regulatory and External Affairs and Corporate Secretary for RGC Resources and its subsidiary, Roanoke Gas.
C. Brooke Miles Vice President, Human Resources and Community Engagement
C. Brooke Miles holds the position of Vice President, Human Resources and Community Engagement for RGC Resources and Roanoke Gas.
Thomas P. Furcron Vice President, Operations, Roanoke Gas Company
Thomas P. Furcron is the Vice President of Operations for Roanoke Gas Company, a subsidiary of RGC Resources.
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Here are the key risks to RGC Resources' business:
- Regulatory and Legislative Risks: As a regulated natural gas utility, RGC Resources is highly dependent on federal, state, and local regulatory oversight, including the ability to obtain timely rate increases and recover costs. Changes in energy policies, environmental regulations, or other laws (such as those related to ESG matters) could increase operational costs, impose additional burdens, or impact the company's core operations.
- Commodity Price Volatility and Market Competition: The company is exposed to volatility in natural gas prices. While mechanisms like the Purchased Gas Adjustment (PGA) allow RGC Resources to pass through natural gas costs to customers, rapid or significant price increases could lead to customer conservation or switching to alternative energy sources such as electricity or propane, thereby impacting the company's revenues and market share.
- Operational and Infrastructure Risks: Operating a natural gas distribution system inherently carries risks, including equipment failures, natural disasters, and cybersecurity threats, which could result in service disruptions, significant financial losses, or reputational damage. Furthermore, the company's financial performance can be impacted by volatile energy costs and weather-related disruptions that affect customer demand and necessitate ongoing infrastructure investments.
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The clear emerging threat for RGC Resources is the accelerating societal and technological shift towards electrification and decarbonization, particularly the transition away from natural gas for heating and other uses in residential, commercial, and industrial sectors. This trend, driven by environmental concerns, advancements in electric alternatives like high-efficiency heat pumps, and supportive government policies and incentives, directly threatens the long-term demand for natural gas and the economic viability of its distribution infrastructure.
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The addressable market for RGC Resources' main product, natural gas distribution, is defined by the number of customers it serves and the revenue generated from these services in its operating region.
RGC Resources, through its subsidiary Roanoke Gas Company, distributes natural gas to approximately 64,000 residential, commercial, and industrial customers in the Roanoke Valley and surrounding localities in Virginia. The company's annual revenue (trailing twelve months) from these operations is approximately $98.3 million USD. This revenue is generated from the sale and distribution of natural gas to its customer base in this specific geographic area.
The region for this market size is the Roanoke Valley and its surrounding localities in Virginia.
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RGC Resources (RGCO) anticipates several key drivers to fuel its future revenue growth over the next two to three years:
- Rate Case Outcomes: The company has initiated an expedited rate case, seeking an approximate $4.3 million increase in annual revenues. Interim rates became effective on January 1, 2026, with full adjudication expected by the end of the calendar year, which is set to directly boost revenue. Additionally, a prior 2024 rate case successfully led to an annual revenue increase of over $4 million.
- Customer Growth and System Expansion: RGC Resources is focused on enhancing customer growth and system reliability through ongoing investments in its utility infrastructure. The company has already observed an 8% rise in residential gas usage in the first quarter of fiscal year 2026. This strategy includes efforts toward customer acquisition and expanding its operational footprint.
- Increased Natural Gas Volumes and Demand: Revenue growth is expected from higher volumes of natural gas delivered to customers. The company experienced an 11% year-over-year increase in operating revenues in Q1 2026, partly driven by increased volumes and stronger customer activity. Furthermore, total gas volumes were up significantly in the first half of fiscal 2025 due to an industrial customer's higher consumption and increased heating degree days. Record levels of gas deliveries also contributed to strong annual earnings in fiscal 2025.
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Share Issuance
- RGC Resources issued 88,409 shares of common stock, primarily through its Dividend Reinvestment Plan (DRIP) activity, generating approximately $1.8 million in net proceeds during fiscal 2025.
- In fiscal 2024, the company realized $4.7 million from the issuance of 234,645 shares through its at-the-market (ATM) program and DRIP activity.
- A senior executive acquired additional common stock in March 2026 through the company's Dividend Reinvestment and Stock Purchase Plan.
Outbound Investments
- RGC Resources, through its subsidiary RGC Midstream, LLC, has made a strategic investment in the Mountain Valley Pipeline (MVP) project.
- In fiscal year 2022, the company recorded after-tax impairment charges of approximately $40.9 million related to its investment in the Mountain Valley Pipeline, LLC.
- RGC Midstream refinanced its outstanding debt with a new $53.6 million term note, maturing in 2032, and secured new loan agreements for the MVP Southgate and Boost projects.
Capital Expenditures
- Capital expenditures are projected to be approximately $22 million annually over the next few years (from a December 2025 report), primarily focused on infrastructure improvements, customer growth, and the System Acquisition and Upgrade Virginia Program for the Environment (SAVE Plan).
- For the full fiscal year 2025, the capital spending projection was $21.8 million.
- Total capital expenditures for the first half of fiscal 2025 were $10.7 million, representing a decrease of approximately 5% compared to the same period in the prior year.
Peer Outperformance in Gas Utilities
RGCO has trailed 89% of its 9 Gas Utilities peers over 5Y. Among the peers that beat it are ATO, NFG and NJR. Gas Utilities ranks 2nd of 6 industries in Utilities by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Gas Utilities constituents that RGCO has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
27%
of 11 industry peers · 1.4% return
3Y
22%
of 9 industry peers · 37.9% return
5Y
11%
of 9 industry peers · 8.4% return
Gas Utilities peers with revenue growth within 4pp of RGCO's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| RGCO | RGC Resources | 3.6% | 16.1x | 1.4% | 37.9% | 8.4% | — |
| ATO | Atmos Energy | 4.1% | 20.1x | 3.0% | 58.0% | 97.3% | +89pp |
| NFG | National Fuel Gas | 4.8% | 11.7x | -1.3% | 77.8% | 88.7% | +80pp |
| NJR | New Jersey Resources | -0.1% | 14.7x | 17.9% | 42.3% | 73.5% | +65pp |
| SR | Spire | 1.6% | 8.9x | 13.9% | 59.0% | 59.8% | +51pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Utilities sector, ranked by 5Y. Gas Utilities is RGCO's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Independent Power Producers & Energy Traders | 5 | -2.6% | 139.9% | 202.5% | HNRG 569% · OKLO 317% · NRG 202% |
| Gas Utilities ← | 10 | 8.3% | 51.3% | 41.8% | ATO 97% · NFG 89% · NJR 74% |
| Electric Utilities | 24 | 8.5% | 45.6% | 41.1% | VST 769% · GNE 166% · ETR 129% |
| Multi-Utilities | 18 | 8.1% | 47.8% | 40.8% | NI 97% · MDU 92% · CNP 74% |
| Water Utilities | 11 | 9.9% | 5.5% | -13.4% | CWCO 164% · ARTNA 10% · AWR 7% |
| Renewable Electricity | 4 | -48.3% | -60.5% | -30.8% | ORA 51% · CWEN 32% · AGIG -94% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| RGC Resources Earnings Notes | 12/16/2025 | |
| Would You Still Hold RGC Resources Stock If It Fell 30%? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 64.53 |
| Mkt Cap | 5.0 |
| Rev LTM | 2,522 |
| Op Inc LTM | 533 |
| FCF LTM | -199 |
| FCF 3Y Avg | -166 |
| CFO LTM | 563 |
| CFO 3Y Avg | 611 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.4% |
| Rev Chg 3Y Avg | 2.2% |
| Rev Chg Q | 1.1% |
| QoQ Delta Rev Chg LTM | 0.2% |
| Op Inc Chg LTM | 14.5% |
| Op Inc Chg 3Y Avg | 13.1% |
| Op Mgn LTM | 21.1% |
| Op Mgn 3Y Avg | 19.6% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 21.9% |
| CFO/Rev 3Y Avg | 23.4% |
| FCF/Rev LTM | -7.9% |
| FCF/Rev 3Y Avg | -7.2% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Gas Utility | 95 | 85 | 97 | 84 | 75 |
| Corporate and other | 0 | 0 | 0 | 0 | 0 |
| Investment in Affiliates | 0 | 0 | 0 | 0 | |
| Total | 95 | 85 | 97 | 84 | 75 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Gas Utility | 19 | 17 | 18 | 15 | 15 |
| Corporate and other | 0 | 0 | 0 | 0 | |
| Investment in Affiliates | -0 | -0 | -0 | -0 | -0 |
| Total | 18 | 17 | 18 | 15 | 15 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Gas Utility | 292 | 281 | 269 | 259 | 232 |
| Investment in Affiliates | 22 | 21 | 18 | 14 | 66 |
| Corporate and other | 17 | 19 | 17 | 18 | 13 |
| Total | 330 | 321 | 304 | 290 | 310 |
Price Behavior
Price Behavior
| Market Price | $21.93 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 02/01/1994 | |
| Distance from 52W High | -16.7% | |
| 50 Days | 200 Days | |
| DMA Price | $22.62 | $22.08 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -3.0% | -0.7% |
| 3M | 1YR | |
| Volatility | 33.5% | 32.0% |
| Downside Capture | 60.22 | 22.82 |
| Upside Capture | 31.51 | 19.45 |
| Correlation (SPY) | 8.0% | 11.1% |
RGCO Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.90 | 0.58 | 0.25 | 0.38 | 0.29 | 0.63 |
| Up Beta | 1.34 | -0.53 | 0.07 | 0.65 | 0.74 | 0.74 |
| Down Beta | -2.82 | 1.42 | -0.10 | 0.14 | -0.00 | 0.47 |
| Up Capture | 86% | 28% | 27% | 26% | 15% | 31% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 10 | 19 | 32 | 62 | 117 | 349 |
| Down Capture | 145% | 150% | 67% | 48% | 35% | 85% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 11 | 23 | 32 | 64 | 130 | 392 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RGCO | |
|---|---|---|---|---|
| RGCO | 0.1% | 32.0% | 0.03 | - |
| Sector ETF (XLU) | 5.1% | 15.2% | 0.12 | 21.0% |
| Equity (SPY) | 19.7% | 12.8% | 1.13 | 11.0% |
| Gold (GLD) | 24.6% | 29.2% | 0.75 | -11.1% |
| Commodities (DBC) | 43.8% | 20.3% | 1.67 | -22.1% |
| Real Estate (VNQ) | 9.1% | 13.6% | 0.39 | 28.6% |
| Bitcoin (BTCUSD) | -28.1% | 43.8% | -0.63 | -2.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RGCO | |
|---|---|---|---|---|
| RGCO | 2.2% | 32.8% | 0.11 | - |
| Sector ETF (XLU) | 7.8% | 17.4% | 0.30 | 23.0% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 20.7% |
| Gold (GLD) | 19.1% | 18.8% | 0.82 | -0.2% |
| Commodities (DBC) | 10.7% | 19.5% | 0.43 | -2.8% |
| Real Estate (VNQ) | 1.7% | 18.9% | -0.01 | 26.6% |
| Bitcoin (BTCUSD) | 10.2% | 52.6% | 0.38 | 9.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RGCO | |
|---|---|---|---|---|
| RGCO | 7.0% | 33.5% | 0.28 | - |
| Sector ETF (XLU) | 8.9% | 19.3% | 0.39 | 25.8% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 27.9% |
| Gold (GLD) | 12.4% | 16.3% | 0.62 | -0.2% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 4.5% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 28.5% |
| Bitcoin (BTCUSD) | 63.7% | 66.2% | 1.03 | 7.4% |
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Returns Analyses
Earnings Returns History
Updated 9/7/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 1.1% | -0.6% | 0.1% |
| 5/6/2026 | 4.3% | 2.5% | 1.1% |
| 2/5/2026 | -2.8% | -3.6% | 1.1% |
| 11/19/2025 | -0.5% | 5.9% | 7.1% |
| 8/11/2025 | 6.2% | -2.7% | 2.0% |
| 5/7/2025 | 2.3% | -0.5% | -1.8% |
| 2/10/2025 | -0.3% | -0.7% | -4.6% |
| 11/13/2024 | -1.6% | -4.1% | -2.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 8 | 13 |
| # Negative | 11 | 16 | 11 |
| Median Positive | 1.3% | 3.3% | 4.2% |
| Median Negative | -1.1% | -2.2% | -2.6% |
| Max Positive | 6.2% | 10.0% | 26.5% |
| Max Negative | -2.8% | -7.3% | -10.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 1.1% | -0.6% | 0.1% |
| 5/6/2026 | 4.3% | 2.5% | 1.1% |
| 2/5/2026 | -2.8% | -3.6% | 1.1% |
| 11/19/2025 | -0.5% | 5.9% | 7.1% |
| 8/11/2025 | 6.2% | -2.7% | 2.0% |
| 5/7/2025 | 2.3% | -0.5% | -1.8% |
| 2/10/2025 | -0.3% | -0.7% | -4.6% |
| 11/13/2024 | -1.6% | -4.1% | -2.6% |
| 8/5/2024 | 2.9% | 3.0% | 4.2% |
| 5/1/2024 | 1.3% | -1.4% | -1.1% |
| 2/6/2024 | 1.1% | 10.0% | 7.8% |
| 11/20/2023 | 1.6% | 5.6% | 26.5% |
| 8/4/2023 | -1.1% | -6.5% | -10.2% |
| 5/5/2023 | -0.9% | -0.6% | 13.5% |
| 2/8/2023 | 0.0% | -1.1% | -0.5% |
| 11/17/2022 | 4.9% | 1.3% | -5.0% |
| 8/9/2022 | 0.0% | 3.5% | 4.6% |
| 5/6/2022 | -2.7% | -5.5% | -1.1% |
| 2/7/2022 | -1.0% | -1.9% | 1.5% |
| 11/16/2021 | 0.5% | -2.5% | -2.1% |
| 8/5/2021 | -0.0% | -4.6% | -3.4% |
| 5/11/2021 | 0.9% | 1.4% | 7.5% |
| 2/10/2021 | -1.9% | -0.2% | 1.4% |
| 11/17/2020 | -1.7% | -7.3% | -5.6% |
| SUMMARY STATS | |||
| # Positive | 13 | 8 | 13 |
| # Negative | 11 | 16 | 11 |
| Median Positive | 1.3% | 3.3% | 4.2% |
| Median Negative | -1.1% | -2.2% | -2.6% |
| Max Positive | 6.2% | 10.0% | 26.5% |
| Max Negative | -2.8% | -7.3% | -10.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/09/2026 | 10-Q |
| 09/30/2025 | 12/04/2025 | 10-K |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/10/2025 | 10-Q |
| 09/30/2024 | 12/05/2024 | 10-K |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/06/2024 | 10-Q |
| 09/30/2023 | 12/01/2023 | 10-K |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/08/2023 | 10-Q |
| 09/30/2022 | 12/02/2022 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/09/2026 | 10-Q |
| 09/30/2025 | 12/04/2025 | 10-K |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/10/2025 | 10-Q |
| 09/30/2024 | 12/05/2024 | 10-K |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/06/2024 | 10-Q |
| 09/30/2023 | 12/01/2023 | 10-K |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/08/2023 | 10-Q |
| 09/30/2022 | 12/02/2022 | 10-K |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/07/2022 | 10-Q |
| 09/30/2021 | 12/02/2021 | 10-K |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/13/2021 | 10-Q |
| 12/31/2020 | 02/11/2021 | 10-Q |
| 09/30/2020 | 12/03/2020 | 10-K |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/05/2020 | 10-Q |
| 09/30/2019 | 12/03/2019 | 10-K |
Insider Activity
Updated 9/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Oliver, Lawrence T | Senior VP and Secretary | Direct | Buy | 9022026 | 21.57 | 9 | 200 | 650,469 | Form |
| 2 | Miles, Christen Brooke | VP, Human Resources | Direct | Buy | 9022026 | 21.57 | 5 | 100 | 214,456 | Form |
| 3 | Williamson, John B Iii | Direct | Buy | 9022026 | 21.30 | 1,000 | 21,300 | 3,791,618 | Form | |
| 4 | Johnston, Robert B | Direct | Buy | 8192026 | 21.25 | 806 | 17,130 | 1,385,794 | Form | |
| 5 | Oliver, Lawrence T | Senior VP and Secretary | Direct | Buy | 8052026 | 21.49 | 9 | 200 | 647,857 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Oliver, Lawrence T | Senior VP and Secretary | Direct | Buy | 9022026 | 21.57 | 9 | 200 | 650,469 | Form |
| 2 | Miles, Christen Brooke | VP, Human Resources | Direct | Buy | 9022026 | 21.57 | 5 | 100 | 214,456 | Form |
| 3 | Williamson, John B Iii | Direct | Buy | 9022026 | 21.30 | 1,000 | 21,300 | 3,791,618 | Form | |
| 4 | Johnston, Robert B | Direct | Buy | 8192026 | 21.25 | 806 | 17,130 | 1,385,794 | Form | |
| 5 | Oliver, Lawrence T | Senior VP and Secretary | Direct | Buy | 8052026 | 21.49 | 9 | 200 | 647,857 | Form |
| 6 | Miles, Christen Brooke | VP, Human Resources | Direct | Buy | 8052026 | 21.49 | 5 | 100 | 213,561 | Form |
| 7 | Miles, Christen Brooke | VP, Human Resources | Direct | Buy | 7022026 | 24.27 | 6 | 150 | 238,660 | Form |
| 8 | Oliver, Lawrence T | Senior VP and Secretary | Direct | Buy | 7022026 | 24.27 | 12 | 300 | 729,424 | Form |
| 9 | Oliver, Lawrence T | Senior VP and Secretary | Direct | Buy | 6032026 | 22.90 | 9 | 200 | 687,966 | Form |
| 10 | Miles, Christen Brooke | VP, Human Resources | Direct | Buy | 6032026 | 22.90 | 4 | 100 | 225,046 | Form |
| 11 | Oliver, Lawrence T | Senior VP and Secretary | Direct | Buy | 5052026 | 24.40 | 8 | 200 | 732,816 | Form |
| 12 | Miles, Christen Brooke | VP, Human Resources | Direct | Buy | 5052026 | 24.40 | 4 | 100 | 239,681 | Form |
| 13 | Oliver, Lawrence T | Senior VP and Secretary | Direct | Buy | 4022026 | 21.65 | 9 | 200 | 644,877 | Form |
| 14 | Miles, Christen Brooke | VP, Human Resources | Direct | Buy | 4022026 | 21.65 | 5 | 100 | 210,701 | Form |
| 15 | Furcron, Thomas Patrick | VP, Field Operations | Direct | Buy | 3042026 | 22.11 | 19 | 430 | 85,469 | Form |
| 16 | Oliver, Lawrence T | Senior VP and Secretary | Direct | Buy | 3042026 | 22.11 | 9 | 200 | 658,375 | Form |
| 17 | Miles, Christen Brooke | VP, Human Resources | Direct | Buy | 3042026 | 22.11 | 5 | 100 | 215,075 | Form |
| 18 | Oliver, Lawrence T | Senior VP and Secretary | Direct | Buy | 2042026 | 22.22 | 9 | 200 | 661,449 | Form |
| 19 | Miles, Christen Brooke | VP, Human Resources | Direct | Buy | 2042026 | 22.22 | 4 | 100 | 216,045 | Form |
| 20 | Furcron, Thomas Patrick | VP, Field Operations | Direct | Buy | 2042026 | 22.22 | 19 | 430 | 85,462 | Form |
| 21 | Furcron, Thomas Patrick | VP, Field Operations | Direct | Buy | 1062026 | 21.40 | 20 | 430 | 24,989 | Form |
| 22 | Oliver, Lawrence T | Senior VP and Secretary | Direct | Buy | 1062026 | 21.40 | 9 | 200 | 513,981 | Form |
| 23 | Miles, Christen Brooke | VP, Human Resources | Direct | Buy | 1062026 | 21.40 | 5 | 100 | 147,409 | Form |
| 24 | Oliver, Lawrence T | Senior VP and Secretary | Direct | Buy | 12032025 | 22.27 | 13 | 300 | 534,668 | Form |
| 25 | Miles, Christen Brooke | VP, Human Resources | Direct | Buy | 12032025 | 22.27 | 7 | 150 | 153,298 | Form |
| 26 | Furcron, Thomas Patrick | VP, Field Operations | Direct | Buy | 12032025 | 22.27 | 29 | 645 | 25,558 | Form |
| 27 | Furcron, Thomas Patrick | VP, Field Operations | Direct | Buy | 11052025 | 20.90 | 21 | 430 | 23,380 | Form |
| 28 | Oliver, Lawrence T | Senior VP and Secretary | Direct | Buy | 11052025 | 20.90 | 10 | 200 | 501,495 | Form |
| 29 | Miles, Christen Brooke | VP, Human Resources | Direct | Buy | 11052025 | 20.90 | 5 | 100 | 143,727 | Form |
| 30 | Furcron, Thomas Patrick | VP, Field Operations | Direct | Buy | 10032025 | 22.50 | 19 | 430 | 24,464 | Form |
| 31 | Miles, Christen Brooke | VP, Human Resources | Direct | Buy | 10032025 | 22.50 | 4 | 100 | 153,102 | Form |
| 32 | Oliver, Lawrence T | Senior VP and Secretary | Direct | Buy | 10032025 | 22.50 | 9 | 200 | 535,030 | Form |
| 33 | Furcron, Thomas Patrick | VP, Field Operations | Direct | Buy | 9032025 | 22.12 | 19 | 430 | 23,634 | Form |
| 34 | Miles, Christen Brooke | VP, Human Resources | Direct | Buy | 9032025 | 22.12 | 5 | 100 | 150,452 | Form |
| 35 | Oliver, Lawrence T | VP and Secretary | Direct | Buy | 9032025 | 22.12 | 9 | 200 | 525,916 | Form |
Industry Resources
| Utilities Resources |
| Data.gov Energy Infrastructure |
| Data.gov Energy Resources |
| Utility Dive |
| Gas Utilities Resources |
| American Gas Association (AGA) |
| Natural Gas Intelligence (NGI) |
| Pipeline & Gas Journal |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 9/6/2026