Piedmont Natural Gas Co. (NYSE:PNY) was the recipient of a large decline in short interest in September. As of September 15th, there was short interest totalling 1,242,120 shares, a decline of 46.3% from the August 31st total of 2,312,090 shares. Based on an average daily trading volume, of 212,250 shares, the short-interest ratio is currently 5.9 days. Approximately 1.6% of the company’s stock are sold short.
In other news, insider Kevin M. Ohara sold 5,000 shares of the business’s stock in a transaction on Friday, July 29th. The shares were sold at an average price of $59.78, for a total transaction of $298,900.00. Following the sale, the insider now owns 68,571 shares in the company, valued at approximately $4,099,174.38. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Kenneth T. Valentine sold 886 shares of the business’s stock in a transaction on Tuesday, July 19th. The shares were sold at an average price of $59.77, for a total transaction of $52,956.22. Following the sale, the vice president now owns 22,481 shares in the company, valued at approximately $1,343,689.37. The disclosure for this sale can be found here. Insiders own 1.40% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Synovus Financial Corp raised its position in shares of Piedmont Natural Gas by 0.6% in the second quarter. Synovus Financial Corp now owns 1,938 shares of the company’s stock valued at $116,000 after buying an additional 12 shares in the last quarter. SevenBridge Financial Group LLC purchased a new position in shares of Piedmont Natural Gas during the second quarter valued at approximately $123,000. LS Investment Advisors LLC raised its position in shares of Piedmont Natural Gas by 2.9% in the second quarter. LS Investment Advisors LLC now owns 2,892 shares of the company’s stock valued at $174,000 after buying an additional 82 shares in the last quarter. HL Financial Services LLC purchased a new position in shares of Piedmont Natural Gas during the second quarter valued at approximately $201,000. Finally, Jane Street Group LLC purchased a new position in shares of Piedmont Natural Gas during the second quarter valued at approximately $210,000. Hedge funds and other institutional investors own 61.51% of the company’s stock.
Piedmont Natural Gas (NYSE:PNY) opened at 60.02 on Friday. The stock has a market cap of $4.99 billion, a price-to-earnings ratio of 34.55 and a beta of 0.87. Piedmont Natural Gas has a 12 month low of $40.30 and a 12 month high of $60.35. The firm has a 50-day moving average price of $60.04 and a 200-day moving average price of $59.91.
Piedmont Natural Gas (NYSE:PNY) last announced its quarterly earnings results on Wednesday, September 7th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.02. The firm had revenue of $157.80 million for the quarter. Piedmont Natural Gas had a return on equity of 10.50% and a net margin of 12.20%. The business’s quarterly revenue was down .3% compared to the same quarter last year. Equities research analysts expect that Piedmont Natural Gas will post $1.93 earnings per share for the current fiscal year.
The company also recently declared a special dividend, which will be paid on Friday, January 13th. Stockholders of record on Friday, December 23rd will be paid a dividend of $0.34 per share. The ex-dividend date of this dividend is Wednesday, December 21st. This represents a dividend yield of 2.26%. Piedmont Natural Gas’s dividend payout ratio is currently 79.07%.
Separately, Zacks Investment Research cut shares of Piedmont Natural Gas from a “buy” rating to a “hold” rating in a research note on Wednesday, September 21st.
Piedmont Natural Gas Company Profile
Piedmont Natural Gas Company, Inc is an energy services company. The Company’s principal business is the distribution of natural gas to residential, commercial, industrial and power generation customers in portions of North Carolina, South Carolina and Tennessee, including customers served by municipalities, which are its wholesale customers.
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