Piedmont Natural Gas Co. (PNY) Sees Significant Drop in Short Interest
Piedmont Natural Gas Co. (NYSE:PNY) was the recipient of a significant decrease in short interest in the month of September. As of September 15th, there was short interest totalling 1,242,120 shares, a decrease of 46.3% from the August 31st total of 2,312,090 shares. Currently, 1.6% of the company’s shares are short sold. Based on an average daily trading volume, of 212,250 shares, the days-to-cover ratio is currently 5.9 days.
In other Piedmont Natural Gas news, insider Kevin M. Ohara sold 5,000 shares of the stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $59.78, for a total value of $298,900.00. Following the transaction, the insider now owns 68,571 shares of the company’s stock, valued at $4,099,174.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Kenneth T. Valentine sold 886 shares of the stock in a transaction dated Tuesday, July 19th. The shares were sold at an average price of $59.77, for a total value of $52,956.22. Following the completion of the transaction, the vice president now directly owns 22,481 shares in the company, valued at approximately $1,343,689.37. The disclosure for this sale can be found here. 1.40% of the stock is owned by company insiders.
Several institutional investors have recently bought and sold shares of PNY. Magnetar Financial LLC boosted its position in Piedmont Natural Gas by 67.1% in the first quarter. Magnetar Financial LLC now owns 1,667,738 shares of the company’s stock worth $99,781,000 after buying an additional 669,962 shares during the period. Seven Eight Capital LLC raised its stake in shares of Piedmont Natural Gas by 180.6% in the first quarter. Seven Eight Capital LLC now owns 8,700 shares of the company’s stock worth $521,000 after buying an additional 5,600 shares in the last quarter. AMP Capital Investors Ltd raised its stake in shares of Piedmont Natural Gas by 4.1% in the first quarter. AMP Capital Investors Ltd now owns 38,114 shares of the company’s stock worth $2,279,000 after buying an additional 1,500 shares in the last quarter. Teacher Retirement System of Texas raised its stake in shares of Piedmont Natural Gas by 17.0% in the second quarter. Teacher Retirement System of Texas now owns 11,416 shares of the company’s stock worth $686,000 after buying an additional 1,661 shares in the last quarter. Finally, BlackRock Group LTD raised its stake in shares of Piedmont Natural Gas by 37.8% in the first quarter. BlackRock Group LTD now owns 161,172 shares of the company’s stock worth $9,643,000 after buying an additional 44,193 shares in the last quarter. 61.51% of the stock is owned by institutional investors.
Separately, Zacks Investment Research raised Piedmont Natural Gas from a “sell” rating to a “hold” rating in a research note on Saturday, July 2nd.
Shares of Piedmont Natural Gas (NYSE:PNY) opened at 60.02 on Tuesday. The firm 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 52-week low of $40.30 and a 52-week high of $60.35. The stock’s 50 day moving average price is $60.04 and its 200-day moving average price is $59.91.
Piedmont Natural Gas (NYSE:PNY) last posted its quarterly earnings results on Wednesday, September 7th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. Piedmont Natural Gas had a return on equity of 10.50% and a net margin of 12.20%. The company earned $157.80 million during the quarter. Piedmont Natural Gas’s quarterly revenue was down .3% on a year-over-year basis. On average, analysts forecast that Piedmont Natural Gas will post $1.94 EPS for the current year.
The firm also recently declared a special dividend, which will be paid on Friday, January 13th. Stockholders of record on Friday, December 23rd will be issued a dividend of $0.34 per share. The ex-dividend date is Wednesday, December 21st. This represents a dividend yield of 2.26%. Piedmont Natural Gas’s dividend payout ratio (DPR) is currently 79.07%.
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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