Piedmont Natural Gas Co. (PNY) Sees Significant Drop in Short Interest
Piedmont Natural Gas Co. (NYSE:PNY) was the recipient of a large decline in short interest in the month of 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 presently 5.9 days. Approximately 1.6% of the company’s shares are sold short.
Separately, Zacks Investment Research raised Piedmont Natural Gas from a “sell” rating to a “hold” rating in a research note on Friday, August 26th.
Piedmont Natural Gas (NYSE:PNY) opened at 60.02 on Tuesday. Piedmont Natural Gas has a 1-year low of $40.30 and a 1-year high of $60.35. The stock has a market cap of $4.99 billion, a PE ratio of 34.55 and a beta of 0.87. The firm’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) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.02. The business 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 company’s revenue for the quarter was down .3% compared to the same quarter last year. Equities research analysts expect that Piedmont Natural Gas will post $1.94 EPS for the current year.
The company also recently declared a special dividend, which will be paid on Friday, January 13th. Investors of record on Friday, December 23rd will be issued a $0.34 dividend. This represents a yield of 2.26%. The ex-dividend date of this dividend is Wednesday, December 21st. Piedmont Natural Gas’s dividend payout ratio is 79.07%.
In other Piedmont Natural Gas news, insider Kevin M. Ohara sold 5,000 shares of Piedmont Natural Gas stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $59.78, for a total transaction of $298,900.00. Following the transaction, the insider now owns 68,571 shares of the company’s stock, valued at approximately $4,099,174.38. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Kenneth T. Valentine sold 886 shares of Piedmont Natural Gas 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 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. Company insiders own 1.40% of the company’s stock.
A number of institutional investors have recently bought and sold shares of PNY. Synovus Financial Corp boosted its position in 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 bought a new position in Piedmont Natural Gas during the second quarter valued at $123,000. LS Investment Advisors LLC raised its position in 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 during the last quarter. HL Financial Services LLC bought a new position in Piedmont Natural Gas during the second quarter valued at $201,000. Finally, Jane Street Group LLC bought a new position in Piedmont Natural Gas during the second quarter valued at $210,000. Institutional investors and hedge funds own 61.51% of the company’s stock.
About Piedmont Natural Gas
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.
Receive News & Stock Ratings for Piedmont Natural Gas Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Piedmont Natural Gas Co. and related stocks with our FREE daily email newsletter.