Hennessy Advisors Inc. increased its stake in Piedmont Natural Gas Co. (NYSE:PNY) by 13.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 667,361 shares of the company’s stock after buying an additional 78,000 shares during the period. Piedmont Natural Gas comprises about 1.1% of Hennessy Advisors Inc.’s portfolio, making the stock its 20th largest position. Hennessy Advisors Inc. owned 0.80% of Piedmont Natural Gas worth $40,068,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of PNY. 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 valued at $2,279,000 after buying an additional 1,500 shares during the last quarter. Legal & General Group Plc raised its stake in shares of Piedmont Natural Gas by 3.3% in the first quarter. Legal & General Group Plc now owns 262,131 shares of the company’s stock valued at $15,683,000 after buying an additional 8,417 shares during the last quarter. Arizona State Retirement System raised its stake in Piedmont Natural Gas by 5.6% in the first quarter. Arizona State Retirement System now owns 41,599 shares of the company’s stock valued at $2,489,000 after buying an additional 2,200 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake in Piedmont Natural Gas by 53.0% in the second quarter. BNP Paribas Arbitrage SA now owns 55,939 shares of the company’s stock valued at $3,363,000 after buying an additional 19,383 shares in the last quarter. Finally, Capstone Asset Management Co. raised its stake in Piedmont Natural Gas by 11.6% in the second quarter. Capstone Asset Management Co. now owns 26,700 shares of the company’s stock valued at $1,605,000 after buying an additional 2,780 shares in the last quarter. Institutional investors own 61.51% of the company’s stock.

Institutional Ownership by Quarter for Piedmont Natural Gas (NYSE:PNY)

Piedmont Natural Gas Co. (NYSE:PNY) remained flat at $60.02 during midday trading on Monday. Piedmont Natural Gas Co. has a 52 week low of $40.30 and a 52 week high of $60.35. 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 issued its earnings results on Wednesday, September 7th. The company reported ($0.07) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate 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 firm had revenue of $157.80 million for the quarter. The firm’s revenue was down .3% compared to the same quarter last year. Equities research analysts anticipate that Piedmont Natural Gas Co. will post $1.93 earnings per share for the current fiscal year.

The business also recently announced a special dividend, which will be paid on Friday, January 13th. Shareholders of record on Friday, December 23rd will be given a $0.34 dividend. This represents a yield of 2.26%. The ex-dividend date is Wednesday, December 21st. Piedmont Natural Gas’s dividend payout ratio is presently 79.07%.

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Separately, Zacks Investment Research upgraded shares of Piedmont Natural Gas from a “hold” rating to a “buy” rating and set a $67.00 price objective on the stock in a research report on Thursday, September 22nd.

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.

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