Private Advisor Group LLC purchased a new position in shares of Piedmont Natural Gas Co. (NYSE:PNY) during the second quarter, according to its most recent disclosure with the SEC. The fund purchased 4,838 shares of the company’s stock, valued at approximately $290,000.
Several other hedge funds have also bought and sold shares of PNY. Goldman Sachs Group Inc. increased its stake in Piedmont Natural Gas by 400.5% in the first quarter. Goldman Sachs Group Inc. now owns 840,581 shares of the company’s stock worth $50,291,000 after buying an additional 672,642 shares during the last quarter. Magnetar Financial LLC increased its stake 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 last quarter. Norges Bank purchased a new stake in Piedmont Natural Gas during the fourth quarter worth approximately $37,456,000. Renaissance Technologies LLC increased its stake in Piedmont Natural Gas by 181.6% in the first quarter. Renaissance Technologies LLC now owns 957,300 shares of the company’s stock worth $57,275,000 after buying an additional 617,400 shares during the last quarter. Finally, Longfellow Investment Management Co. LLC purchased a new stake in Piedmont Natural Gas during the second quarter worth approximately $9,018,000. Hedge funds and other institutional investors own 62.95% of the company’s stock.
Piedmont Natural Gas Co. (NYSE:PNY) traded down 0.12% during mid-day trading on Thursday, reaching $60.00. The company’s stock had a trading volume of 105,131 shares. The firm has a market capitalization of $4.99 billion, a P/E ratio of 34.54 and a beta of 0.87. The firm’s 50 day moving average price is $60.00 and its 200 day moving average price is $59.90. Piedmont Natural Gas Co. has a 52 week low of $38.18 and a 52 week high of $60.35.
Piedmont Natural Gas (NYSE:PNY) last announced its quarterly earnings data on Wednesday, September 7th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating 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 business’s quarterly revenue was down .3% compared to the same quarter last year. On average, analysts anticipate that Piedmont Natural Gas Co. will post $1.94 EPS for the current fiscal year.
The business also recently declared a special dividend, which will be paid on Friday, January 13th. Stockholders of record on Friday, December 23rd will be given a dividend of $0.34 per share. This represents a dividend yield of 2.26%. The ex-dividend date is Wednesday, December 21st. Piedmont Natural Gas’s payout ratio is 79.07%.
Separately, Zacks Investment Research upgraded Piedmont Natural Gas from a “hold” rating to a “buy” rating and set a $67.00 target price on the stock in a research report on Thursday.
In other news, VP Kenneth T. Valentine sold 886 shares of the stock in a transaction that occurred on Tuesday, July 19th. The stock was sold at an average price of $59.77, for a total transaction of $52,956.22. Following the sale, the vice president now directly owns 22,481 shares in the company, valued at approximately $1,343,689.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kevin M. Ohara sold 5,000 shares of the stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $59.78, for a total value of $298,900.00. Following the sale, the insider now owns 68,571 shares in the company, valued at $4,099,174.38. The disclosure for this sale can be found here. Insiders own 1.40% 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.
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