Water Island Capital buys $73,115,438 stake in Piedmont Natural Gas Company (PNY)

Piedmont Natural Gas Company (PNY) : Water Island Capital scooped up 811,812 additional shares in Piedmont Natural Gas Company during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 15, 2016. The investment management firm now holds a total of 1,220,625 shares of Piedmont Natural Gas Company which is valued at $73,115,438.Piedmont Natural Gas Company makes up approximately 4.95% of Water Island Capital’s portfolio.

Other Hedge Funds, Including , New York State Common Retirement Fund boosted its stake in PNY in the latest quarter, The investment management firm added 85,800 additional shares and now holds a total of 164,400 shares of Piedmont Natural Gas Company which is valued at $9,847,560. Piedmont Natural Gas Company makes up approx 0.01% of New York State Common Retirement Fund’s portfolio.Chicago Equity Partners reduced its stake in PNY by selling 19,930 shares or 61.13% in the most recent quarter. The Hedge Fund company now holds 12,670 shares of PNY which is valued at $757,666. Piedmont Natural Gas Company makes up approx 0.02% of Chicago Equity Partners’s portfolio.

Piedmont Natural Gas Company closed down -0.09 points or -0.15% at $60.01 with 2,30,892 shares getting traded on Thursday. Post opening the session at $60.03, the shares hit an intraday low of $60 and an intraday high of $60.04 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

On the company’s financial health, Piedmont Natural Gas Company reported $0.78 EPS for the quarter, missing the analyst consensus estimate by $ -0.06 based on the information available during the earnings call on Jun 8, 2016. Analyst had a consensus of $0.84. The company had revenue of $350.20 million for the quarter, compared to analysts expectations of $419.80 million. The company’s revenue was down -17.6 % compared to the same quarter last year.

Piedmont Natural Gas Company Inc. is an energy services company whose principal business is the distribution of natural gas to over one million residential commercial industrial and power generation customers in portions of North Carolina South Carolina and Tennessee including customers served by municipalities who are the Company’s wholesale customers. The Company is invested in joint venture energy-related businesses including unregulated retail natural gas marketing and regulated interstate natural gas storage and intrastate natural gas transportation. The Company operates in two segments: regulated utility and non-utility activities. The regulated utility segment is the gas distribution business where it includes the operations of merchandising and its related service work and home warranty programs with activities conducted by the utility. The non-utility activities segment consists of the Company’s equity method investments in joint venture energy-related businesses.

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