Piedmont Natural Gas Company Inc. (PNY, Financial) filed Annual Report for the period ended 2009-10-31.
Piedmont Natural Gas Co, Inc., is an energy and services company engaged in the transportation and sale of natural gas and the sale of propane to residential, commercial and industrial customers in North Carolina, South Carolina and Tennessee. The Company is the second-largest natural gas utility in the southeast. The Company and its non-utility subsidiaries and divisions are also engaged in acquiring, marketing and arranging for the transportation and storage of natural gas for large-volume purchasers, and in the sale of propane to customers in the Company's three-state service area. Piedmont Natural Gas Company Inc. has a market cap of $1.92 billion; its shares were traded at around $26.25 with and P/S ratio of 0.9. The dividend yield of Piedmont Natural Gas Company Inc. stocks is 4.1%. Piedmont Natural Gas Company Inc. had an annual average earning growth of 3.6% over the past 10 years. GuruFocus rated Piedmont Natural Gas Company Inc. the business predictability rank of 3-star.
Operating revenues shown in the consolidated statements of income represent revenues from the regulated utility segment. The cost of purchased gas is a component of operating revenues. Increases or decreases in prudently incurred purchased gas costs from suppliers are passed on to customers through purchased gas adjustment procedures. Therefore, our operating revenues are impacted by changes in gas costs as well as by changes in volumes of gas sold and transported. For the year ended October 31, 2009, 48% of our operating revenues were from residential customers, 28% from commercial customers, 10% from large volume customers, including industrial, power generation and resale customers, and 14% from secondary market activities. Secondary market transactions consist of off-system sales and capacity release
During the year ended October 31, 2009, 123.1 million dekatherms of gas were sold to or transported for large volume customers compared with 121.6 million dekatherms in 2008. Deliveries to temperature-sensitive residential and commercial customers, whose consumption varies with the weather, totaled 93.8 million dekatherms in 2009, compared with 88.7 million dekatherms in 2008. Weather, as measured by degree days, was 3% colder than normal in 2009 and 5% warmer than normal in 2008.
Read the The complete ReportPNY is in the portfolios of Chuck Royce of ROYCE & ASSOCIATES, Bruce Kovner of Caxton Associates, Kenneth Fisher of Fisher Asset Management, LLC, Jeremy Grantham of GMO LLC.
Piedmont Natural Gas Co, Inc., is an energy and services company engaged in the transportation and sale of natural gas and the sale of propane to residential, commercial and industrial customers in North Carolina, South Carolina and Tennessee. The Company is the second-largest natural gas utility in the southeast. The Company and its non-utility subsidiaries and divisions are also engaged in acquiring, marketing and arranging for the transportation and storage of natural gas for large-volume purchasers, and in the sale of propane to customers in the Company's three-state service area. Piedmont Natural Gas Company Inc. has a market cap of $1.92 billion; its shares were traded at around $26.25 with and P/S ratio of 0.9. The dividend yield of Piedmont Natural Gas Company Inc. stocks is 4.1%. Piedmont Natural Gas Company Inc. had an annual average earning growth of 3.6% over the past 10 years. GuruFocus rated Piedmont Natural Gas Company Inc. the business predictability rank of 3-star.
Highlight of Business Operations:
We have two reportable business segments, regulated utility and non-utility activities. The regulated utility segment is the largest segment of our business with approximately 97% of our consolidated assets. Factors critical to the success of the regulated segment include a safe, reliable natural gas distribution system and the ability to recover the costs and expenses of the business in the rates charged to customers. For the year ended October 31, 2009, 84% of our earnings before taxes came from our regulated utility segment. The non-utility activities segment consists of our equity method investments in joint venture, energy-related businesses that are involved in unregulated retail natural gas marketing, interstate natural gas storage and intrastate natural gas transportation. For the year ended October 31, 2009, the earnings before taxes from our non-utility segment was 16%, which consisted of 4% from regulated non-utility activities and 12% from unregulated non-utility activities. Operations of both segments are conducted within the United States of America. For further information on equity method investments and business segments, see Note 11 and Note 12, respectively, to the consolidated financial statements.Operating revenues shown in the consolidated statements of income represent revenues from the regulated utility segment. The cost of purchased gas is a component of operating revenues. Increases or decreases in prudently incurred purchased gas costs from suppliers are passed on to customers through purchased gas adjustment procedures. Therefore, our operating revenues are impacted by changes in gas costs as well as by changes in volumes of gas sold and transported. For the year ended October 31, 2009, 48% of our operating revenues were from residential customers, 28% from commercial customers, 10% from large volume customers, including industrial, power generation and resale customers, and 14% from secondary market activities. Secondary market transactions consist of off-system sales and capacity release
During the year ended October 31, 2009, 123.1 million dekatherms of gas were sold to or transported for large volume customers compared with 121.6 million dekatherms in 2008. Deliveries to temperature-sensitive residential and commercial customers, whose consumption varies with the weather, totaled 93.8 million dekatherms in 2009, compared with 88.7 million dekatherms in 2008. Weather, as measured by degree days, was 3% colder than normal in 2009 and 5% warmer than normal in 2008.
Read the The complete ReportPNY is in the portfolios of Chuck Royce of ROYCE & ASSOCIATES, Bruce Kovner of Caxton Associates, Kenneth Fisher of Fisher Asset Management, LLC, Jeremy Grantham of GMO LLC.
