What is Piedmont Natural Gas Co Earnings Yield (Joel Greenblatt) %?
Piedmont Natural Gas Co's Enterprise Value for the quarter that ended in Jul. 2016 was $6,908 Mil.
Piedmont Natural Gas Co's EBIT for the trailing twelve months (TTM) ended in Jul. 2016 was $215 Mil. Piedmont Natural Gas Co's Earnings Yield (Joel Greenblatt) for the quarter that ended in Jul. 2016 was 3.11%.
The historical rank and industry rank for Piedmont Natural Gas Co's Earnings Yield (Joel Greenblatt) % or its related term are showing as below:
PNY's Earnings Yield (Joel Greenblatt) % is not ranked *
in the Utilities - Regulated industry.
Industry Median: 6.605 * Ranked among companies with meaningful Earnings Yield (Joel Greenblatt) % only.
Joel Greenblatt's definition of earnings yield has the same problems the regular earnings yield does. It does not consider the growth of the company. It only looks at one-year's business operation. For cyclical companies, the earnings yield is usually highest at the peak of the business cycle. But these earnings are rarely sustainable.
A better indicator of the attractiveness of an investment which takes growth into account is the Forward Rate of Return (Yacktman) %. Piedmont Natural Gas Co's Forward Rate of Return (Yacktman) % for the quarter that ended in Jul. 2016 was 0.84%. The Forward Rate of Return uses the normalized Free Cash Flow of the past seven years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
Piedmont Natural Gas Co Earnings Yield (Joel Greenblatt) % Historical Data
The historical data trend for Piedmont Natural Gas Co's Earnings Yield (Joel Greenblatt) % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
* Premium members only.
Piedmont Natural Gas Co Earnings Yield (Joel Greenblatt) % Chart
Competitive Comparison of Piedmont Natural Gas Co's Earnings Yield (Joel Greenblatt) %
For the Utilities - Regulated Gas subindustry, Piedmont Natural Gas Co's Earnings Yield (Joel Greenblatt) %, along with its competitors' market caps and Earnings Yield (Joel Greenblatt) % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Piedmont Natural Gas Co's Earnings Yield (Joel Greenblatt) % Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Piedmont Natural Gas Co's Earnings Yield (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Piedmont Natural Gas Co's Earnings Yield (Joel Greenblatt) % falls into.
Piedmont Natural Gas Co Earnings Yield (Joel Greenblatt) % Calculation
In his book, The Little That Beat the Market, hedge fund manager Joel Greenblatt defines Earnings Yield as operating income divided by enterprise value.
Piedmont Natural Gas Cos Earnings Yield (Joel Greenblatt) for the fiscal year that ended in Oct. 2015 is calculated as
Piedmont Natural Gas Co's EBIT for the trailing twelve months (TTM) ended in Jul. 2016 adds up the quarterly data reported by the company within the most recent 12 months, which was $215 Mil.
Piedmont Natural Gas Co (NYSE:PNY) Earnings Yield (Joel Greenblatt) % Explanation
Joel Greenblatt defines the earnings yield using the above equation because it more accurately reflects the company's profitability relative to its stock price. Items like interest payment and tax etc. are not directly related to the company's operational profitability.
Enterprise Value instead of market cap (share price) is used in the calculation because it is the real price stock and bond investors together pay for the company.
Be Aware
Joel Greenblatt's definition of earnings yield has the same problems the regular earnings yield does. It does not consider the growth of the company. It only looks at one-year's business operation. For cyclical companies, the earnings yield is usually highest at the peak of the business cycle. But these earnings are rarely sustainable.
Piedmont Natural Gas Co Earnings Yield (Joel Greenblatt) % Related Terms
Thank you for viewing the detailed overview of Piedmont Natural Gas Co's Earnings Yield (Joel Greenblatt) % provided by GuruFocus.com. Please click on the following links to see related term pages.
Piedmont Natural Gas Co (Piedmont Natural Gas Co) Business Description
Piedmont Natural Gas Co Inc was incorporated in New York in 1950 and began operations in 1951. In 1994, it merged into a newly formed North Carolina corporation with the same name for the purpose of changing its state of incorporation to North Carolina. The Company is an energy services company whose business is distribution of natural gas to residential, commercial, industrial and power generation clients in portions of North Carolina, South Carolina and Tennessee, including customers served by municipalities who are its wholesale customers. The Company is invested in joint venture, energy-related businesses, including unregulated retail natural gas marketing, regulated interstate natural gas transportation and storage and regulated intrastate natural gas transportation. It provides service from resource centers in Anderson, Greenville and Spartanburg in South Carolina and Charlotte, Salisbury, Greensboro, Winston-Salem, High Point, Burlington, Hickory, Indian Trail, Spruce Pine, Reidsville, Fayetteville, New Bern, Wilmington, Tarboro, Elizabeth City, Rockingham and Goldsboro in North Carolina. In North Carolina, it also provides natural gas service to Greenville, Rocky Mount and Wilson. In Tennessee, its service area is the metropolitan area of Nashville, including wholesale natural gas service to Gallatin and Smyrna. The Company has three reportable business segments, regulated utility, regulated non-utility activities and unregulated non-utility activities. The regulated utility segment includes operating a safe and reliable natural gas distribution system and the ability to recover the costs and expenses of the business in the rates charged to customers. The regulated non-utility activities segment consists of equity method investments in regulated energy-related joint ventures that are held by the Company's wholly-owned subsidiaries. The unregulated non-utility activities segment consists of its equity method investment in an unregulated energy-related joint venture that is held by a wholly-owned subsidiary. The regulated utility competes with other energy products, such as electricity and propane, in the residential and commercial customer markets. Natural gas for power generation competes with other fuel sources for the generation of electricity, including coal, nuclear and renewable resources. Additionally, as with industrial customers, the Company competes with other pipeline providers to serve the power generation plants.
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