Piedmont Natural Gas Co Beneish M-Score Historical Data
The historical data trend for Piedmont Natural Gas Co's Beneish M-Score 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.
Piedmont Natural Gas Co Beneish M-Score Chart
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Piedmont Natural Gas Co Annual Data
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Piedmont Natural Gas Co Quarterly Data
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Competitive Comparison of Piedmont Natural Gas Co's Beneish M-Score
For the Utilities - Regulated Gas subindustry, Piedmont Natural Gas Co's Beneish M-Score, along with its competitors' market caps and Beneish M-Score 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 Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Piedmont Natural Gas Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Piedmont Natural Gas Co's Beneish M-Score falls into.
Piedmont Natural Gas Co Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Piedmont Natural Gas Co for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 0.8414 | + | 0.528 * 0.8856 | + | 0.404 * 1.0806 | + | 0.892 * 0.9331 | + | 0.115 * 1.0052 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.052541 | - | 0.327 * 0.9905 |
| = | -2.96 |
* 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.
| This Year (Oct15) TTM: | Last Year (Oct14) TTM: |
Total Receivables was $99 Mil.
Revenue was $1,372 Mil.
Gross Profit was $727 Mil.
Total Current Assets was $256 Mil.
Total Assets was $5,111 Mil.
Property, Plant and Equipment(Net PPE) was $4,348 Mil.
Depreciation, Depletion and Amortization(DDA) was $140 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $636 Mil.
Long-Term Debt & Capital Lease Obligation was $1,524 Mil.
Net Income was $137 Mil.
Gross Profit was $34 Mil.
Cash Flow from Operations was $372 Mil.
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Total Receivables was $126 Mil.
Revenue was $1,470 Mil.
Gross Profit was $690 Mil.
Total Current Assets was $347 Mil.
Total Assets was $4,774 Mil.
Property, Plant and Equipment(Net PPE) was $3,990 Mil.
Depreciation, Depletion and Amortization(DDA) was $129 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $622 Mil.
Long-Term Debt & Capital Lease Obligation was $1,414 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (98.784 / 1371.718) | / | (125.814 / 1469.988) |
| = | 0.072015 | / | 0.085588 |
| | = | 0.8414 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (690.208 / 1469.988) | / | (727.294 / 1371.718) |
| = | 0.469533 | / | 0.530207 |
| | = | 0.8856 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (255.937 + 4348.381) / 5110.75) | / | (1 - (346.699 + 3989.778) / 4774.307) |
| = | 0.099092 | / | 0.091705 |
| | = | 1.0806 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 1371.718 | / | 1469.988 |
| | = | 0.9331 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (129.343 / (129.343 + 3989.778)) | / | (140.217 / (140.217 + 4348.381)) |
| = | 0.031401 | / | 0.031238 |
| | = | 1.0052 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (0 / 1371.718) | / | (0 / 1469.988) |
| = | 0 | / | 0 |
| | = | 1 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((1523.677 + 635.596) / 5110.75) | / | ((1414.484 + 621.986) / 4774.307) |
| = | 0.422496 | / | 0.426548 |
| | = | 0.9905 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (137.011 - 33.901 | - | 371.635) | / | 5110.75 |
| | = | -0.052541 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Piedmont Natural Gas Co has a M-score of -2.96 suggests that the company is unlikely to be a manipulator.
Piedmont Natural Gas Co (Piedmont Natural Gas Co) Business Description
Traded in Other Exchanges
N/A
Address
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.
Executives
| Frank H Yoho |
officer: Senior Vice President |
5430 LBJ FREEWAY, SUITE 1800, DALLAS TX 75240 |
| Thomas E Skains |
director, officer: Chairman, President and CEO |
214 N TRYON STREET, CHARLOTTE NC 28202 |
| Phillip D Wright |
director |
17988 EDISON AVE., CHESTERFIELD MO 63005 |
| Holding Frank B Jr |
director |
4300 SIX FORKS ROAD, RALEIGH NC 27609 |
| Vicki W Mcelreath |
director |
PO BOX 33068, CHARLOTTE NC 28233 |
| Minor M Shaw |
director |
PO BOX 6721, C/O MICCO CORP, GREENVILLE SC 29606 |
| John W Harris |
director |
PO BOX 26532, RICHMOND VA 23261 |
| Kim R Cocklin |
officer: Vice President |
C/O ATMOS ENERGY CORPORATION, PO BOX 650205, DALLAS TX 75256 |
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