Piedmont Natural Gas Co (Piedmont Natural Gas Co) ROC (Joel Greenblatt) % : 0.95% (As of Jul. 2016)

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What is Piedmont Natural Gas Co ROC (Joel Greenblatt) %?

Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Piedmont Natural Gas Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jul. 2016 was 0.95%.

The historical rank and industry rank for Piedmont Natural Gas Co's ROC (Joel Greenblatt) % or its related term are showing as below:

PNY's ROC (Joel Greenblatt) % is not ranked ^*
in the Utilities - Regulated industry.
Industry Median: 11.16
* Ranked among companies with meaningful ROC (Joel Greenblatt) % only.

Piedmont Natural Gas Co's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% per year.

Piedmont Natural Gas Co ROC (Joel Greenblatt) % Historical Data

The historical data trend for Piedmont Natural Gas Co's ROC (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.

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Piedmont Natural Gas Co ROC (Joel Greenblatt) % Chart

Piedmont Natural Gas Co Annual Data

Trend

Oct06

Oct07

Oct08

Oct09

Oct10

Oct11

Oct12

Oct13

Oct14

Oct15

ROC (Joel Greenblatt) %

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6.61

5.61

4.92

5.46

5.25

Piedmont Natural Gas Co Quarterly Data
	Oct11	Jan12	Apr12	Jul12	Oct12	Jan13	Apr13	Jul13	Oct13	Jan14	Apr14	Jul14	Oct14	Jan15	Apr15	Jul15	Oct15	Jan16	Apr16	Jul16
ROC (Joel Greenblatt) %	Get a 7-Day Free Trial															1.01	0.38	10.60	7.41	0.95

Competitive Comparison of Piedmont Natural Gas Co's ROC (Joel Greenblatt) %

For the Utilities - Regulated Gas subindustry, Piedmont Natural Gas Co's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (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 ROC (Joel Greenblatt) % Distribution in the Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Piedmont Natural Gas Co's ROC (Joel Greenblatt) % distribution charts can be found below:

* The bar in red indicates where Piedmont Natural Gas Co's ROC (Joel Greenblatt) % falls into.

Piedmont Natural Gas Co ROC (Joel Greenblatt) % Calculation

Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:

ROC (Joel Greenblatt) %

EBIT

Average of (Net fixed Assets

Net Working Capital)

EBIT stands for Earnings Before Interest and Taxes.

Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.

GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.

	Working Capital		(Q: Apr. 2016 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(90.09	+	33.337	+	76.803)	-	(161.371	+	20.636	+	40.884)
=	-22.661

	Working Capital		(Q: Jul. 2016 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(60.078	+	43.205	+	102.287)	-	(178.182	+	17.006	+	46.054)
=	-35.672

When net working capital is negative, 0 is used.

So ROC (Joel Greenblatt) % of Piedmont Natural Gas Co for the quarter that ended in Jul. 2016 can be restated as:

	ROC (Joel Greenblatt) %		(Q: Jul. 2016 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Apr. 2016		Q: Jul. 2016
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	43.468	/	( ( (4535.691 + max(-22.661, 0))	+	(4633.052 + max(-35.672, 0)) )	/	2 )
=	43.468	/	( ( 4535.691	+	4633.052 )	/	2 )
=	43.468	/	4584.3715
=	0.95 %

Note: The EBIT data used here is four times the quarterly (Jul. 2016) EBIT data.

Piedmont Natural Gas Co (NYSE:PNY) ROC (Joel Greenblatt) % Explanation

The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.

Joel Greenblatt uses his definition of Return on Capital and Earnings Yield (Joel Greenblatt) % to rank companies.

Piedmont Natural Gas Co ROC (Joel Greenblatt) % Related Terms

Thank you for viewing the detailed overview of Piedmont Natural Gas Co's ROC (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

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Regulated » Piedmont Natural Gas Co Inc (NYSE:PNY) » Definitions » ROC (Joel Greenblatt) %

Comparable Companies

Traded in Other Exchanges

N/A

Address

Website

http://www.piedmontng.com

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