Piedmont Natural Gas Company, Inc. (PNY)

dividends

Of the top 10 fastest growing cities since 2000 Charlotte is #7 and Raliegh is #9.

97% consolidated assets in regulated utilities by the North Carolina Utilities Commission (NCUC), the Public Service Commission of South Carolina (PSCSC) and the Tennessee Regulatory Authority (TRA) under the umbrella of the Federal Energy Regulatory Commission. Supplies provided by the Midwestern Gas Transmission Company (Midwestern), among others, & provides access to Canadian and Rocky Mountain gas supplies.

Last conference call highlights (May 26th):

- Dividends since 1956, increases since 1978. 3.8% increased announced for 2009. The solid dividend provides a floor at 20 that hasn't been penetrated for over 5 years.

- 1.9MM cost cutting from last year's Q1 numbers through lower headcounts/maintance. 2.5% of the workforce attrition, from 1870 to 1823.

- 350 basis points borrowing cost lower than last year.

- 1.10 EPS versus 1.12 last year Q1. 2.7% sales growth estimate for Oct 2010.

Technicals:

Near 52-week low. Option pressure pointing to 30 by June expiration, representing a 30% gain; 1251/155 contracts long versus short. 147,000 order started the market day nearly 0.20 higher than Friday's end. Money flow >50 for most of the day, brought down by a 60,000 share sale but quickly rebounding.