Investopedia: Piedmont's Total Return Prospects Look Middling
Utilities are predictable businesses, but not entirely risk free. That's especially true in the case of a company like Piedmont Natural Gas (NYSE:PNY)
where a lot of the company's future growth is predicated on customers
switching over to gas. While Piedmont does enjoy a constructive
regulatory environment and has been a very consistent dividend payer,
buying the shares with a yield below 4% doesn't seem to make all that much sense.