Zacks Investment Research downgraded shares of Dominion Resources, Inc. (NYSE:D) from a hold rating to a sell rating in a report released on Monday, June 12th.
According to Zacks, “Shares of Dominion Resources have underperformed the broader industry in the last six months. The company bears risks associated with the operation of nuclear facilities. Moreover, unplanned outages at power stations could adversely impact operations. Lower solar tax credit and drop in margins in Millstone will adversely impact earnings this year. Dominion’s 2017 earnings estimates have gone down in last sixty days. The company is enjoying the benefit of revenues from its regulated growth projects. Dominion’s Greensville County Power Station and Cove Point Liquefaction project are proceeding on time and budget. In addition, the company is also developing over 3 billion cubic feet per day of gas infrastructure projects. All these projects are likely to boost the performance of the company over the long term.”
A number of other brokerages have also weighed in on D. Royal Bank Of Canada set a $77.00 price objective on shares of Dominion Resources and gave the company a hold rating in a report on Saturday, June 3rd. Morgan Stanley dropped their price objective on shares of Dominion Resources from $81.00 to $79.00 and set an equal weight rating on the stock in a report on Monday, May 8th. Tudor Pickering lowered shares of Dominion Resources from a buy rating to a hold rating in a report on Monday, April 3rd. Barclays PLC reissued an overweight rating and set a $89.00 price objective (up from $80.00) on shares of Dominion Resources in a report on Sunday, April 23rd. Finally, Deutsche Bank AG upped their price target on shares of Dominion Resources from $74.00 to $76.00 and gave the company a hold rating in a report on Tuesday, April 11th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. Dominion Resources currently has an average rating of Hold and a consensus price target of $80.00.
Dominion Resources (NYSE D) traded down 0.14% during midday trading on Monday, reaching $80.26. The company had a trading volume of 670,690 shares. Dominion Resources has a one year low of $69.51 and a one year high of $81.65. The stock has a market capitalization of $50.48 billion, a price-to-earnings ratio of 22.47 and a beta of 0.29. The company has a 50-day moving average price of $79.19 and a 200-day moving average price of $76.80.
Dominion Resources (NYSE:D) last released its quarterly earnings results on Thursday, May 4th. The utilities provider reported $0.97 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.96 by $0.01. Dominion Resources had a net margin of 18.29% and a return on equity of 14.53%. The business had revenue of $3.38 billion for the quarter, compared to analyst estimates of $3.49 billion. During the same period in the previous year, the company earned $0.96 earnings per share. The business’s revenue for the quarter was up 15.9% on a year-over-year basis. On average, equities analysts expect that Dominion Resources will post $3.65 earnings per share for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 20th. Investors of record on Friday, June 2nd will be given a dividend of $0.775 per share. The ex-dividend date is Wednesday, May 31st. This represents a $3.10 dividend on an annualized basis and a dividend yield of 3.86%. This is a boost from Dominion Resources’s previous quarterly dividend of $0.76. Dominion Resources’s dividend payout ratio (DPR) is presently 84.59%.
Several institutional investors have recently bought and sold shares of the company. Norway Savings Bank acquired a new stake in Dominion Resources during the fourth quarter worth about $100,000. Tradewinds Capital Management LLC raised its stake in shares of Dominion Resources by 1.0% in the first quarter. Tradewinds Capital Management LLC now owns 1,306 shares of the utilities provider’s stock worth $101,000 after buying an additional 13 shares during the last quarter. Enterprise Financial Services Corp raised its stake in shares of Dominion Resources by 62.6% in the first quarter. Enterprise Financial Services Corp now owns 1,376 shares of the utilities provider’s stock worth $107,000 after buying an additional 530 shares during the last quarter. Clean Yield Group purchased a new stake in shares of Dominion Resources during the first quarter worth $117,000. Finally, Bollard Group LLC raised its stake in shares of Dominion Resources by 0.9% in the first quarter. Bollard Group LLC now owns 1,516 shares of the utilities provider’s stock worth $118,000 after buying an additional 13 shares during the last quarter. 66.70% of the stock is owned by hedge funds and other institutional investors.
About Dominion Resources
Dominion Energy, Inc, formerly Dominion Resources, Inc, is a producer and transporter of energy. Dominion is focused on its investment in regulated electric generation, transmission and distribution and regulated natural gas transmission and distribution infrastructure. It operates through three segments: Dominion Virginia Power operating segment (DVP), Dominion Generation, Dominion Energy, and Corporate and Other.
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