Zacks Investment Research Upgrades Dominion Midstream Partners LP (DM) to Buy
Dominion Midstream Partners LP (NYSE:DM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The brokerage presently has a $28.00 price target on the stock. Zacks Investment Research’s target price indicates a potential upside of 13.27% from the stock’s previous close.
According to Zacks, “Dominion Midstream Partners, LP owns, operates and develops natural gas infrastructure assets. The Company is formed to own the interests in Dominion Cove Point LNG, LP, which owns liquefied natural gas (LNG) import, storage, regasification and transportation assets. Cove Point’s operations consist of LNG import and storage services at the Cove Point LNG Facility and the transportation of domestic natural gas and regasified LNG to Mid-Atlantic markets via the Cove Point Pipeline. Dominion Midstream Partners, LP is headquartered in Richmond, Virginia. “
Several other equities research analysts also recently weighed in on DM. Morgan Stanley downgraded Dominion Midstream Partners from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $40.00 to $30.00 in a report on Thursday, August 18th. Wolfe Research began coverage on Dominion Midstream Partners in a report on Friday. They issued a “buy” rating and a $28.00 price target on the stock. Barclays PLC reduced their price target on Dominion Midstream Partners from $35.00 to $32.00 and set an “overweight” rating on the stock in a report on Thursday, August 4th. Stifel Nicolaus upgraded Dominion Midstream Partners from a “hold” rating to a “buy” rating and set a $29.00 price target on the stock in a report on Wednesday, September 14th. They noted that the move was a valuation call. Finally, Mizuho initiated coverage on Dominion Midstream Partners in a report on Thursday, September 29th. They issued a “buy” rating and a $30.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $33.40.
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Dominion Midstream Partners (NYSE:DM) traded down 1.63% during midday trading on Tuesday, reaching $24.72. The company’s stock had a trading volume of 82,343 shares. The firm has a 50 day moving average price of $24.79 and a 200-day moving average price of $27.81. The company has a market cap of $1.92 billion, a P/E ratio of 21.37 and a beta of 1.72. Dominion Midstream Partners has a 12-month low of $23.12 and a 12-month high of $35.88.
Dominion Midstream Partners (NYSE:DM) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.29 by $0.01. Dominion Midstream Partners had a return on equity of 1.82% and a net margin of 19.33%. The business earned $85.60 million during the quarter, compared to analysts’ expectations of $93.83 million. During the same quarter in the previous year, the company posted $0.26 earnings per share. The company’s quarterly revenue was down 18.8% compared to the same quarter last year. On average, equities research analysts predict that Dominion Midstream Partners will post $1.17 earnings per share for the current fiscal year.
In related news, Director Dominion Resources Inc /Va/ bought 54,337 shares of the company’s stock in a transaction on Friday, August 26th. The shares were acquired at an average price of $25.17 per share, with a total value of $1,367,662.29. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 11.17% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. Commonwealth Equity Services Inc boosted its stake in Dominion Midstream Partners by 3.2% in the first quarter. Commonwealth Equity Services Inc now owns 8,079 shares of the company’s stock worth $273,000 after buying an additional 251 shares during the last quarter. State Street Corp boosted its stake in Dominion Midstream Partners by 4.1% in the first quarter. State Street Corp now owns 22,183 shares of the company’s stock worth $749,000 after buying an additional 867 shares during the last quarter. BP Capital Fund Advisors LLC acquired a new stake in Dominion Midstream Partners during the first quarter worth $1,663,000. Harvest Fund Advisors LLC boosted its stake in Dominion Midstream Partners by 5.9% in the first quarter. Harvest Fund Advisors LLC now owns 959,686 shares of the company’s stock worth $32,389,000 after buying an additional 53,068 shares during the last quarter. Finally, Spirit of America Management Corp NY boosted its stake in Dominion Midstream Partners by 5.0% in the second quarter. Spirit of America Management Corp NY now owns 374,949 shares of the company’s stock worth $10,547,000 after buying an additional 17,800 shares during the last quarter. 37.42% of the stock is owned by hedge funds and other institutional investors.
About Dominion Midstream Partners
Dominion Midstream Partners, LP owns the preferred equity interests and the general partner interest of Dominion Cove Point LNG, LP (Cove Point). Cove Point owns liquefied natural gas (LNG) import, storage, regasification and transportation assets. The Company’s segment is Dominion Energy, which consists of gas transportation, LNG import and storage.
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