Dominion Resources, Inc. (D) Cut to Sell at Zacks Investment Research
Dominion Resources, Inc. (NYSE:D) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Monday.
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.”
D has been the subject of a number of other research reports. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $77.00 price objective on shares of Dominion Resources in a research report on Thursday, February 16th. Barclays PLC reaffirmed an “overweight” rating and issued a $89.00 price objective (up previously from $80.00) on shares of Dominion Resources in a research report on Sunday, April 23rd. Deutsche Bank AG lifted their price objective on Dominion Resources from $74.00 to $76.00 and gave the company a “hold” rating in a research report on Tuesday, April 11th. Tudor Pickering downgraded Dominion Resources from a “buy” rating to a “hold” rating in a research report on Monday, April 3rd. Finally, Morgan Stanley lowered their price objective on Dominion Resources from $81.00 to $79.00 and set an “equal weight” rating for the company in a research report on Monday, May 8th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $80.11.
Shares of Dominion Resources (D) traded down 0.47% during mid-day trading on Monday, reaching $78.91. The company’s stock had a trading volume of 448,601 shares. The company’s 50-day moving average is $78.79 and its 200 day moving average is $76.51. Dominion Resources has a 1-year low of $69.51 and a 1-year high of $81.65. The firm has a market capitalization of $49.63 billion, a P/E ratio of 22.09 and a beta of 0.29.
Dominion Resources (NYSE:D) last announced its quarterly earnings data on Thursday, May 4th. The utilities provider reported $0.97 EPS for the quarter, beating the Zacks’ consensus estimate of $0.96 by $0.01. The business had revenue of $3.38 billion during the quarter, compared to the consensus estimate of $3.49 billion. Dominion Resources had a return on equity of 14.53% and a net margin of 18.29%. The business’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.96 earnings per share. On average, analysts expect that Dominion Resources will post $3.67 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 20th. Shareholders of record on Friday, June 2nd will be given a dividend of $0.775 per share. This represents a $3.10 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date of this dividend is Wednesday, May 31st. This is an increase from Dominion Resources’s previous quarterly dividend of $0.76. Dominion Resources’s payout ratio is 84.59%.
In other Dominion Resources news, Director John W. Harris sold 5,697 shares of the business’s stock in a transaction dated Tuesday, March 14th. The stock was sold at an average price of $76.55, for a total transaction of $436,105.35. Following the completion of the sale, the director now owns 22,503 shares of the company’s stock, valued at $1,722,604.65. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.37% of the stock is currently owned by insiders.
A number of large investors have recently bought and sold shares of the stock. Hudock Capital Group LLC increased its stake in Dominion Resources by 0.3% in the first quarter. Hudock Capital Group LLC now owns 2,146 shares of the utilities provider’s stock worth $166,000 after buying an additional 6 shares during the period. Bollard Group LLC increased 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 valued at $118,000 after buying an additional 13 shares during the last quarter. Tradewinds Capital Management LLC increased 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 valued at $101,000 after buying an additional 13 shares during the last quarter. Farmers National Bank increased its stake in shares of Dominion Resources by 0.3% in the first quarter. Farmers National Bank now owns 4,673 shares of the utilities provider’s stock valued at $347,000 after buying an additional 16 shares during the last quarter. Finally, Jackson Grant Investment Advisers Inc. increased its stake in shares of Dominion Resources by 0.9% in the fourth quarter. Jackson Grant Investment Advisers Inc. now owns 2,155 shares of the utilities provider’s stock valued at $165,000 after buying an additional 20 shares during the last quarter. 66.71% of the stock is owned by hedge funds and other institutional investors.
Dominion Resources Company Profile
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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