Dominion Midstream Partners LP (DM) Shares Up 4.1%
Dominion Midstream Partners LP (NYSE:DM) shares shot up 4.1% during mid-day trading on Thursday . The stock traded as high as $25.75 and last traded at $25.74, with a volume of 51,961 shares. The stock had previously closed at $24.72.
Several brokerages have issued reports on DM. Stifel Nicolaus began coverage on shares of Dominion Midstream Partners in a report on Wednesday, July 13th. They set a “hold” rating on the stock. Barclays PLC dropped their target price on shares of Dominion Midstream Partners from $35.00 to $32.00 and set an “overweight” rating on the stock in a report on Thursday, August 4th. Finally, Zacks Investment Research upgraded shares of Dominion Midstream Partners from a “hold” rating to a “buy” rating and set a $37.00 target price on the stock in a report on Wednesday, April 27th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $37.56.
The company has a market capitalization of $2.00 billion and a P/E ratio of 22.25. The company has a 50 day moving average price of $26.84 and a 200-day moving average price of $29.36.
Dominion Midstream Partners (NYSE:DM) last issued its quarterly earnings data on Wednesday, August 3rd. The company reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by $0.01. During the same quarter in the prior year, the business posted $0.26 EPS. The company had revenue of $85.60 million for the quarter, compared to analysts’ expectations of $93.83 million. The company’s revenue for the quarter was down 18.8% compared to the same quarter last year. On average, equities analysts anticipate that Dominion Midstream Partners LP will post $1.20 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 15th. Investors of record on Friday, August 5th will be issued a $0.2355 dividend. This is an increase from Dominion Midstream Partners’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Wednesday, August 3rd. This represents a $0.94 annualized dividend and a yield of 3.66%.
In related news, Director Dominion Resources Inc /Va/ acquired 37,382 shares of Dominion Midstream Partners stock in a transaction that occurred on Friday, June 17th. The shares were purchased at an average cost of $26.68 per share, for a total transaction of $997,351.76. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.
A number of hedge funds have modified their holdings of the company. Kayne Anderson Capital Advisors LP raised its stake in shares of Dominion Midstream Partners by 82.7% in the fourth quarter. Kayne Anderson Capital Advisors LP now owns 1,831,125 shares of the company’s stock worth $56,137,000 after buying an additional 828,909 shares during the period. Jennison Associates LLC raised its stake in shares of Dominion Midstream Partners by 9.7% in the fourth quarter. Jennison Associates LLC now owns 992,136 shares of the company’s stock worth $30,419,000 after buying an additional 88,013 shares during the period. Finally, Chickasaw Capital Management LLC raised its stake in shares of Dominion Midstream Partners by 49.7% in the fourth quarter. Chickasaw Capital Management LLC now owns 893,125 shares of the company’s stock worth $27,383,000 after buying an additional 296,366 shares during the period.
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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