Investors Buy Dominion Resources Inc. (D) on Weakness
Investors bought shares of Dominion Resources Inc. (NYSE:D) on weakness during trading hours on Thursday. $93.76 million flowed into the stock on the tick-up and $28.44 million flowed out of the stock on the tick-down, for a money net flow of $65.32 million into the stock. Of all equities tracked, Dominion Resources had the 16th highest net in-flow for the day. Dominion Resources traded down ($0.09) for the day and closed at $74.16
A number of research analysts recently issued reports on the stock. Zacks Investment Research cut shares of Dominion Resources from a “hold” rating to a “sell” rating in a research note on Friday, July 22nd. Deutsche Bank AG reissued a “hold” rating and issued a $73.00 price objective on shares of Dominion Resources in a research note on Thursday, August 25th. Canaccord Genuity reissued a “hold” rating on shares of Dominion Resources in a research note on Friday, August 12th. Morgan Stanley cut shares of Dominion Resources from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $82.00 to $79.00 in a research note on Monday, August 8th. They noted that the move was a valuation call. Finally, BMO Capital Markets reissued a “hold” rating and issued a $77.00 price objective on shares of Dominion Resources in a research note on Wednesday, June 22nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $77.22.
The stock has a market capitalization of $46.34 billion and a price-to-earnings ratio of 23.09. The firm has a 50-day moving average price of $76.33 and a 200 day moving average price of $73.68.
Dominion Resources (NYSE:D) last posted its earnings results on Wednesday, August 3rd. The company reported $0.71 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.71. During the same period last year, the company posted $0.73 EPS. The firm had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.99 billion. The business’s revenue was down 5.4% on a year-over-year basis. On average, analysts expect that Dominion Resources Inc. will post $3.78 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 20th. Investors of record on Friday, September 2nd will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date of this dividend is Wednesday, August 31st.
Other institutional investors recently modified their holdings of the company. BNP Paribas Arbitrage SA raised its position in shares of Dominion Resources by 69.7% in the fourth quarter. BNP Paribas Arbitrage SA now owns 73,258 shares of the company’s stock worth $4,955,000 after buying an additional 30,094 shares during the last quarter. American International Group Inc. raised its position in shares of Dominion Resources by 1.6% in the fourth quarter. American International Group Inc. now owns 219,828 shares of the company’s stock worth $14,869,000 after buying an additional 3,551 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. raised its position in shares of Dominion Resources by 4.8% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 1,610,543 shares of the company’s stock worth $108,938,000 after buying an additional 74,038 shares during the last quarter.
Dominion Resources, Inc (Dominion) is a holding company. The Company is a producer and transporter of energy. The Company is a provider of electricity, natural gas and related services to customers in the eastern region of the United States. The Company operates through three segments: Dominion Virginia Power (DVP), Dominion Generation and Dominion Energy.
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