Investors Buy Dominion Resources Inc. (D) on Weakness
Investors bought shares of Dominion Resources Inc. (NYSE:D) on weakness during trading on Wednesday. $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 stocks tracked, Dominion Resources had the 15th highest net in-flow for the day. Dominion Resources traded down ($0.09) for the day and closed at $74.16
Several research firms have recently commented on D. 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 restated a “hold” rating and issued a $73.00 target price on shares of Dominion Resources in a research note on Thursday, August 25th. Canaccord Genuity restated 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 reduced their target price for the stock 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 restated a “hold” rating and issued a $77.00 target price on shares of Dominion Resources in a research note on Wednesday, June 22nd. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company. Dominion Resources presently has an average rating of “Hold” and a consensus price target of $77.22.
The stock has a 50-day moving average price of $76.44 and a 200 day moving average price of $73.68. The firm has a market capitalization of $46.41 billion and a P/E ratio of 23.12.
Dominion Resources (NYSE:D) last released its earnings results on Wednesday, August 3rd. The company reported $0.71 earnings per share for the quarter, meeting the consensus estimate of $0.71. The business had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.99 billion. The firm’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.73 EPS. On average, equities analysts expect that Dominion Resources Inc. will post $3.78 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 20th. Shareholders of record on Friday, September 2nd will be paid a dividend of $0.70 per share. The ex-dividend date is Wednesday, August 31st. This represents a $2.80 annualized dividend and a yield of 3.78%.
Other hedge funds have added to or reduced their stakes in the company. BNP Paribas Arbitrage SA raised its stake in Dominion Resources by 69.7% in the fourth quarter. BNP Paribas Arbitrage SA now owns 73,258 shares of the company’s stock valued at $4,955,000 after buying an additional 30,094 shares during the last quarter. American International Group Inc. raised its stake in Dominion Resources by 1.6% in the fourth quarter. American International Group Inc. now owns 219,828 shares of the company’s stock valued at $14,869,000 after buying an additional 3,551 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. raised its stake in 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 valued at $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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