Investors Buy Dominion Resources Inc. (D) on Weakness
Investors bought shares of Dominion Resources Inc. (NYSE:D) on weakness during trading on Friday. $39.53 million flowed into the stock on the tick-up and $21.44 million flowed out of the stock on the tick-down, for a money net flow of $18.09 million into the stock. Of all stocks tracked, Dominion Resources had the 37th highest net in-flow for the day. Dominion Resources traded down ($0.10) for the day and closed at $74.06
Several equities research analysts recently weighed in on D shares. Bank of America Corp. reaffirmed a “buy” rating on shares of Dominion Resources in a report on Tuesday, May 24th. Canaccord Genuity reaffirmed a “hold” rating on shares of Dominion Resources in a report on Friday, August 12th. Vetr raised Dominion Resources from a “buy” rating to a “strong-buy” rating and set a $80.44 price target for the company in a report on Monday, May 9th. BMO Capital Markets reaffirmed a “hold” rating and set a $77.00 price target on shares of Dominion Resources in a report on Wednesday, June 22nd. Finally, JPMorgan Chase & Co. downgraded Dominion Resources from an “overweight” rating to a “neutral” rating and increased their price target for the stock from $76.00 to $81.00 in a report on Thursday, June 16th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $77.22.
The firm’s 50-day moving average price is $76.31 and its 200 day moving average price is $73.68. The stock has a market capitalization of $46.78 billion and a price-to-earnings ratio of 23.31.
Dominion Resources (NYSE:D) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported $0.71 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.71. During the same quarter last year, the firm posted $0.73 earnings per share. The firm earned $2.60 billion during the quarter, compared to the consensus estimate of $2.99 billion. Dominion Resources’s revenue was down 5.4% compared to the same quarter last year. On average, equities analysts forecast that Dominion Resources Inc. will post $3.78 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 20th. Stockholders of record on Friday, September 2nd will be issued a $0.70 dividend. The ex-dividend date is Wednesday, August 31st. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.75%.
A number of hedge funds and institutional investors recently modified their holdings of D. Schwab Charles Investment Management Inc. increased 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. BNP Paribas Arbitrage SA increased 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. Finally, American International Group Inc. increased 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.
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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