Trading Report: The Dominion Midstream Partners LP (DM) Upgrade at The Zacks Investment Research

The Dominion Midstream Partners LP (DM) Upgrade at The Zacks Investment Research

Zacks Investment Research upgraded shares of Dominion Midstream Partners LP (NYSE:DM) from a sell rating to a buy rating in a report issued on Tuesday. The firm currently has $27.00 price target on the stock.

According to Zacks, “Dominion Midstream Partners, LP owns, operates and develops natural gas infrastructure assets. The Company is formed to own the interests in Dominion Cove Point LNG, LP, which owns liquefied natural gas (LNG) import, storage, regasification and transportation assets. Cove Point’s operations consist of LNG import and storage services at the Cove Point LNG Facility and the transportation of domestic natural gas and regasified LNG to Mid-Atlantic markets via the Cove Point Pipeline. Dominion Midstream Partners, LP is headquartered in Richmond, Virginia. “

Several other brokerages have also recently commented on DM. Wolfe Research started coverage on shares of Dominion Midstream Partners in a research report on Friday, October 7th. They set a buy rating and a $28.00 price target for the company. Mizuho started coverage on shares of Dominion Midstream Partners in a research report on Thursday, September 29th. They set a buy rating and a $30.00 price target for the company. Morgan Stanley cut shares of Dominion Midstream Partners from an overweight rating to an equal weight rating and lowered their price target for the stock from $40.00 to $30.00 in a research report on Thursday, August 18th. Stifel Nicolaus upgraded shares of Dominion Midstream Partners from a hold rating to a buy rating and set a $29.00 price target for the company in a research report on Wednesday, September 14th. They noted that the move was a valuation call. Finally, Barclays PLC lowered their price target on shares of Dominion Midstream Partners from $35.00 to $32.00 and set an overweight rating for the company in a research report on Thursday, August 4th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the stock. The company has an average rating of Buy and a consensus target price of $33.30.

Dominion Midstream Partners (NYSE:DM) opened at 23.90 on Tuesday. The stock’s 50 day moving average is $24.47 and its 200 day moving average is $27.10. Dominion Midstream Partners has a 52 week low of $23.12 and a 52 week high of $35.88. The firm has a market cap of $1.86 billion, a price-to-earnings ratio of 20.66 and a beta of 1.72.

Dominion Midstream Partners (NYSE:DM) last issued its quarterly earnings results on Monday, October 31st. The company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.29 by $0.01. Dominion Midstream Partners had a net margin of 19.33% and a return on equity of 1.82%. The company earned $85 million during the quarter, compared to analysts’ expectations of $90.84 million. During the same quarter in the previous year, the company earned $0.28 EPS. Equities research analysts expect that Dominion Midstream Partners will post $1.14 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Friday, November 4th will be paid a $0.2475 dividend. The ex-dividend date of this dividend is Wednesday, November 2nd. This represents a $0.99 dividend on an annualized basis and a yield of 4.14%. This is a positive change from Dominion Midstream Partners’s previous quarterly dividend of $0.24. Dominion Midstream Partners’s payout ratio is presently 80.34%.

In related news, Director Dominion Resources Inc /Va/ purchased 54,337 shares of the business’s stock in a transaction on Friday, August 26th. The shares were purchased at an average price of $25.17 per share, with a total value of $1,367,662.29. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 11.17% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Endurance Wealth Management Inc. raised its position in shares of Dominion Midstream Partners by 2.7% in the third quarter. Endurance Wealth Management Inc. now owns 225,093 shares of the company’s stock worth $5,655,000 after buying an additional 5,812 shares during the last quarter. Cutler Capital Management LLC acquired a new stake in shares of Dominion Midstream Partners during the third quarter worth approximately $382,000. A. D. Beadell Investment Counsel Inc. raised its stake in shares of Dominion Midstream Partners by 171.3% in the third quarter. A. D. Beadell Investment Counsel Inc. now owns 76,925 shares of the company’s stock worth $1,839,000 after buying an additional 48,575 shares in the last quarter. Spirit of America Management Corp NY raised its stake in shares of Dominion Midstream Partners by 2.6% in the third quarter. Spirit of America Management Corp NY now owns 384,549 shares of the company’s stock worth $9,195,000 after buying an additional 9,600 shares in the last quarter. Finally, Stifel Financial Corp acquired a new stake in shares of Dominion Midstream Partners during the second quarter worth approximately $281,000. 36.23% of the stock is currently owned by hedge funds and other institutional investors.

Dominion Midstream Partners Company Profile

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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