Todays Report: Today: Dominion Midstream Partners LP (DM) Upgraded at Zacks Investment Research

Today: Dominion Midstream Partners LP (DM) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Dominion Midstream Partners LP (NYSE:DM) from a hold rating to a buy rating in a research report released on Tuesday. The brokerage currently has $28.00 price objective 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 research analysts have also recently weighed in on the company. Stifel Nicolaus started coverage on Dominion Midstream Partners in a research note on Wednesday, July 13th. They issued a hold rating for the company. Mizuho started coverage on Dominion Midstream Partners in a research note on Thursday, September 29th. They issued a buy rating and a $30.00 price target for the company. Wolfe Research started coverage on Dominion Midstream Partners in a research note on Friday, October 7th. They issued a buy rating and a $28.00 price target for the company. Barclays PLC decreased their price target on Dominion Midstream Partners from $35.00 to $32.00 and set an overweight rating for the company in a research note on Thursday, August 4th. Finally, Morgan Stanley cut Dominion Midstream Partners from an overweight rating to an equal weight rating and decreased their price target for the stock from $40.00 to $30.00 in a research note on Thursday, August 18th. Two analysts have rated the stock with a sell rating, one has given a hold rating and eight have issued a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus target price of $33.40.

Shares of Dominion Midstream Partners (NYSE:DM) opened at 24.57 on Tuesday. The stock has a market cap of $1.91 billion, a PE ratio of 21.24 and a beta of 1.72. Dominion Midstream Partners has a one year low of $23.12 and a one year high of $35.88. The company’s 50-day moving average price is $24.79 and its 200-day moving average price is $27.71.

Dominion Midstream Partners (NYSE:DM) last posted its quarterly earnings results on Wednesday, August 3rd. The company reported $0.28 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by $0.01. Dominion Midstream Partners had a return on equity of 1.82% and a net margin of 19.33%. The business earned $85.60 million during the quarter, compared to analysts’ expectations of $93.83 million. During the same quarter in the prior year, the firm earned $0.26 EPS. The firm’s revenue for the quarter was down 18.8% compared to the same quarter last year. Equities research analysts anticipate that Dominion Midstream Partners will post $1.17 earnings per share for the current year.

In related news, Director Dominion Resources Inc /Va/ purchased 29,046 shares of the business’s stock in a transaction on Tuesday, September 6th. The stock was acquired at an average price of $25.43 per share, with a total value of $738,639.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 11.17% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in DM. Simplex Trading LLC bought a new stake in Dominion Midstream Partners during the second quarter valued at about $100,000. US Bancorp DE increased its position in shares of Dominion Midstream Partners by 4.4% in the second quarter. US Bancorp DE now owns 3,864 shares of the company’s stock valued at $109,000 after buying an additional 164 shares during the last quarter. Global X Management Co. LLC acquired a new position in shares of Dominion Midstream Partners during the second quarter valued at approximately $170,000. Linscomb & Williams Inc. increased its position in shares of Dominion Midstream Partners by 2.6% in the second quarter. Linscomb & Williams Inc. now owns 8,120 shares of the company’s stock valued at $228,000 after buying an additional 207 shares during the last quarter. Finally, Commonwealth Equity Services Inc increased its position in shares of Dominion Midstream Partners by 4.3% in the second quarter. Commonwealth Equity Services Inc now owns 8,430 shares of the company’s stock valued at $237,000 after buying an additional 351 shares during the last quarter. 37.42% of the stock is owned by institutional investors and hedge funds.

About Dominion Midstream Partners

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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