Trade Report: The Dominion Resources Inc. (D) Price Target Cut to $74.00

The Dominion Resources Inc. (D) Price Target Cut to $74.00

Dominion Resources Inc. (NYSE:D) had its price objective decreased by Citigroup Inc. from $78.00 to $74.00 in a report published on Tuesday morning. Citigroup Inc. currently has a neutral rating on the stock.

Other equities analysts have also issued reports about the company. Morgan Stanley lowered Dominion Resources from an overweight rating to an equal weight rating and lowered their target price for the stock from $82.00 to $79.00 in a research report on Monday, August 8th. They noted that the move was a valuation call. Deutsche Bank AG reaffirmed a hold rating and set a $73.00 target price on shares of Dominion Resources in a research report on Thursday, August 25th. Canaccord Genuity reaffirmed a hold rating on shares of Dominion Resources in a research report on Friday, August 12th. BMO Capital Markets reaffirmed a hold rating and set a $77.00 target price on shares of Dominion Resources in a research report on Wednesday, June 22nd. Finally, JPMorgan Chase & Co. lowered Dominion Resources from an overweight rating to a neutral rating and upped their target price for the stock from $76.00 to $81.00 in a research report on Thursday, June 16th. They noted that the move was a valuation call. One research 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. Dominion Resources currently has a consensus rating of Hold and an average price target of $76.77.

Shares of Dominion Resources (NYSE:D) opened at 71.50 on Tuesday. The firm has a market cap of $44.74 billion, a P/E ratio of 22.29 and a beta of 0.20. The firm’s 50-day moving average price is $74.82 and its 200 day moving average price is $74.27. Dominion Resources has a one year low of $64.54 and a one year high of $78.97.

Dominion Resources (NYSE:D) last issued its earnings results on Wednesday, August 3rd. The company reported $0.71 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.71. Dominion Resources had a return on equity of 14.48% and a net margin of 17.44%. The company had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.99 billion. During the same period in the prior year, the firm earned $0.73 earnings per share. Dominion Resources’s revenue for the quarter was down 5.4% on a year-over-year basis. Analysts predict that Dominion Resources will post $3.79 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 20th. Stockholders of record on Friday, September 2nd were given a dividend of $0.70 per share. The ex-dividend date was Wednesday, August 31st. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.92%. Dominion Resources’s dividend payout ratio is presently 87.23%.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Virginia Retirement System purchased a new position in shares of Dominion Resources during the first quarter worth approximately $725,000. Los Angeles Capital Management & Equity Research Inc. boosted its position in shares of Dominion Resources by 0.6% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 299,540 shares of the company’s stock worth $22,501,000 after buying an additional 1,715 shares in the last quarter. Ngam Advisors L.P. boosted its position in shares of Dominion Resources by 5.7% in the first quarter. Ngam Advisors L.P. now owns 67,314 shares of the company’s stock worth $5,057,000 after buying an additional 3,611 shares in the last quarter. Teachers Advisors Inc. boosted its position in shares of Dominion Resources by 2.6% in the first quarter. Teachers Advisors Inc. now owns 634,746 shares of the company’s stock worth $47,682,000 after buying an additional 16,016 shares in the last quarter. Finally, Stratos Wealth Partners LTD. boosted its position in shares of Dominion Resources by 61.1% in the first quarter. Stratos Wealth Partners LTD. now owns 29,167 shares of the company’s stock worth $2,191,000 after buying an additional 11,067 shares in the last quarter. 63.21% of the stock is currently owned by hedge funds and other institutional investors.

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