Dominion Midstream Partners LP (DM) Upgraded to “Buy” 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 note issued to investors on Tuesday. Zacks Investment Research currently has $28.00 target price 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. “
A number of other equities research analysts have also recently commented on the company. Wolfe Research started coverage on Dominion Midstream Partners in a report on Friday, October 7th. They set a buy rating and a $28.00 target price on the stock. Mizuho started coverage on Dominion Midstream Partners in a report on Thursday, September 29th. They set a buy rating and a $30.00 target price on the stock. Stifel Nicolaus upgraded Dominion Midstream Partners from a hold rating to a buy rating and set a $29.00 target price on the stock in a report on Wednesday, September 14th. They noted that the move was a valuation call. Barclays PLC lowered their target price on Dominion Midstream Partners from $35.00 to $32.00 and set an overweight rating on the stock in a report on Thursday, August 4th. Finally, Morgan Stanley cut Dominion Midstream Partners from an overweight rating to an equal weight rating and lowered their target price for the company from $40.00 to $30.00 in a report on Thursday, August 18th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $30.13.
Dominion Midstream Partners (NYSE:DM) traded up 0.59% during mid-day trading on Tuesday, reaching $25.55. The company had a trading volume of 4,217 shares. Dominion Midstream Partners has a 12 month low of $23.12 and a 12 month high of $35.88. The firm’s 50 day moving average price is $24.62 and its 200-day moving average price is $26.18. The company has a market capitalization of $1.99 billion, a price-to-earnings ratio of 21.33 and a beta of 1.70.
Dominion Midstream Partners (NYSE:DM) last released its quarterly earnings results on Monday, October 31st. The company reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.01. The business had revenue of $85 million for the quarter, compared to analysts’ expectations of $90.84 million. Dominion Midstream Partners had a return on equity of 1.83% and a net margin of 22.24%. The company’s revenue was down 17.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.28 EPS. Equities research analysts anticipate that Dominion Midstream Partners will post $1.14 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 15th. Shareholders of record on Friday, November 4th were given a $0.2475 dividend. The ex-dividend date of this dividend was Wednesday, November 2nd. This is a positive change from Dominion Midstream Partners’s previous quarterly dividend of $0.24. This represents a $0.99 annualized dividend and a yield of 3.90%. Dominion Midstream Partners’s dividend payout ratio (DPR) is 83.19%.
In related news, Director Dominion Resources Inc /Va/ acquired 29,046 shares of the business’s stock in a transaction on Tuesday, September 6th. The shares were bought at an average cost of $25.43 per share, with a total value of $738,639.78. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 11.17% of the stock is owned by company insiders.
Hedge funds have recently made changes to their positions in the stock. Simplex Trading LLC acquired a new stake in shares of Dominion Midstream Partners during the second quarter valued at $100,000. US Bancorp DE increased its stake 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 in the last quarter. Global X Management Co. LLC increased its stake in shares of Dominion Midstream Partners by 5.9% in the third quarter. Global X Management Co. LLC now owns 6,391 shares of the company’s stock valued at $153,000 after buying an additional 356 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Dominion Midstream Partners by 11.7% in the third quarter. Bank of New York Mellon Corp now owns 8,490 shares of the company’s stock valued at $203,000 after buying an additional 887 shares in the last quarter. Finally, BB&T Securities LLC acquired a new stake in shares of Dominion Midstream Partners during the third quarter valued at $213,000. Institutional investors own 27.14% of the company’s stock.
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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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