UBS Maintains a 'Neutral' on Dominion Resources (D); Selling Non-Core Assets

UBS maintains a 'Neutral' on Dominion Resources, Inc. (NYSE: D) price target of $53.00 (from $52.00).

Analyst, Julien Dumoulin-Smith, Dominion announced today stating that it intends to sell three merchant power plants: Brayton Point, a 1,536 MW coal plant in MA; Kincaid, a 1,158 MW coal plant in IL; and its 50% interest in Elwood, a 1,424 MW gas-fired CT plant in IL. Based on the scale in the presentation, the plants were expected to be a drag of ~$0.12/sh and reduce equity needs by ~$500Mn; sale close is expected in mid 2013."

FY12 EPS estimate loweerd from $3.09 to $3.07, but raises FY13 from $3.38 to $3.40.

For an analyst ratings summary and ratings history on Dominion Resources, Inc. click here. For more ratings news on Dominion Resources, Inc. click here.

Shares of Dominion Resources, Inc. closed at $53.77 yesterday.

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