Jefferies Raises Price Target on Dominion Resources (D) Following Q3 Results

Jefferies is reaffirming its Hold rating on shares of Dominion Resources, Inc. (NYSE: D) and is raising its price target from $49.50 to $52 following solid Q3 results.

The company reported operating earnings for Q3 which were ahead of expectations, but were lower on a year over year basis. The firm noted that the year over year miss was largely driven by lower merchant generation margins, a return to normal weather, and reduced contributions from producer services. Year over year the company benefited from a lower sharecount and higher electric transmission revenues.

Management announced that it does not plan on repurchasing an additional $100 million in shares as they feel it is unnecessary to reach their 5-6 percent targeted growth rate.

The firm also highlights on the lighter side of things, "The NRC has determined that the North Anna nuclear plant sustained no damage from the earthquake and expects the plant to start within weeks".... and "A final order in Virginia Electric's biennial review proceeding is due by November 30, 2011."

For FY11-FY14, Jefferies forecasts EPS of $3.10, $3.20, $3.35, and $3.55.

For more ratings news on Dominion Resources, Inc. click here and for the rating history of Dominion Resources, Inc. click here.

Shares of Dominion Resources, Inc. closed at $51.37 yesterday.

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