Mizuho Securities Downgrades Dominion Resources, Inc. (D) to Underperform

Mizuho Securities analyst Anthony Crowdell downgraded Dominion Resources, Inc. (NYSE: D) from Neutral to Underperform with a price target of $68.00.

The analyst commented, "We are downgrading Dominion to Underperform from Neutral following the company's agreement to sell its gas transmission and storage business, a guidance and dividend cut, and the cancellation of ACP. While we believe management's decision to focus on state-regulated utility operations is the correct path to long-term value coupled with a $3B share-repurchase program, we see lower earnings at D and are reducing our 2022 estimate from $4.83 to $4.12. Our updated PT of $68, which incorporates current market multiples, suggests there is downside of close to 7%, slightly offset by a revised dividend yield of 3.5%."

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 $72.65 yesterday.

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