UPDATE: JPMorgan Upgrades Dominion Resources, Inc. (D) to Overweight

September 29, 2020 4:21 AM EDT
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Price: $61.53 +0.82%

Rating Summary:
    3 Buy, 21 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 0 | Down: 5 | New: 0
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(Updated - September 29, 2020 6:13 AM EDT)

(updating comment)

JPMorgan analyst Jeremy Tonet upgraded Dominion Resources, Inc. (NYSE: D) from Neutral to Overweight with a price target of $84.00 (from $82.00).

The analyst comments "State-regulated utilities now account for 85-90% of D's pro forma operating earnings post-GT&S sale. Alongside the GT&S transaction, D announced a ~33% dividend cut to target 65% payout ratio under the company’s pro-forma earnings outlook. D now anticipates growing EPS at 6.5% annually beginning in 2022 and 6% annual DPS growth under reset guidance. Net/net, we view these actions as fundamentally the strategy, positioning D as a best-in-class, pure
play regulated utility with attractive ESG growth plans (especially $8bn rate based off-shore wind)."

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 $77.23 yesterday.

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