UPDATE: JPMorgan Upgrades Dominion Resources, Inc. (D) to Overweight
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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)."
Shares of Dominion Resources, Inc. closed at $77.23 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Hot Comments, Hot Upgrades, Upgrades
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