UPDATE: JPMorgan Upgrades Dominion Resources, Inc. (D) to Overweight
- Nasdaq ends down as investors eye Black Friday sales, China infections
- Apple (AAPL) could see a $6B hole in FQ1 iPhone revenue due to Foxconn troubles - analyst
- Activision Blizzard (ATVI) slips on report FTC likely to oppose $69B Microsoft (MSFT) deal
- Manchester United (MANU) shares jump again on Saudi interest
- Bitcoin (BTC) price struggles to rebound as Binance launches $1 billion recovery fund
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.
You May Also Be Interested In
- Deutsche Bank senses a 'growing anxiety' over Deere & Co's (DE) Q4 print
- PT PP (Persero) Tbk (PTPP:IJ) (PTPPF) PT Lowered to IDR1,075 at CLSA
- JPMorgan Upgrades Nanosonics Limited (NAN:AU) (NNCSF) to Neutral
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Hot Comments, Hot Upgrades, Upgrades
Related EntitiesJPMorgan, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!