Riggs Asset Managment Co. Inc. reduced its stake in shares of Dominion Resources Inc. (NYSE:D) by 8.9% during the second quarter, Holdings Channel reports. The fund owned 2,058 shares of the company’s stock after selling 200 shares during the period. Riggs Asset Managment Co. Inc.’s holdings in Dominion Resources were worth $160,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of the stock. Wellington Management Group LLP increased its stake in Dominion Resources by 10.3% in the first quarter. Wellington Management Group LLP now owns 28,779,149 shares of the company’s stock valued at $2,161,888,000 after buying an additional 2,689,111 shares during the last quarter. Geode Capital Management LLC increased its stake in Dominion Resources by 2.3% in the first quarter. Geode Capital Management LLC now owns 4,810,737 shares of the company’s stock valued at $360,645,000 after buying an additional 106,946 shares in the last quarter. Legal & General Group Plc increased its stake in Dominion Resources by 1.9% in the first quarter. Legal & General Group Plc now owns 3,006,493 shares of the company’s stock valued at $225,823,000 after buying an additional 55,404 shares in the last quarter. UBS Asset Management Americas Inc. increased its stake in Dominion Resources by 2.2% in the first quarter. UBS Asset Management Americas Inc. now owns 1,987,090 shares of the company’s stock valued at $149,269,000 after buying an additional 42,942 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in Dominion Resources by 60.0% in the first quarter. Renaissance Technologies LLC now owns 1,654,400 shares of the company’s stock valued at $124,279,000 after buying an additional 620,400 shares in the last quarter. 63.19% of the stock is owned by institutional investors and hedge funds.
Shares of Dominion Resources Inc. (NYSE:D) traded up 0.74% during midday trading on Tuesday, reaching $73.37. The company’s stock had a trading volume of 1,641,800 shares. Dominion Resources Inc. has a 12 month low of $64.54 and a 12 month high of $78.97. The stock’s 50 day moving average is $74.18 and its 200 day moving average is $74.20. The stock has a market capitalization of $45.91 billion, a PE ratio of 22.88 and a beta of 0.20.
Dominion Resources (NYSE:D) last issued its earnings results on Wednesday, August 3rd. The company reported $0.71 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.71. Dominion Resources had a net margin of 17.44% and a return on equity of 14.48%. The firm had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.99 billion. During the same quarter last year, the company posted $0.73 earnings per share. Dominion Resources’s revenue was down 5.4% on a year-over-year basis. On average, analysts forecast that Dominion Resources Inc. will post $3.79 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 20th. Stockholders of record on Friday, September 2nd were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Wednesday, August 31st. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.82%. Dominion Resources’s dividend payout ratio (DPR) is presently 87.23%.
Several analysts have commented on the company. BMO Capital Markets reaffirmed a “hold” rating and set a $77.00 price objective on shares of Dominion Resources in a research note on Wednesday, June 22nd. Zacks Investment Research downgraded Dominion Resources from a “hold” rating to a “sell” rating in a research note on Friday, July 22nd. Canaccord Genuity reaffirmed a “hold” rating on shares of Dominion Resources in a research note on Friday, August 12th. Morgan Stanley downgraded Dominion Resources from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $82.00 to $79.00 in a research note on Monday, August 8th. They noted that the move was a valuation call. Finally, Barclays PLC upped their price objective on Dominion Resources from $80.00 to $84.00 and gave the company an “overweight” rating in a research note on Monday, September 26th. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company’s stock. Dominion Resources has a consensus rating of “Hold” and an average target price of $76.77.
Dominion Resources Company Profile
Dominion Resources, Inc (Dominion) is a holding company. The Company is a producer and transporter of energy. The Company is a provider of electricity, natural gas and related services to customers in the eastern region of the United States. The Company operates through three segments: Dominion Virginia Power (DVP), Dominion Generation and Dominion Energy.
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