Dominion Resources Sum-Of-The-Parts Valuation, LNG Multiples, And An MLP: 15%-40% Upside
Lateral Capital Management
Lateral Capital Management
Dominion Resources: A New 2 Bcf/D Pipeline For Marcellus And Utica Gas
Richard Zeits • 34 Comments
Richard Zeits • 34 Comments
Mon, Jun. 27, 7:27 PM
- One of the biggest Brexit beneficiaries is the utilities sector, as the Dow Jones Utility Average and the SPDR Utilities Select Sector ETF both surged to new record highs as Treasury yields tumble to multiyear lows.
- The implied annual dividend yield for the Dow utilities is 3.08% and 3.18% for the utilities ETF, more than double the 10-year Treasury yield.
- J.P. Morgan equity strategists said today that they believe bond yields "are not going anywhere but lower,” and thus remain overweight on the utilities sector.
- At least six Dow utilities components posted record closes: NEE +3.3%, EIX +2.5%, AWK +2.4%, ED +1.9%, AEP +1.8%, PCG +0.8%.
- Among other major utilities in today's trade: SO +1.9%, DUK +1.9%, SCG +1.6%, ETR +1.1%, D +1%, AEE +1%, XEL +0.9%, SRE +0.9%, PEG +0.7%, FE +0.7%, EXC +0.6%.
- ETFs: XLU, UTG, IDU, VPU, GUT, BUI, FUTY, RYU, UPW, FXU, PUI, SDP, PSCU
Thu, Jun. 16, 12:38 PM
- Dominion Resources (D +0.4%) is downgraded to Neutral from Overweight with an $81 price target at J.P. Morgan, citing lower New England power prices and an earnings pullback in solar ITCs.
- JPM says New England ATC power prices for 2017 are down 7% YTD and 20% over the last 12 months, worse than most other U.S. regions and pressuring Dominion's Millstone unit in Connecticut despite growing capacity revenues in later years.
- The firm foresees solar ITCs contributing $0.30-$0.35 to EPS this year but only $0.10-$0.15 next year, and notes that 37M new shares from the 2013-14 mandatory convertible debt offerings will dilute growth through 2017.
- On the positive side, "the utilities continue to benefit from pipeline integrity programs, above average load growth, new generation and FERC transmission," the firm says.
Tue, Jun. 7, 2:40 PM
- Exelon (EXC -0.6%) says it will ask the NRC to extend the operating life of its Peach Bottom nuclear power plant in Pennsylvania by another 20 years.
- EXC says an extension would help the state meet its carbon reduction goals under the Obama administration’s Clean Power Plan.
- The two operating reactors at the Peach Bottom plant currently are licensed to operate through 2033 and 2034.
- Peach Bottom would be among the first U.S. reactors allowed to run longer than 60 years; Dominion Resources (D -0.2%) said last year that it would seek approval to keep its Surry nuclear power plant in Virginia online until it is 80 years old.
Tue, May 31, 10:42 AM
- Dominion Resources (D +0.2%) says it is assessing options after the U.S. Department of Energy said its proposal to install two 6 MW wind turbines off Virginia Beach, Va., was no longer eligible for $40M in funding.
- Dominion says the DoE cut funding because the company could not guarantee a start date before 2020.
- Now read Dominion Resources: A stock for income investors' portfolio
Wed, May 11, 1:11 PM
Wed, May 4, 7:34 AM
Tue, May 3, 5:30 PM
- AFAM, ARCC, ARCO, ARQL, ASC, ATRO, AVA, AYR, BDC, BUD, CDW, CHH, CLH, CPK, CRK, CRL, CRTO, CRZO, CSTE, D, DLPH, DNOW, ECYT, EE, ENR, FUN, GEL, GNRC, GTE, HAIN, HE, HFC, HSC, HSNI, HTWR, HYH, ICE, INXN, IONS, IRT, KATE, KLIC, LGND, MEMP, MFA, MMP, MOS, MPW, MTOR, NBL, NGS, NJR, NRZ, NVMI, NXTM, OMF, ONCE, ORBK, PCG, PCLN, RDC, RDS.A, SBGI, SCMP, SE, SERV, SHOP, SMP, SPAR, SR, SRE, SSTK, STRA, TGH, TGI, TMHC, TREE, TWX, VIRT, VOYA, VSI, WD, WIX, ZTS
Mon, Apr. 4, 5:57 PM
- Dominion Resources (NYSE:D) -1.5% AH after saying it plans to sell 10.2M common shares, raising ~$750M of gross proceeds, through an underwritten public offering to Citigroup.
- D says it plans to use the proceeds for general corporate purposes, including to help fund its planned $4.4B acquisition of Questar (NYSE:STR) and to repay short-term debt.
- Now read Purchase agreements in place for Atlantic Coast pipeline, Dominion says
Wed, Mar. 23, 7:30 AM
- Dominion (NYSE:D) says purchase agreements have been signed for 96% of natural gas that would be delivered to the southeastern U.S. by the proposed Atlantic Coast Pipeline.
- The company says the utility agreements reflect the need for the nearly 600-mile project planned to deliver fracked natural gas along a route from West Virginia through Virginia and into North Carolina.
- Dominion, which is partnering with Duke Energy (NYSE:DUK) and others to build the pipeline, outlined the status of the project during a conference call yesterday; 450 miles of the pipeline’s route has been surveyed, and the project has an in-service date of late 2018.
- The pipeline enjoys broad political support but has found organized resistance among some landowners and conservation groups concerned about its impact on rural, forested landscapes.
Mon, Feb. 1, 8:01 AM
- Dominion Resources (NYSE:D) agrees to acquire Questar (NYSE:STR) for ~$4.4B, including debt, in an attempt to expand its natural gas operations.
- Dominion's $25/share cash offer represents a ~23% premium to STR's closing price on Friday.
- Dominion says the combined company will serve ~2.5M electric utility customers and 2.3M gas utility customers in seven states, and operate more than 15.5K miles of natural gas transmission, gathering and storage pipelines and 24.3K MW of power generation.
- D -2.4%, STR +20.2% premarket.
Mon, Feb. 1, 7:09 AM
- Dominion Resources (NYSE:D): Q4 EPS of $0.70 misses by $0.19.
Thu, Jan. 21, 2:46 PM
- Dominion Resources (NYSE:D) declares $0.70/share quarterly dividend, 8.1% increase from prior dividend of $0.6475.
- Forward yield 4.09%
- Payable March 20; for shareholders of record March 4; ex-div March 2.
Tue, Jan. 12, 10:42 AM
- Dominion Virginia Power (D -1%) announces plans to invest nearly $2B/year through 2020 in clean generation, including solar energy, and to expand, secure and upgrade the electric grid in Virginia and northeastern North Carolina.
- Dominion says the planned $9.5B spending builds on its substantial record of new capital investment in recent years for new electric infrastructure designed to meet growth, enhance reliability and promote cleaner air and water; the company made $1.8B in similar investments in 2015.
- The utility says the planned investment is in addition to the $5B it expects to spend on building the Atlantic Coast Pipeline.
Nov. 2, 2015, 7:34 AM
- Dominion Resources (NYSE:D): Q3 EPS of $1.03 misses by $0.03.
Nov. 1, 2015, 5:30 PM
Oct. 22, 2015, 5:03 PM
- Dominion Resources (NYSE:D) declares $0.6475/share quarterly dividend, in line with previous.
- Forward yield 3.48%
- Payable Dec. 20; for shareholders of record Nov. 25; ex-div Nov. 23.
Dominion Resources, Inc. is a diversified energy company. It supplies electricity and natural gas to homes, businesses and wholesale customers in the Eastern United States. The company's operations also include a regulated interstate natural gas transmission pipeline and underground storage... More
Industry: Electric Utilities
Country: United States
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