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Jun. 3, 2015, 7:25 PM
- Opponents of Dominion's (NYSE:D) Cove point liquefied natural gas export facility file an appeal in federal court to halt construction until it can hear their case against the project's approval.
- In a motion filed Monday with the D.C. Circuit Court of Appeals, lawyers for three environmental groups say residents in the area of the terminal already are suffering from dust, noise and heavy truck traffic with preliminary construction activity.
- Dominion has said it expects to finish work on the $3.8B project by 2017 and begin liquefying natural gas piped to the site; Cove Point won final authorization last month from the U.S. Energy Department to export LNG to non-free trade agreement countries.
May 28, 2015, 10:55 AM
- Norway’s $900B sovereign wealth fund - the world’s biggest - will drop its holdings in companies and utilities that have heavy exposure to coal, according to a deal reached in the parliament that calls for the fund to exit companies with more than 30% of their revenue from coal.
- By excluding coal companies, the fund joins a growing divestment movement targeting fossil fuels.
- The fund previously exited companies that produce tobacco, nuclear weapons, cluster bombs and land mines. The Norwegian fund has stakes in a number of major utilities, including Duke Energy (NYSE:DUK), Dominion Resources (NYSE:D), the U.K.'s SSE (OTCPK:SSEZF), Italy's Enel (OTCPK:ENLAY) and Germany’s RWE (OTCPK:RWEOY) and E.ON (OTCQX:EONGY).
May 20, 2015, 4:58 PM
- Dominion Resources (NYSE:D) -0.3% AH after announcing a public offering of 2.8M common shares, with UBS as the sole underwriter.
- Dominion says it plans to use the proceeds for general corporate purposes, to finance capital expenditures and to repay short term debt including commercial paper.
May 13, 2015, 11:30 AM
- Dominion Resources (NYSE:D) declares $0.6475/share quarterly dividend, in line with previous.
- Forward yield 3.64%
- Payable June 20; for shareholders of record May 29; ex-div May 27.
May 11, 2015, 12:19 PM
- Electric utility stocks look more attractive after a 10%-plus decline since late January, with total annual return potential of 8%-9% in the next few years, according to a Barron's weekend analysis.
- "The relative attraction of utilities has increased in an environment of slower economic growth, when earnings growth is being suppressed by a stronger dollar and energy prices,” Bernstein utilities analyst Hugh Wynne, favoring two California utilities, PG&E (NYSE:PCG) and Edison International (NYSE:EIX), because of above-average growth and a favorable regulatory environment.
- "Utilities and the overall market may provide the same total return, but one offers a lower-risk package,” says Credit Suisse utility analyst Dan Eggers, who is partial to American Electric Power (NYSE:AEP), NextEra Energy (NYSE:NEE) and PG&E.
- Also discussed: SO, ED, DUK, D.
May 7, 2015, 2:31 PM
- The U.S. Energy Department gives final approval for Dominion Resources (D +0.5%) to export liquefied natural gas from its $3.8B Cove Point plant in Maryland.
- The terminal is authorized to export LNG up to the equivalent of 770M cf/day of natural gas for a period of 20 years.
- At the same time, the Sierra Club and other groups file suit in the D.C. Circuit court over the FERC's recent decision to approve the terminal.
May 4, 2015, 2:59 PM
- Dominion Resources (D +0.4%) edges higher after Q1 operating EPS of $0.99 fell from $1.04 a year ago but came in at the high end of its expectation for $0.85-$1 in per-share profit.
- D attributed the decline mostly to the absence of a gain on asset sales to Blue Racer, which knocked $0.06 off the bottom line, with lower merchant generation margins and a higher effective tax rate as other factors.
- Dominion Virginia, which provides electric service to ~2.5M customers, was the company’s best performer in Q1, with profit rising to $140M from $131M a year earlier; Dominion Generation was the biggest drag, with profit falling ~9% to $282M.
- D reaffirmed guidance for FY 2015, seeing EPS of $3.50-$3.85 vs. $3.69 analyst consensus estimate, but issued downside guidance for Q2, seeing operating EPS of $0.65-$0.75 vs. $0.79 consensus.
May 4, 2015, 7:33 AM
- Dominion Resources (NYSE:D): Q1 EPS of $0.99 beats by $0.03.
May 3, 2015, 5:30 PM
Apr. 24, 2015, 2:36 AM
- Asian shares took a breather today following a solid week, unmoved by the record session for tech stocks on Wall Street and Nasdaq's milestone.
- Yesterday, the Nasdaq closed 0.4% higher at 5,056, finally surpassing its tech-boom peak of 5,048 set in March 2000.
- Barclays economists point to downside risks of Chinese growth and inflation: "We expect the slowdown in growth to stretch into the June quarter before a pick-up in momentum in the September and December quarters, which assumes stepped-up policy easing measures."
- Nikkei -0.8%; Shanghai -1%
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Apr. 16, 2015, 9:59 AM
- Dominion Resources (D -1.3%) says it has purchased a 20 MW solar farm in Georgia from HelioSage Energy for an undisclosed sum.
- The utility says the Richland Solar Center should begin generating electricity this year, and Southern Co.’s Georgia Power utility unit has agreed to buy the power plant’s output under a 20-year contract.
- Dominion says it now has 364 MW of solar capacity in operation or under construction, and expects to have 625 MW in service by the end of 2016.
Apr. 1, 2015, 8:16 AM
- Dominion Midstream Partners (NYSE:DM) agrees to acquire Dominion Carolina Gas Transmission from Dominion Resources (NYSE:D) for ~$495M.
- DM says the deal supports its intention to grow distributions to unitholders at a compounded annual growth rate of ~22%/year through the end of the decade.
- DM expects the addition to be immediately accretive to its distributed cash flow per unit.
Feb. 9, 2015, 11:21 AM
- Dominion Resources (NYSE:D) declares $0.65/share quarterly dividend, 7.9% increase from prior dividend of $0.60.
- Forward yield 3.41%
- Payable March 20; for shareholders of record Feb. 27; ex-div Feb. 25.
Feb. 6, 2015, 4:12 PM
- Dominion Resources (NYSE:D): Q4 EPS of $0.84 beats by $0.01.
- Shares -0.03% AH.
Feb. 5, 2015, 5:35 PM
Jan. 28, 2015, 7:15 PM
- Merrill Lynch makes the case in a new report that many fundamentals still favor keeping a position in the utilities sector even after a period of gains, and 24/7 Wall Street screened for the firm's top five Buy-rated utilities with the highest yields.
- The list is headed by Edison International (NYSE:EIX), which makes Merrill's US 1 list; EIX raised the quarterly dividend paid to shareholders by 17.6% back in December, signaling a strong commitment to investors.
- Dominion Resources (NYSE:D) is expected to grow its dividend by 7% this year, in line with the past four; the report says many Wall Street analysts believe new EPA regulations actually could provide a boost for the company.
- Also named: AES, PPL, UIL.
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