Zacks Investment Research cut shares of Dominion Cove Point LNG (NYSE:DM) from a hold rating to a sell rating in a research report report published on Monday, April 2nd.
According to Zacks, “Dominion Energy Midstream Partners, LP is a Delaware limited partnership company. Its portfolio consist of natural gas terminaling, processing, storage, transportation and related assets. Dominion Energy Midstream Partners LP, formerly known as Dominion Midstream Partners LP, is headquartered in Richmond, Va. “
A number of other research analysts have also commented on DM. JPMorgan Chase lowered Dominion Cove Point LNG from an overweight rating to a neutral rating in a report on Thursday, December 14th. Stifel Nicolaus initiated coverage on Dominion Cove Point LNG in a report on Wednesday, January 17th. They set a buy rating and a $35.00 target price on the stock. Royal Bank of Canada reissued a hold rating and set a $35.00 target price on shares of Dominion Cove Point LNG in a report on Tuesday, January 30th. Wells Fargo increased their target price on Dominion Cove Point LNG from $31.00 to $32.00 and gave the stock a market perform rating in a report on Thursday, February 1st. Finally, UBS reissued a buy rating and set a $36.00 target price (down from $39.00) on shares of Dominion Cove Point LNG in a report on Friday, March 2nd. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. The company has an average rating of Hold and an average price target of $27.33.
Dominion Cove Point LNG (NYSE:DM) last issued its quarterly earnings data on Monday, January 29th. The pipeline company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.05). Dominion Cove Point LNG had a net margin of 25.34% and a return on equity of 2.07%. The firm had revenue of $121.30 million during the quarter, compared to analyst estimates of $109.15 million. During the same period in the prior year, the company earned $0.38 earnings per share. The business’s quarterly revenue was down 31.7% compared to the same quarter last year. analysts forecast that Dominion Cove Point LNG will post 1.6 earnings per share for the current fiscal year.
In other Dominion Cove Point LNG news, major shareholder Grid Plc National sold 6,783,373 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $25.26, for a total value of $171,348,001.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 11.17% of the stock is currently owned by company insiders.
Several hedge funds have recently modified their holdings of the company. Brookfield Asset Management Inc. bought a new stake in Dominion Cove Point LNG during the fourth quarter worth $1,703,000. Cypress Wealth Advisors LLC bought a new stake in shares of Dominion Cove Point LNG in the 4th quarter valued at about $1,496,000. Jane Street Group LLC bought a new stake in shares of Dominion Cove Point LNG in the 4th quarter valued at about $233,000. Raymond James & Associates bought a new stake in shares of Dominion Cove Point LNG in the 4th quarter valued at about $7,197,000. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Dominion Cove Point LNG by 4.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 996,153 shares of the pipeline company’s stock valued at $30,333,000 after acquiring an additional 43,663 shares during the last quarter. 55.78% of the stock is owned by institutional investors.
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Dominion Cove Point LNG Company Profile
Dominion Energy Midstream Partners, LP owns liquefied natural gas (LNG) terminalling, storage, regasification, and transportation assets. It owns and operates LNG terminalling and storage facility located on the Chesapeake Bay in Lusby, Maryland. The company also operates an interstate pipeline in South Carolina and southeastern Georgia comprising natural gas system consisting of approximately 1,500 miles of transmission pipeline and 5 compressor stations with approximately 34,500 installed compressor horsepower.
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