Stock Update: Dominion Resources Inc (NYSE:D) – Dominion Virginia Power Considers Options for Offshore Wind Demonstration Project after Federal Grant Withdrawal

[PR Newswire] – RICHMOND, Va., May 27, 2016 /PRNewswire/ — Dominion Virginia Power is assessing options for its proposed offshore wind demonstration project in light of an announcement today that the U.S. Department of Energy is withdrawing $40 million in funding. “Naturally, we are disappointed in the DOE’s decision because we still believe that offshore wind has a great potential to deliver clean, renewable energy to Virginia,” said Mary C. Doswell, senior vice president‒Dominion Energy Solutions. Doswell said Dominion plans to consult with other members of the project team, known as the Virginia Offshore Wind Technology Advancement Project (VOWTAP), as well as participants in a stakeholder group of government, research and community representatives, before deciding on next steps. Read more on this. Dominion Resources, Inc. (D) , with a current value of $44.13B, started the session at $71.68. Today’s price range has been between $71.20 and $71.78 per share with the price of the stock fluctuating between $64.54 to $76.59 over the last 52 weeks. Dominion Resources (D) shares are currently priced at 18.63x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 14.79x earnings multiple for the same period. The company pays shareholders $2.80 per share annually in dividends, yielding 3.96%. In a review of the consensus earnings estimate this quarter, 7 sell-side analysts are looking at $0.75 per share, which would be $0.02 better than the year-ago quarter and a $0.02 sequential decrease. In looking at the bigger picture, the full-year EPS estimate of $3.80 would be a $0.36 improvement when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $3.06 Billion. If reported, that would be a 11.27% increase over the year-ago quarter. Recently, Citigroup downgraded D from Buy to Neutral (Feb 2, 2016). Previously, Scotia Howard Weil Initiated D at to Sector Outperform. When considering if perhaps the stock is under or overvalued, the average price target is $77.69, which is 8.38% above where the stock opened this morning. See more in (NYSE:D) Similar Articles: Company Update: Dominion Resources Inc (NYSE:D) – Dominion Virginia Power Resumes Appliance Recycling Program Company Update: Dominion Resources Inc (NYSE:D) – Dominion Virginia Power, SunEnergy1 to Install Largest Solar Facility in Hampton Roads Stock Update: Dominion Resources Inc (NYSE:D) – Dominion Virginia Power Plans $9.5 Billion in Infrastructure and Upgrade Expenditures