Stock Update: Dominion Resources Inc (NYSE:D) – State Corporation Commission Approves Dominion’s Greensville Power Station

[PR Newswire] – RICHMOND, Va., March 29, 2016 /PRNewswire/ — The Virginia State Corporation Commission (SCC) today approved Dominion Virginia Power’s request for a Certificate of Public Convenience and Necessity to build a state-of-the-art natural gas-fired power station in Greensville County. “We are pleased that the SCC has granted approval for the Greensville Power Station,” said Paul Koonce, CEO of Dominion Generation Group. Customers will save $2.1 billion over the life of the power station through fuel savings versus the projected cost of purchasing electricity on the open market. Read more on this. Dominion Resources, Inc. (D) , with a current value of $44.54B, started trading this morning at $73.50. A quick look at the market, the company’s stock traded between $73.09 and $74.70 with a one year range of $64.54 to $76.59. D shares are currently priced at 19.22x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 16.94x earnings multiple for the same period. The company pays shareholders $2.80 per share in dividend income per year, for a current yield of 3.81%. According to a consensus of 8 analysts, the earnings estimate of $0.96 per share would be $0.03 worse than the year-ago quarter and a $0.04 sequential decrease. The full-year EPS estimate is $3.82, which would be a $0.38 better than last year. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $3.49 Billion. If realized, that would be a 2.35% increase over the year-ago quarter. More recently, Citigroup downgraded D from Buy to Neutral (Feb 2, 2016). Previously, Scotia Howard Weil Initiated D at to Sector Outperform. Investors should keep in mind is that the average price target is $76.63, which is 4.26% above where the stock opened this morning. See more in (NYSE:D) Similar Articles: 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) – SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Shareholders of Questar Corporation of an Investigation Concerning the Fairness of the Sale of the Company to Dominion Resources, Inc. – STR Stock Update: Dominion Resources Inc (NYSE:D) – Dominion Virginia Power Plans $9.5 Billion in Infrastructure and Upgrade Expenditures