Market Update (NYSE:D): Dominion Announces Remarketing of 2.962% Junior Subordinated Notes Due 2019

[PR Newswire] – RICHMOND, Va., May 23, 2016 /PRNewswire/ — Dominion Resources, Inc. ( NYSE:D ) announced that it has successfully remarketed its 2.962% Junior Subordinated Notes due 2019. The optional remarketing was completed pursuant to the terms of the governing documents for the notes that were originally issued as part of Corporate Units of Dominion on June 7, 2013. Effective May 26, 2016, the notes will bear interest at 2.962% per year. The remarketing is expected to close on May 26, 2016, subject to customary closing conditions. Read more on this. Dominion Resources, Inc. (D) , currently valued at $43.22B, started the session at $71.12. Today, shares have traded between $70.09 and $71.20 per share with a one year range of $64.54 to $76.59. D shares are currently priced at 18.65x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 14.79x forward p/e ratio. And for those looking to make a return holding the stock, the company pays shareholders $2.80 per share annually in dividends, yielding 3.94%. According to a consensus of 5 analysts, the earnings estimate of $0.73 per share would be $0.00 worse than the year-ago quarter and a $0.04 sequential decrease. Furthermore, our analysis shows the full-year EPS estimate to be $3.80, which would be a $0.36 better when compared to the last year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $2.94 Billion. If reported, that would be a 6.91% 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. The average price target for D shares by the analysts covering it is $77.69, which is 9.24% above where the stock opened. See more in (NYSE:D) Similar Articles: Market Update: Dominion Resources Inc (NYSE:D) – Dominion Offers $1 Million in Educational Grants Stock Update: Dominion Resources Inc (NYSE:D) – Market Opportunity and Discovery — Analyst Notes on Occidental Petroleum, Time Warner, Dominion Resources and Anthem Company Update: Dominion Resources Inc (NYSE:D) – Dominion Declares Quarterly Dividend of 70 Cents