Company Update (NYSE:D): Dominion Announces Cash Tender Offer for up to $200,000,000 of Its 2006 Series A Enhanced Junior Subordinated Notes Due 2066, 2006 Series B Enhanced Junior Subordinated Notes Due 2066

[PR Newswire] – RICHMOND, Va., July 5, 2016 /PRNewswire/ — Dominion Resources, Inc. ( NYSE:D ), today announced the commencement of an offer to purchase for cash a maximum aggregate principal amount of up to $200,000,000 (subject to increase, the “Tender Cap”) of its outstanding 2006 Series A Enhanced Junior Subordinated Notes due 2066 and 2006 Series B Enhanced Junior Subordinated Notes due 2066 (together, the “Notes”) (the “Tender Offer”). The Tender Offer is subject to the terms and conditions set forth in Dominion’s Offer to Purchase, dated July 5, 2016, and the related Letter of Transmittal (together, the “Offer Documents”). Dominion reserves the right, but is under no obligation, to increase the Tender Cap without extending withdrawal rights, except as required by law. The amounts of each series of Notes will be accepted in accordance with the order of priority for such series of Notes set forth in the table below (the “Acceptance Priority Levels”) and may be prorated as set forth in the Offer to Purchase. Read more on this. Dominion Resources, Inc. (D) , valued at $48.34B, started trading this morning at $78.00. A quick look at the market, the company’s stock traded between $77.87 and $78.51 with its 52-week range being $64.54 to $78.51. D shares are currently priced at 20.54x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 15.89x forward p/e ratio. And for passive income investors, the company pays shareholders $2.80 per share annually in dividends, yielding 3.60%. Consensus earnings for the current quarter by the 10 sell-side analysts covering the stock is an estimate of $0.74 per share, which would be $0.01 better than the year-ago quarter and a $0.04 sequential decrease. The full-year EPS estimate is $3.79 which would be a $0.35 better than last year’s full-year earnings. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $2.99 Billion. If realized, that would be a 8.73% increase over the year-ago quarter. In terms of ratings, JP Morgan downgraded D from Overweight to Neutral (Jun 16, 2016). Previously, Citigroup downgraded D from Buy to Neutral. Given all the information above, we should disclose to readers that the average price target is $77.93, which is 0.09% below than it opened this morning. See more in (NYSE:D) Similar Articles: Market Update (NYSE:D): Dominion Announces Remarketing of 2.962% Junior Subordinated Notes Due 2019 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 Resources, Inc., Recommends Shareholder Rejection of ‘Mini-Tender’ Offer By TRC Capital Corporation