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LONDON, UK / ACCESSWIRE / August 18, 2017 /Pro-Trader Daily has just published a free post-earnings coverage on Dominion Energy, Inc. (NYSE: D) ("Dominion"), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=D, following the Company's release of its second quarter fiscal 2017 operating results on August 02, 2017. The partnership that operates Dominion Resources' natural gas assets reported better than expected revenue and earnings results. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the Electric Utilities industry. Pro-TD has currently selected The AES Corporation (NYSE: AES) for due-diligence and potential coverage as the Company reported on August 08, 2017, its financial results for Q2 2017 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on AES Corp. when we publish it.
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For the quarter ended June 30, 2017, Dominion reported operating revenues of $2.91 billion, up 11.9% compared to revenue of $2.60 billion in Q2 2016. The Company's revenue numbers came in ahead of analysts' estimates of $2.87 million.
For the three months ended June 30, 2017, Dominion reported GAAP earnings of $390 million, or $0.62 per share, compared to earnings of $452 million, or $0.73 per share, for Q2 2016. The Company's operating earnings for the reported quarter were $421 million, or $0.67 per share, compared to operating earnings of $441 million, or $0.71 per share, for the prior year's corresponding quarter. Operating earnings are defined as reported earnings adjusted for certain items. Dominion stated that the principal difference between reported earnings and operating earnings for the reported quarter was the transition and integration costs associated with the Dominion Energy Questar combination. The Company's operating earnings numbers topped Wall Street's expectations of $0.66 per share.
Dominion noted that the construction of the Greensville County Power Station is proceeding on time and on budget. The project is approximately 47% complete and is expected to achieve commercial operations in late 2018.
Dominion reported that the Cove Point Liquefaction project is 95% complete. In July 2017, the Company received Federal Energy Regulatory Commission (FERC)'s authorization for hydrocarbon entry into four additional project areas. Over 90% of the project's systems are now in the commissioning phase. Dominion stated that the work continues on time and on budget, and it expects to have this significant project in-service late this year.
Dominion announced that the FERC released the Final Environmental Impact Statement for the Atlantic Coast Pipeline and Supply Header projects. The favorable environmental report provides the Company with a clear path forward for final approval of one of the largest, most important natural gas infrastructure projects in the Company's history.
On August 01, 2017, the Board of Directors of Dominion declared a quarterly dividend of $0.755 per share of common stock. The dividends are payable on September 20, 2017, to shareholders of record at the close of business September 01, 2017. This is the 358th consecutive dividend that Dominion Energy or its predecessor Company has paid to holders of common stock.
For Q3 2017, Dominion is forecasting operating earnings in the range of $0.95 - $1.15 per share compared to Q3 2016 operating earnings of $1.14 per share. The Company is maintaining its previously issued 2017 operating earnings guidance of $3.40 - $3.90 per share.
At the closing bell, on Thursday, August 17, 2017, Dominion Energy's stock fell slightly by 0.15%, ending the trading session at $78.12. A total volume of 1.70 million shares have exchanged hands. The Company's stock price advanced 1.48% in the last one month, 6.60% in the past six months, and 1.92% in the previous twelve months. Moreover, the stock gained 2.00% since the start of the year. The stock is trading at a PE ratio of 22.59 and has a dividend yield of 3.87%. The stock currently has a market cap of $50.48 billion.
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