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The brokerage noted that New England ATC power prices for 2017 are down 7 percent year-to-date and 20 percent over the last 12 months — worse than most other U.S. regions and pressuring Dominion's Millstone unit in Connecticut despite growing capacity revenues in later years.
"Solar ITCs are expected to contribute approximately $0.30–0.35 to EPS this year and $0.10–0.15 next year, and 37 million new shares from the 2013-14 mandatory convertible debt offerings will dilute growth through 2017," analyst Christopher Turnure wrote in a note.
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Furthermore, the analyst said the company's earnings quality has been under pressure over the recent quarters "with increasing exclusions from adjusted EPS."
Turnure recalled that the JPMorgan industry note last month mentioning Dominion having the largest differences between adjusted EPS and GAAP EPS over the last five years among the 24 names the firm examined.
On the positive side, Turnure highlighted, "The utilities continue to benefit from pipeline integrity programs, above average load growth, new generation and FERC transmission."
"Several low cost pipeline expansions will also benefit the company in 2016-17, and Cove Point is a major earnings and cash flow driver in 2018," Turnure added.
The analyst has cut his 2016 EPS estimate to $3.75 from $3.80 and 2017 EPS view to $3.79 from $3.98. However, Turnure raised his price target on the stock to $81 from $76.
Shares of Dominion Resources closed Wednesday's regular trading session at $73.68 and were down 0.71 percent to $73.21 shortly after Thursday's opening bell.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.