Dominion Energy (D) Downgraded by Zacks Investment Research
Zacks Investment Research lowered shares of Dominion Energy (NYSE:D) from a buy rating to a hold rating in a research report released on Thursday.
According to Zacks, “In the past three months, shares of Dominion Energy have outperformed the industry. Dominion Energy’s Cove Point Liquefaction project have started operation and is contributing as per expectation. Dominion Energy is benefiting from its regulated growth projects and synergies from Questar’s acquisition. The company’s expansion of electric transmission, natural gas facilities and midstream assets are strong positives. Its merger deal with SCANA received FERC Nod and is going to be immediately accretive to earnings of the company. However, any delay in ongoing capital projects could adversely impact profitability of the company. Reduction in solar investment tax credits and share dilution may affect its future results. The company and its gas unit’s dependency upon third-party producers for natural gas supply increases risk.”
Several other brokerages also recently issued reports on D. JPMorgan Chase & Co. lifted their price target on shares of Dominion Energy from $67.00 to $70.00 and gave the company a hold rating in a report on Monday, July 23rd. Howard Weil began coverage on shares of Dominion Energy in a report on Tuesday, July 24th. They set a sector perform rating for the company. Bank of America cut their price target on shares of Dominion Energy from $72.00 to $71.00 and set a neutral rating for the company in a report on Thursday, August 2nd. Scotiabank began coverage on shares of Dominion Energy in a report on Tuesday, July 24th. They set a hold rating and a $167.00 price target for the company. Finally, Guggenheim reaffirmed a buy rating and issued a $77.00 target price on shares of Dominion Energy in a research note on Monday, July 23rd. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and two have assigned a buy rating to the stock. Dominion Energy has a consensus rating of Hold and a consensus target price of $83.50.
Dominion Energy (NYSE:D) last announced its quarterly earnings results on Wednesday, August 1st. The utilities provider reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.07. Dominion Energy had a net margin of 23.69% and a return on equity of 13.13%. The firm had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.04 billion. During the same period last year, the firm posted $0.67 EPS. The firm’s quarterly revenue was up 9.8% on a year-over-year basis. sell-side analysts forecast that Dominion Energy will post 4.13 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 20th. Shareholders of record on Friday, September 7th will be paid a $0.835 dividend. This represents a $3.34 dividend on an annualized basis and a dividend yield of 4.72%. The ex-dividend date of this dividend is Thursday, September 6th. Dominion Energy’s dividend payout ratio is presently 92.78%.
Several hedge funds and other institutional investors have recently made changes to their positions in the business. Signet Financial Management LLC grew its position in shares of Dominion Energy by 10.3% during the 2nd quarter. Signet Financial Management LLC now owns 12,004 shares of the utilities provider’s stock worth $818,000 after buying an additional 1,124 shares during the period. Cbre Clarion Securities LLC grew its position in shares of Dominion Energy by 19.4% during the 2nd quarter. Cbre Clarion Securities LLC now owns 69,693 shares of the utilities provider’s stock worth $4,752,000 after buying an additional 11,320 shares during the period. Alpine Associates Management Inc. acquired a new stake in shares of Dominion Energy during the 2nd quarter worth approximately $17,423,000. Northwestern Mutual Wealth Management Co. grew its position in shares of Dominion Energy by 2.6% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 43,270 shares of the utilities provider’s stock worth $2,951,000 after buying an additional 1,091 shares during the period. Finally, Ontario Teachers Pension Plan Board grew its position in shares of Dominion Energy by 15.5% during the 2nd quarter. Ontario Teachers Pension Plan Board now owns 444,565 shares of the utilities provider’s stock worth $30,310,000 after buying an additional 59,640 shares during the period. 67.50% of the stock is owned by institutional investors.
Dominion Energy Company Profile
Dominion Energy, Inc produces and transports energy in the United States. The company's Power Delivery segment engages in the regulated electric transmission and distribution operations that serve residential, commercial, industrial, and governmental customers in Virginia and North Carolina. Its Power Generation segment is involved in the electricity generation activities through gas, coal, nuclear, oil, renewables, biomass, hydro, solar, and power purchase agreements; and related energy supply operations.
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