Zacks Investment Research Downgrades Dominion Energy (D) to Sell

Dominion Energy (NYSE:D) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Wednesday.

According to Zacks, ” In a year’s time shares of Dominion Energy have lost compared with the gain from the industry it belongs to.  Any delay in ongoing capital projects could adversely impact profitability of the company. Reduction in solar investment tax credits may affect future results. The company and its gas unit’s dependency upon third-party producers for natural gas supply increases risk. However, merger deal with SCANA is going to be immediately accretive to earnings and boost performance of the company. Dominion Energy is benefiting from its regulated growth projects and synergies from Questar acquisition. The company’s expansion of electric transmission, natural gas facilities, green power generation and midstream assets are strong positives. The company has raised its dividend rate and is in line with the company’s objective to increase annual dividend by 10% per year till to 2020, starting 4Q17.”

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A number of other brokerages have also recently issued reports on D. Bank of America cut Dominion Energy from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $69.15 to $79.00 in a report on Tuesday, March 20th. Hilliard Lyons upgraded Dominion Energy from a “neutral” rating to a “buy” rating and set a $86.00 target price for the company in a report on Tuesday, January 30th. JPMorgan Chase decreased their target price on Dominion Energy from $68.00 to $67.00 and set a “hold” rating for the company in a report on Tuesday. UBS cut Dominion Energy from a “buy” rating to a “neutral” rating and set a $85.00 target price for the company. in a report on Friday, March 16th. Finally, Morgan Stanley boosted their target price on Dominion Energy from $85.00 to $87.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 13th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $77.58.

D traded down $0.36 during midday trading on Wednesday, hitting $65.14. The company’s stock had a trading volume of 2,228,790 shares, compared to its average volume of 5,094,750. The company has a debt-to-equity ratio of 1.60, a current ratio of 0.45 and a quick ratio of 0.30. The stock has a market capitalization of $43,241.69, a price-to-earnings ratio of 18.09, a price-to-earnings-growth ratio of 2.42 and a beta of 0.27. Dominion Energy has a 52-week low of $64.91 and a 52-week high of $85.30.

Dominion Energy (NYSE:D) last posted its quarterly earnings results on Monday, January 29th. The utilities provider reported $0.91 EPS for the quarter, beating the consensus estimate of $0.89 by $0.02. Dominion Energy had a return on equity of 12.67% and a net margin of 24.92%. The company had revenue of $3.21 billion during the quarter, compared to analysts’ expectations of $3.47 billion. During the same quarter in the previous year, the business earned $0.99 EPS. The firm’s revenue was up 4.0% on a year-over-year basis. equities research analysts anticipate that Dominion Energy will post 4.04 earnings per share for the current year.

In related news, Director John W. Harris sold 2,665 shares of the business’s stock in a transaction that occurred on Tuesday, November 6th. The stock was sold at an average price of $80.60, for a total transaction of $214,799.00. Following the transaction, the director now directly owns 13,282 shares of the company’s stock, valued at approximately $1,070,529.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joseph M. Rigby purchased 2,679 shares of Dominion Energy stock in a transaction that occurred on Wednesday, February 28th. The shares were bought at an average cost of $74.65 per share, for a total transaction of $199,987.35. The disclosure for this purchase can be found here. Insiders own 0.34% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. raised its position in shares of Dominion Energy by 4.4% in the 4th quarter. BlackRock Inc. now owns 45,032,247 shares of the utilities provider’s stock valued at $3,650,316,000 after purchasing an additional 1,902,352 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Dominion Energy by 3.8% in the 4th quarter. Geode Capital Management LLC now owns 6,419,395 shares of the utilities provider’s stock valued at $519,194,000 after acquiring an additional 237,339 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Dominion Energy by 1.8% in the 4th quarter. Bank of New York Mellon Corp now owns 4,976,622 shares of the utilities provider’s stock valued at $403,404,000 after acquiring an additional 90,236 shares during the last quarter. Swiss National Bank increased its holdings in shares of Dominion Energy by 2.6% in the 4th quarter. Swiss National Bank now owns 2,971,337 shares of the utilities provider’s stock valued at $240,857,000 after acquiring an additional 75,900 shares during the last quarter. Finally, TIAA CREF Investment Management LLC increased its holdings in shares of Dominion Energy by 22.1% in the 4th quarter. TIAA CREF Investment Management LLC now owns 2,744,991 shares of the utilities provider’s stock valued at $222,509,000 after acquiring an additional 496,009 shares during the last quarter. 65.31% of the stock is currently owned by institutional investors.

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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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