Zacks Investment Research downgraded shares of Dominion Energy (NYSE:D) from a buy rating to a hold rating in a research note issued to investors on Thursday morning.
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.”
D has been the topic of several other research reports. Wells Fargo & Co dropped their price target on shares of Dominion Energy to $68.00 and set a market perform rating on the stock in a research note on Friday, April 13th. JPMorgan Chase & Co. dropped their price target on shares of Dominion Energy from $67.00 to $62.00 and set a hold rating on the stock in a research note on Thursday, June 7th. ValuEngine lowered shares of Dominion Energy from a sell rating to a strong sell rating in a research note on Tuesday, May 22nd. Scotiabank started coverage on shares of Dominion Energy in a research note on Tuesday, July 24th. They set a hold rating and a $167.00 price target on the stock. Finally, Bank of America dropped their price target on shares of Dominion Energy from $72.00 to $71.00 and set a neutral rating on the stock in a research note on Thursday, August 2nd. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and two have issued a buy rating to the company’s stock. Dominion Energy currently has an average rating of Hold and an average price target of $83.50.
D stock traded down $0.34 during midday trading on Thursday, reaching $70.69. The company had a trading volume of 2,573,328 shares, compared to its average volume of 3,120,248. Dominion Energy has a 1 year low of $61.53 and a 1 year high of $85.30. The company has a quick ratio of 0.36, a current ratio of 0.52 and a debt-to-equity ratio of 1.60. The company has a market cap of $46.44 billion, a price-to-earnings ratio of 17.98, a PEG ratio of 2.85 and a beta of 0.28.
Dominion Energy (NYSE:D) last released its earnings results on Wednesday, August 1st. The utilities provider reported $0.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.07. Dominion Energy had a net margin of 23.69% and a return on equity of 13.13%. The company had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.04 billion. During the same quarter in the prior year, the firm earned $0.67 EPS. The company’s revenue was up 9.8% compared to the same quarter last year. research analysts anticipate that Dominion Energy will post 4.13 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 20th. Investors of record on Friday, September 7th will be paid a $0.835 dividend. The ex-dividend date of this dividend is Thursday, September 6th. This represents a $3.34 dividend on an annualized basis and a yield of 4.72%. Dominion Energy’s payout ratio is presently 92.78%.
Large investors have recently bought and sold shares of the stock. Argent Trust Co grew its position in Dominion Energy by 27.1% in the 4th quarter. Argent Trust Co now owns 10,782 shares of the utilities provider’s stock worth $874,000 after purchasing an additional 2,297 shares during the last quarter. Verity Asset Management Inc. acquired a new stake in Dominion Energy in the 1st quarter worth $211,000. Global X Management Co. LLC grew its position in Dominion Energy by 17.9% in the 1st quarter. Global X Management Co. LLC now owns 6,090 shares of the utilities provider’s stock worth $411,000 after purchasing an additional 925 shares during the last quarter. HL Financial Services LLC grew its position in Dominion Energy by 61.0% in the 1st quarter. HL Financial Services LLC now owns 47,375 shares of the utilities provider’s stock worth $3,195,000 after purchasing an additional 17,953 shares during the last quarter. Finally, Outfitter Advisors LTD. grew its position in Dominion Energy by 4.6% in the 1st quarter. Outfitter Advisors LTD. now owns 91,220 shares of the utilities provider’s stock worth $6,151,000 after purchasing an additional 3,980 shares during the last quarter. Institutional investors and hedge funds own 67.50% of the company’s stock.
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.
Read More: Closed-End Mutual Funds
Get a free copy of the Zacks research report on Dominion Energy (D)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Dominion Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Dominion Energy and related companies with MarketBeat.com's FREE daily email newsletter.