Summit Asset Management LLC Reduces Stake in Dominion Energy, Inc. (NYSE:D)

Summit Asset Management LLC decreased its holdings in shares of Dominion Energy, Inc. (NYSE:D) by 23.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,926 shares of the utilities provider’s stock after selling 1,550 shares during the quarter. Summit Asset Management LLC’s holdings in Dominion Energy were worth $232,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in D. First Trust Direct Indexing L.P. boosted its stake in Dominion Energy by 5.5% in the fourth quarter. First Trust Direct Indexing L.P. now owns 19,319 shares of the utilities provider’s stock valued at $908,000 after acquiring an additional 1,004 shares in the last quarter. Searle & CO. purchased a new stake in shares of Dominion Energy in the 4th quarter valued at about $331,000. Savant Capital LLC boosted its position in shares of Dominion Energy by 9.7% in the 4th quarter. Savant Capital LLC now owns 9,832 shares of the utilities provider’s stock valued at $462,000 after purchasing an additional 868 shares during the period. Brighton Jones LLC increased its position in Dominion Energy by 9.8% during the fourth quarter. Brighton Jones LLC now owns 7,022 shares of the utilities provider’s stock worth $330,000 after buying an additional 625 shares during the period. Finally, Intrust Bank NA lifted its stake in Dominion Energy by 46.0% in the fourth quarter. Intrust Bank NA now owns 11,073 shares of the utilities provider’s stock valued at $520,000 after buying an additional 3,488 shares during the last quarter. 73.04% of the stock is currently owned by hedge funds and other institutional investors.

Dominion Energy Price Performance

Dominion Energy stock traded down $0.21 during mid-day trading on Thursday, reaching $50.94. The company had a trading volume of 1,975,389 shares, compared to its average volume of 5,269,682. The stock’s 50-day simple moving average is $48.48 and its 200-day simple moving average is $46.58. Dominion Energy, Inc. has a 1 year low of $39.18 and a 1 year high of $57.27. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.04 and a quick ratio of 0.97. The company has a market capitalization of $42.67 billion, a P/E ratio of 21.95, a P/E/G ratio of 3.41 and a beta of 0.59.

Dominion Energy (NYSE:D) last issued its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.04. The firm had revenue of $3.63 billion during the quarter, compared to analysts’ expectations of $4.34 billion. Dominion Energy had a return on equity of 8.83% and a net margin of 12.40%. Dominion Energy’s revenue was down 6.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.99 earnings per share. On average, equities analysts predict that Dominion Energy, Inc. will post 2.75 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Scotiabank lowered their target price on shares of Dominion Energy from $49.00 to $48.00 and set a “sector perform” rating on the stock in a research report on Monday, April 22nd. Barclays dropped their price target on Dominion Energy from $50.00 to $49.00 and set an “overweight” rating on the stock in a research report on Monday, April 15th. StockNews.com downgraded Dominion Energy from a “hold” rating to a “sell” rating in a research note on Friday, February 23rd. Guggenheim dropped their target price on Dominion Energy from $57.00 to $52.00 and set a “buy” rating on the stock in a report on Monday, March 4th. Finally, Wells Fargo & Company increased their price target on Dominion Energy from $49.00 to $51.00 and gave the stock an “equal weight” rating in a report on Thursday, March 7th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $49.10.

Insider Buying and Selling

In other Dominion Energy news, CEO Robert M. Blue purchased 21,735 shares of the stock in a transaction dated Monday, March 4th. The shares were acquired at an average cost of $45.91 per share, for a total transaction of $997,853.85. Following the completion of the transaction, the chief executive officer now directly owns 176,240 shares of the company’s stock, valued at $8,091,178.40. The purchase was disclosed in a filing with the SEC, which is available at this link. In other news, Director Joseph M. Rigby bought 2,130 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was purchased at an average price of $46.94 per share, with a total value of $99,982.20. Following the purchase, the director now owns 8,417 shares of the company’s stock, valued at approximately $395,093.98. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert M. Blue purchased 21,735 shares of the firm’s stock in a transaction on Monday, March 4th. The shares were purchased at an average cost of $45.91 per share, for a total transaction of $997,853.85. Following the completion of the purchase, the chief executive officer now directly owns 176,240 shares in the company, valued at $8,091,178.40. The disclosure for this purchase can be found here. Insiders own 0.14% of the company’s stock.

Dominion Energy Company Profile

Dominion Energy, Inc produces and distributes energy in the United States. It operates through three operating segments: Dominion Energy Virginia, Dominion Energy South Carolina, and Contracted Energy. The Dominion Energy Virginia segment generates, transmits, and distributes regulated electricity to approximately 2.8 million residential, commercial, industrial, and governmental customers in Virginia and North Carolina.