Dominion Energy Inc. (NYSE:D) Upgraded at Zacks Investment Research
Dominion Energy Inc. (NYSE:D) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Friday.
According to Zacks, “Dominion Energy reported mixed results in the second quarter, with earnings surpassing the Zacks Consensus Estimate while total revenue lagged the same. Returns from the regulated growth projects and synergies from Questar acquisition are helping Dominion Energy. Dominion’s Greensville County Power Station and Cove Point Liquefaction project are proceeding on time and budget and are likely to boost the company’s performance over the long term. Contribution from Dominion Midstream will also boost results of the company. Dominion Energy's shares outperformed the broader industry's return in the last six months. However, lower solar investment tax credit, higher PJM electric capacity expenses and lower earnings from Cove Point due to the roll off of one of our import contracts could hurt its earnings in the near term. The company bears risks associated with the operation of nuclear facilities.”
D has been the subject of several other reports. Royal Bank Of Canada set a $77.00 target price on Dominion Energy and gave the stock a “hold” rating in a report on Saturday, June 3rd. Deutsche Bank AG upped their target price on Dominion Energy from $76.00 to $77.00 and gave the stock a “hold” rating in a report on Thursday. Citigroup Inc. lowered their target price on Dominion Energy from $78.00 to $76.00 and set a “neutral” rating for the company in a report on Wednesday, July 26th. Morgan Stanley lowered their target price on Dominion Energy from $81.00 to $79.00 and set an “equal weight” rating for the company in a report on Monday, May 8th. Finally, Barclays PLC reiterated an “overweight” rating and issued a $89.00 target price (up from $80.00) on shares of Dominion Energy in a report on Sunday, April 23rd. Nine research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $80.57.
Dominion Energy (NYSE:D) traded down 0.41% during mid-day trading on Friday, hitting $78.08. The stock had a trading volume of 2,025,932 shares. The stock’s 50-day moving average price is $77.52 and its 200-day moving average price is $77.14. The stock has a market cap of $49.04 billion, a price-to-earnings ratio of 22.59 and a beta of 0.28. Dominion Energy has a 12 month low of $69.51 and a 12 month high of $81.65.
Dominion Energy (NYSE:D) last announced its earnings results on Wednesday, August 2nd. The utilities provider reported $0.67 EPS for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.01. The firm had revenue of $2.81 billion during the quarter, compared to analysts’ expectations of $2.94 billion. Dominion Energy had a return on equity of 14.14% and a net margin of 17.48%. The company’s quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.71 EPS. On average, analysts predict that Dominion Energy will post $3.65 earnings per share for the current year.
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Hedge funds and other institutional investors have recently made changes to their positions in the stock. Palisade Capital Management LLC NJ raised its position in shares of Dominion Energy by 1.9% in the first quarter. Palisade Capital Management LLC NJ now owns 6,805 shares of the utilities provider’s stock worth $528,000 after buying an additional 130 shares in the last quarter. City Holding Co. raised its position in shares of Dominion Energy by 4.4% in the first quarter. City Holding Co. now owns 22,744 shares of the utilities provider’s stock worth $1,764,000 after buying an additional 950 shares in the last quarter. Bank of Montreal Can raised its position in shares of Dominion Energy by 6.8% in the first quarter. Bank of Montreal Can now owns 432,917 shares of the utilities provider’s stock worth $33,581,000 after buying an additional 27,629 shares in the last quarter. Coastline Trust Co raised its position in shares of Dominion Energy by 4.0% in the first quarter. Coastline Trust Co now owns 12,319 shares of the utilities provider’s stock worth $956,000 after buying an additional 475 shares in the last quarter. Finally, BB&T Corp raised its position in shares of Dominion Energy by 3.5% in the first quarter. BB&T Corp now owns 122,663 shares of the utilities provider’s stock worth $9,516,000 after buying an additional 4,101 shares in the last quarter. 66.18% of the stock is currently owned by institutional investors and hedge funds.
About Dominion Energy
Dominion Energy, Inc, formerly Dominion Resources, Inc, is a producer and transporter of energy. Dominion is focused on its investment in regulated electric generation, transmission and distribution and regulated natural gas transmission and distribution infrastructure. It operates through three segments: Dominion Virginia Power operating segment (DVP), Dominion Generation, Dominion Energy, and Corporate and Other.
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