Dominion Energy Inc. (D) Downgraded by Zacks Investment Research to Hold
Dominion Energy Inc. (NYSE:D) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.
According to Zacks, “In last six months shares of Dominion Energy has returned lower than the industry it belongs to. Dominion Energy’s near term prospects and earnings will adversely impacted due to lower solar investment tax credit, higher PJM electric capacity expenses and lower earnings from Cove Point due to the roll off of one of its import contracts. However, Dominion Energy is benefiting from its regulated growth projects and synergies from Questar acquisition. 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. The company’s expansion of electric transmission, natural gas facilities and midstream assets are strong positives.”
Other analysts also recently issued reports about the stock. J P Morgan Chase & Co upped their price objective on shares of Dominion Energy from $78.00 to $82.00 and gave the company a “neutral” rating in a report on Thursday. Deutsche Bank AG increased their price target on shares of Dominion Energy from $76.00 to $77.00 and gave the stock a “hold” rating in a report on Thursday, August 3rd. Royal Bank Of Canada reissued a “hold” rating and set a $77.00 price target on shares of Dominion Energy in a report on Monday, August 21st. Citigroup Inc. lowered their price target on shares of Dominion Energy from $78.00 to $76.00 and set a “neutral” rating on the stock in a report on Wednesday, July 26th. Finally, KeyCorp reissued a “hold” rating on shares of Dominion Energy in a report on Friday, September 1st. Eleven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $80.56.
Shares of Dominion Energy (NYSE D) traded up 0.05% during midday trading on Friday, reaching $78.67. 184,188 shares of the company traded hands. The company has a 50 day moving average price of $78.12 and a 200 day moving average price of $78.10. The company has a market capitalization of $50.55 billion, a PE ratio of 22.77 and a beta of 0.28. Dominion Energy has a 1-year low of $69.51 and a 1-year high of $81.65.
Dominion Energy (NYSE:D) last issued its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.01. Dominion Energy had a net margin of 17.48% and a return on equity of 14.04%. The business had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.94 billion. During the same quarter in the prior year, the business posted $0.71 EPS. Dominion Energy’s revenue for the quarter was up 8.3% compared to the same quarter last year. On average, analysts expect that Dominion Energy will post $3.63 earnings per share for the current year.
A number of institutional investors and hedge funds have recently bought and sold shares of D. Waldron LP purchased a new position in Dominion Energy during the first quarter valued at $236,000. Allegis Investment Advisors LLC raised its position in shares of Dominion Energy by 11.0% in the first quarter. Allegis Investment Advisors LLC now owns 26,323 shares of the utilities provider’s stock valued at $2,042,000 after buying an additional 2,601 shares during the last quarter. Karp Capital Management Corp acquired a new stake in shares of Dominion Energy in the first quarter valued at about $20,279,000. Smith Salley & Associates raised its position in shares of Dominion Energy by 3.6% in the first quarter. Smith Salley & Associates now owns 6,029 shares of the utilities provider’s stock valued at $467,000 after buying an additional 207 shares during the last quarter. Finally, Sei Investments Co. raised its position in shares of Dominion Energy by 98.3% in the first quarter. Sei Investments Co. now owns 84,786 shares of the utilities provider’s stock valued at $6,577,000 after buying an additional 42,031 shares during the last quarter. 64.44% of the stock is currently owned by institutional investors and hedge funds.
Dominion Energy Company Profile
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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