Dominion Energy (NYSE:D) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday. The firm currently has a $78.00 target price on the utilities provider’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 13.34% from the company’s previous close.
According to Zacks, “In last three months, shares of Dominion Energy have gained against its industry's decline. 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.”
A number of other analysts also recently weighed in on D. ValuEngine upgraded Dominion Energy from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 26th. Macquarie set a $74.00 price target on Dominion Energy and gave the company a “buy” rating in a research note on Tuesday. Argus lifted their price target on Dominion Energy from $74.00 to $79.00 and gave the company a “buy” rating in a research note on Wednesday, September 19th. They noted that the move was a valuation call. Guggenheim reiterated a “buy” rating and set a $77.00 target price on shares of Dominion Energy in a research report on Monday, July 23rd. Finally, JPMorgan Chase & Co. boosted their target price on Dominion Energy from $67.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, July 23rd. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and five have assigned a buy rating to the stock. Dominion Energy presently has an average rating of “Hold” and a consensus target price of $83.75.
NYSE:D opened at $68.82 on Thursday. The company has a market capitalization of $45.47 billion, a PE ratio of 19.12, a P/E/G ratio of 2.79 and a beta of 0.26. The company has a current ratio of 0.52, a quick ratio of 0.36 and a debt-to-equity ratio of 1.60. Dominion Energy has a 12-month low of $61.53 and a 12-month high of $85.30.
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, beating the Zacks’ consensus estimate of $0.79 by $0.07. The business had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.04 billion. Dominion Energy had a return on equity of 13.13% and a net margin of 23.69%. The company’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.67 earnings per share. equities analysts predict that Dominion Energy will post 4.12 earnings per share for the current year.
In related news, Director John W. Harris bought 10,000 shares of the firm’s stock in a transaction dated Tuesday, August 28th. The stock was bought at an average price of $71.15 per share, with a total value of $711,500.00. Following the completion of the transaction, the director now directly owns 17,495 shares of the company’s stock, valued at $1,244,769.25. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.37% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Kaizen Advisory LLC boosted its holdings in Dominion Energy by 136.6% in the second quarter. Kaizen Advisory LLC now owns 1,474 shares of the utilities provider’s stock valued at $100,000 after purchasing an additional 851 shares during the last quarter. Private Capital Group LLC boosted its holdings in Dominion Energy by 1,708.3% in the first quarter. Private Capital Group LLC now owns 2,170 shares of the utilities provider’s stock valued at $146,000 after purchasing an additional 2,050 shares during the last quarter. McKinley Carter Wealth Services Inc. purchased a new position in Dominion Energy in the first quarter valued at about $152,000. Bridgeworth LLC purchased a new position in Dominion Energy in the second quarter valued at about $166,000. Finally, Farmers & Merchants Trust Co of Chambersburg PA boosted its holdings in Dominion Energy by 310.6% in the second quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 2,644 shares of the utilities provider’s stock valued at $180,000 after purchasing an additional 2,000 shares during the last quarter. 67.27% of the stock is owned by institutional investors.
About Dominion Energy
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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