Summit Asset Management LLC Cuts Stock Holdings in Dominion Energy, Inc. (NYSE:D)

Summit Asset Management LLC lowered its stake in shares of Dominion Energy, Inc. (NYSE:D) by 7.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,044 shares of the utilities provider’s stock after selling 386 shares during the quarter. Summit Asset Management LLC’s holdings in Dominion Energy were worth $272,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of D. State Street Corp boosted its stake in Dominion Energy by 3.2% in the third quarter. State Street Corp now owns 44,297,832 shares of the utilities provider’s stock valued at $2,559,972,000 after acquiring an additional 1,365,555 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Dominion Energy by 4.5% during the third quarter. JPMorgan Chase & Co. now owns 28,620,242 shares of the utilities provider’s stock worth $1,653,964,000 after buying an additional 1,222,688 shares during the period. Geode Capital Management LLC boosted its stake in shares of Dominion Energy by 2.1% during the third quarter. Geode Capital Management LLC now owns 17,875,221 shares of the utilities provider’s stock worth $1,032,941,000 after buying an additional 367,193 shares during the period. Franklin Resources Inc. boosted its stake in shares of Dominion Energy by 4.8% during the third quarter. Franklin Resources Inc. now owns 8,718,747 shares of the utilities provider’s stock worth $496,358,000 after buying an additional 398,012 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC boosted its stake in shares of Dominion Energy by 63.5% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,436,875 shares of the utilities provider’s stock worth $487,567,000 after buying an additional 3,278,175 shares during the period. Hedge funds and other institutional investors own 73.04% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on D shares. Scotiabank increased their target price on shares of Dominion Energy from $58.00 to $61.00 and gave the stock a “sector perform” rating in a research note on Thursday, December 12th. Morgan Stanley started coverage on shares of Dominion Energy in a research note on Monday, December 2nd. They set an “equal weight” rating and a $61.00 target price for the company. Finally, The Goldman Sachs Group reiterated a “neutral” rating and set a $61.00 target price on shares of Dominion Energy in a research note on Friday, November 8th. Eleven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Dominion Energy has a consensus rating of “Hold” and an average price target of $56.58.

Dominion Energy Price Performance

D opened at $57.38 on Friday. Dominion Energy, Inc. has a fifty-two week low of $44.17 and a fifty-two week high of $61.97. The company has a quick ratio of 0.58, a current ratio of 0.74 and a debt-to-equity ratio of 1.42. The firm has a market cap of $48.20 billion, a price-to-earnings ratio of 21.25, a price-to-earnings-growth ratio of 1.22 and a beta of 0.61. The company’s 50-day moving average price is $54.58 and its 200 day moving average price is $56.36.

Dominion Energy (NYSE:D) last posted its quarterly earnings data on Wednesday, February 12th. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.04. Dominion Energy had a net margin of 16.22% and a return on equity of 8.99%. As a group, sell-side analysts expect that Dominion Energy, Inc. will post 3.39 earnings per share for the current year.

Dominion Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 20th. Stockholders of record on Friday, February 28th will be issued a $0.6675 dividend. This represents a $2.67 annualized dividend and a dividend yield of 4.65%. The ex-dividend date is Friday, February 28th. Dominion Energy’s dividend payout ratio (DPR) is presently 98.89%.

Dominion Energy 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.