Dominion Energy (NYSE:D) Reaches New 1-Year High After Earnings Beat

Dominion Energy, Inc. (NYSE:D) hit a new 52-week high on Friday following a stronger than expected earnings report. The company traded as high as $61.90 and last traded at $61.56, with a volume of 1784890 shares trading hands. The stock had previously closed at $59.53.

The utilities provider reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.06. The company had revenue of $3.94 billion during the quarter, compared to the consensus estimate of $4.18 billion. Dominion Energy had a net margin of 11.63% and a return on equity of 7.69%. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.77 earnings per share.

Dominion Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, November 29th will be paid a $0.6675 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $2.67 dividend on an annualized basis and a dividend yield of 4.53%. Dominion Energy’s payout ratio is 140.53%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on D. Barclays boosted their price target on Dominion Energy from $54.00 to $58.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. BMO Capital Markets lifted their target price on shares of Dominion Energy from $53.00 to $57.00 and gave the company a “market perform” rating in a report on Monday, August 5th. Jefferies Financial Group assumed coverage on shares of Dominion Energy in a report on Friday, September 20th. They set a “hold” rating and a $58.00 price target on the stock. JPMorgan Chase & Co. raised their price target on shares of Dominion Energy from $54.00 to $57.00 and gave the company a “neutral” rating in a research report on Monday, August 12th. Finally, Scotiabank upped their price objective on shares of Dominion Energy from $48.00 to $58.00 and gave the stock a “sector perform” rating in a research report on Tuesday, August 20th. Nine research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $55.40.

Hedge Funds Weigh In On Dominion Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Norden Group LLC acquired a new stake in shares of Dominion Energy in the first quarter worth approximately $1,463,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Dominion Energy by 17.8% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 152,020 shares of the utilities provider’s stock worth $7,523,000 after buying an additional 22,982 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. grew its holdings in shares of Dominion Energy by 11.0% during the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 31,162 shares of the utilities provider’s stock worth $1,533,000 after buying an additional 3,085 shares in the last quarter. Choreo LLC raised its position in shares of Dominion Energy by 4.7% in the first quarter. Choreo LLC now owns 5,157 shares of the utilities provider’s stock valued at $254,000 after buying an additional 230 shares during the last quarter. Finally, Fidelis Capital Partners LLC raised its position in shares of Dominion Energy by 75.7% in the first quarter. Fidelis Capital Partners LLC now owns 10,041 shares of the utilities provider’s stock valued at $494,000 after buying an additional 4,327 shares during the last quarter. 73.04% of the stock is owned by hedge funds and other institutional investors.

Dominion Energy Trading Down 0.9 %

The stock has a market capitalization of $49.49 billion, a PE ratio of 31.05, a P/E/G ratio of 1.58 and a beta of 0.59. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.93 and a quick ratio of 0.78. The company’s 50 day moving average price is $57.87 and its two-hundred day moving average price is $54.10.

About Dominion Energy

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.