Harmony Asset Management LLC has significantly increased its investment in Dominion Energy Inc. (NYSE:D), raising its position by an impressive 75.8% during the first quarter of the year. The firm now holds 7,700 shares of the utility provider after acquiring an additional 3,321 shares, bringing the total value of its holdings to approximately $432,000, according to a filing with the Securities and Exchange Commission.
Other institutional investors have also adjusted their positions in Dominion Energy. SteelPeak Wealth LLC raised its stake by 12.6%, now owning 19,183 shares valued at $1,076,000 after purchasing an extra 2,144 shares. Xponance Inc. increased its holdings by 1.9%, acquiring 121,667 shares worth $6,822,000 following the purchase of 2,256 shares. Fidelis Capital Partners LLC also increased its position by 5.7%, now owning 9,658 shares valued at $511,000 after buying 519 shares. Additionally, Hunter Associates Investment Management LLC and Financial Gravity Asset Management Inc. entered new positions valued at approximately $206,000 and $99,000, respectively. Currently, hedge funds and institutional investors collectively own 73.04% of Dominion Energy’s stock.
Analyst Ratings Shift for Dominion Energy
Recent changes in analyst ratings reflect varying outlooks on Dominion Energy. UBS Group adjusted its price target on the company’s shares from $58.00 to $60.00, maintaining a “neutral” rating as of March 21. Conversely, Morgan Stanley lowered its price target from $62.00 to $60.00, assigning an “equal weight” rating in a report dated June 18. Argus upgraded its position, issuing a “hold” rating on March 25, while JPMorgan Chase & Co. reaffirmed an “underweight” rating with a revised price target of $52.00, down from $59.00, as noted on April 8. The consensus rating for Dominion Energy stands at “Hold,” with an average price target of $58.38, based on data from MarketBeat.com.
Dominion Energy’s stock opened at $57.38 on the most recent trading day, reflecting a decline of 1.3%. The company reports a current ratio of 0.73, a quick ratio of 0.53, and a debt-to-equity ratio of 1.34. Over the past twelve months, shares have fluctuated between a low of $48.07 and a high of $61.97. With a market capitalization of $48.94 billion, Dominion Energy has a price-to-earnings ratio of 21.49 and a PEG ratio of 1.26.
Quarterly Performance and Dividend Announcement
Dominion Energy recently reported its quarterly earnings on May 1, revealing earnings per share (EPS) of $0.93, surpassing the consensus estimate of $0.82 by $0.11. The company recorded revenue of $4.08 billion, exceeding the expected $3.95 billion. This represents a year-over-year revenue increase of 12.2%, while the company achieved a net margin of 15.55% and a return on equity of 9.51%. Analysts forecast that Dominion Energy will post an EPS of $3.39 for the current year.
In addition, Dominion Energy announced a quarterly dividend of $0.6675, which was paid on June 20. Stockholders of record on May 29 received this dividend, amounting to an annualized total of $2.67 and representing a dividend yield of 4.65%. The ex-dividend date was also set for May 29, with the company currently maintaining a dividend payout ratio of 100.00%.
Dominion Energy, Inc. plays a crucial role in producing and distributing energy across the United States. The company operates through three segments: Dominion Energy Virginia, Dominion Energy South Carolina, and Contracted Energy. The Virginia segment alone supplies regulated electricity to approximately 2.8 million residential, commercial, industrial, and governmental customers across Virginia and North Carolina.
