Bank of America Boosts Dominion Energy (NYSE:D) Price Target to $43.00

Dominion Energy (NYSE:D) had its price target increased by Bank of America from $40.00 to $43.00 in a report published on Tuesday morning, Benzinga reports. Bank of America currently has an underperform rating on the utilities provider’s stock.

D has been the subject of several other reports. Wells Fargo & Company raised their price target on shares of Dominion Energy from $49.00 to $51.00 and gave the stock an equal weight rating in a research note on Thursday, March 7th. Barclays decreased their target price on shares of Dominion Energy from $50.00 to $49.00 and set an overweight rating for the company in a research note on Monday, April 15th. StockNews.com cut shares of Dominion Energy from a hold rating to a sell rating in a research note on Friday, February 23rd. Mizuho decreased their target price on shares of Dominion Energy from $47.00 to $45.00 and set a neutral rating for the company in a research note on Wednesday, March 6th. Finally, BMO Capital Markets cut shares of Dominion Energy from an outperform rating to a market perform rating and set a $49.00 target price for the company. in a research note on Monday, March 11th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $49.10.

Dominion Energy Price Performance

Shares of D opened at $50.45 on Tuesday. The stock has a market capitalization of $42.26 billion, a P/E ratio of 21.65, a P/E/G ratio of 3.43 and a beta of 0.61. Dominion Energy has a twelve month low of $39.18 and a twelve month high of $57.90. The company has a 50 day moving average of $48.17 and a 200-day moving average of $46.37. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 1.29.

Dominion Energy (NYSE:D) last issued its quarterly earnings results on Thursday, February 22nd. The utilities provider reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.11). The business had revenue of $3.53 billion for the quarter, compared to the consensus estimate of $4.21 billion. Dominion Energy had a return on equity of 8.83% and a net margin of 12.40%. Dominion Energy’s revenue was down 7.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.06 earnings per share. As a group, equities research analysts forecast that Dominion Energy will post 2.73 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Joseph M. Rigby acquired 2,130 shares of Dominion Energy stock in a transaction on Wednesday, March 6th. The stock was purchased at an average cost of $46.94 per share, with a total value of $99,982.20. Following the completion of the transaction, the director now directly owns 8,417 shares in the company, valued at approximately $395,093.98. The purchase was disclosed in a document filed with the SEC, which is available through this link. In other news, CEO Robert M. Blue bought 21,735 shares of the company’s stock in a transaction dated Monday, March 4th. The stock was bought at an average price of $45.91 per share, with a total value of $997,853.85. Following the completion of the acquisition, the chief executive officer now owns 176,240 shares of the company’s stock, valued at $8,091,178.40. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Joseph M. Rigby bought 2,130 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were purchased at an average cost of $46.94 per share, with a total value of $99,982.20. Following the acquisition, the director now directly owns 8,417 shares of the company’s stock, valued at approximately $395,093.98. The disclosure for this purchase can be found here. Company insiders own 0.14% of the company’s stock.

Institutional Investors Weigh In On Dominion Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Wellington Management Group LLP raised its stake in Dominion Energy by 631.2% in the third quarter. Wellington Management Group LLP now owns 16,339,785 shares of the utilities provider’s stock valued at $729,898,000 after purchasing an additional 14,105,237 shares in the last quarter. Capital Research Global Investors raised its stake in Dominion Energy by 136.5% in the fourth quarter. Capital Research Global Investors now owns 17,970,856 shares of the utilities provider’s stock valued at $844,630,000 after purchasing an additional 10,370,768 shares in the last quarter. Norges Bank acquired a new position in Dominion Energy in the fourth quarter valued at about $329,792,000. ClearBridge Investments Ltd bought a new position in Dominion Energy in the fourth quarter valued at about $214,220,000. Finally, JPMorgan Chase & Co. grew its position in Dominion Energy by 9.0% in the third quarter. JPMorgan Chase & Co. now owns 23,394,919 shares of the utilities provider’s stock valued at $1,045,051,000 after acquiring an additional 1,928,823 shares during the last quarter. Institutional investors and hedge funds own 73.04% of the company’s stock.

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.