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

Summit Asset Management LLC lessened its holdings in shares of Dominion Energy, Inc. (NYSE:D) by 5.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,430 shares of the utilities provider’s stock after selling 300 shares during the quarter. Summit Asset Management LLC’s holdings in Dominion Energy were worth $314,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Schrum Private Wealth Management LLC acquired a new stake in Dominion Energy in the third quarter valued at approximately $245,000. Kovack Advisors Inc. raised its holdings in Dominion Energy by 16.7% during the third quarter. Kovack Advisors Inc. now owns 11,355 shares of the utilities provider’s stock worth $656,000 after purchasing an additional 1,621 shares in the last quarter. Oppenheimer & Co. Inc. raised its holdings in Dominion Energy by 22.8% during the third quarter. Oppenheimer & Co. Inc. now owns 69,343 shares of the utilities provider’s stock worth $4,007,000 after purchasing an additional 12,890 shares in the last quarter. Saturna Capital Corp raised its holdings in Dominion Energy by 34.2% during the third quarter. Saturna Capital Corp now owns 10,400 shares of the utilities provider’s stock worth $601,000 after purchasing an additional 2,650 shares in the last quarter. Finally, Haverford Trust Co raised its holdings in Dominion Energy by 21.9% during the third quarter. Haverford Trust Co now owns 22,783 shares of the utilities provider’s stock worth $1,317,000 after purchasing an additional 4,098 shares in the last quarter. Institutional investors and hedge funds own 73.04% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Barclays lifted their price objective on shares of Dominion Energy from $54.00 to $58.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Scotiabank lifted their price objective on shares of Dominion Energy from $48.00 to $58.00 and gave the company a “sector perform” rating in a research report on Tuesday, August 20th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $61.00 price objective on shares of Dominion Energy in a research report on Friday, November 8th. Jefferies Financial Group started coverage on shares of Dominion Energy in a research report on Friday, September 20th. They set a “hold” rating and a $58.00 target price on the stock. Finally, JPMorgan Chase & Co. boosted their target price on shares of Dominion Energy from $54.00 to $57.00 and gave the stock a “neutral” rating in a research report on Monday, August 12th. Ten equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $55.91.

Dominion Energy Stock Down 0.8 %

Shares of NYSE:D opened at $56.58 on Thursday. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.58 and a current ratio of 0.74. Dominion Energy, Inc. has a 1 year low of $43.53 and a 1 year high of $61.97. The stock has a market capitalization of $47.53 billion, a P/E ratio of 19.85, a PEG ratio of 1.52 and a beta of 0.59. The stock has a 50-day simple moving average of $58.06 and a 200-day simple moving average of $54.50.

Dominion Energy (NYSE:D) last issued its earnings results on Friday, November 1st. The utilities provider reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.05. Dominion Energy had a return on equity of 8.35% and a net margin of 16.95%. The business had revenue of $3.94 billion during the quarter, compared to analysts’ expectations of $4.18 billion. During the same quarter in the previous year, the business earned $0.77 EPS. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. Equities analysts forecast that Dominion Energy, Inc. will post 2.76 earnings per share for the current year.

Dominion Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, November 29th will be issued a $0.6675 dividend. This represents a $2.67 dividend on an annualized basis and a yield of 4.72%. The ex-dividend date of this dividend is Friday, November 29th. Dominion Energy’s dividend payout ratio is presently 93.68%.

Dominion Energy Company 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.