Redmond Asset Management LLC Reduces Stake in Dominion Energy

Redmond Asset Management LLC has reduced its shareholding in Dominion Energy, Inc. (NYSE:D - Free Report) by 36.5% during the fourth quarter, based on the latest filing with the Securities and Exchange Commission. The fund now holds 36,408 shares of the utility provider's stock after selling 20,960 shares during this period. As a result, Redmond Asset Management's stake in Dominion Energy is valued at approximately $1,961,000 at the end of the last quarter.

Investments by Other Hedge Funds

Many other hedge funds have also adjusted their positions in Dominion Energy. For example, Oppenheimer & Co. Inc. increased its ownership by 22.8% in the third quarter, accumulating 69,343 shares worth about $4,007,000 after purchasing an additional 12,890 shares. Similarly, Charles Schwab Investment Management Inc. raised its holdings by 0.8%, now owning 5,164,929 shares valued at approximately $298,481,000 following an increase of 43,055 shares. Ascent Wealth Partners LLC established a new stake in Dominion Energy, amounting to about $1,223,000 during the third quarter. Additionally, Hotchkis & Wiley Capital Management LLC increased its investment by an impressive 63.5%, owning 8,436,875 shares worth $487,567,000 after acquiring an additional 3,278,175 shares. Lastly, Barclays PLC raised its holdings by 19.8%, now possessing 2,452,701 shares valued at $141,739,000, following a purchase of 404,868 shares. Institutional investors collectively hold 73.04% of the company’s stock.

New Price Targets Set by Analysts

Several research firms have recently updated their outlook on Dominion Energy. Scotiabank raised their price target for the stock from $58.00 to $61.00, assigning it a "sector perform" rating in their report published on December 12. Morgan Stanley has begun coverage of Dominion Energy with an "equal weight" rating and a price target of $61.00. In another editorial from November 8, The Goldman Sachs Group reaffirmed a "neutral" rating, also setting a price target of $61.00 for the shares. Currently, eleven research analysts have rated the stock with a hold recommendation, while two analysts have issued buy ratings. According to MarketBeat data, Dominion Energy's stocks have an average rating of "hold" with a consensus price target of $56.58.

Dominion Energy Stock Performance

On Friday, shares of Dominion Energy opened at $57.38. The company's 50-day simple moving average stands at $54.58, while the 200-day simple moving average is at $56.35. Dominion Energy has seen a 52-week low of $44.17 and a high of $61.97, marking a significant fluctuation. The firm's market capitalization is around $48.20 billion, with a PE ratio of 21.25, a P/E/G ratio of 1.22, and a beta of 0.61. Its debt-to-equity ratio is 1.42, while the quick and current ratios are 0.58 and 0.74 respectively.

Recent Earnings Indicate Positive Growth

Dominion Energy last reported its earnings results on February 12, where the company disclosed earnings per share (EPS) of $0.58 for the quarter, surpassing analysts' expectations of $0.54 by $0.04. The utility provider achieved a return on equity of 8.99% and maintained a net margin of 16.22%. Analysts forecast that Dominion Energy, Inc. will have an EPS of 3.39 for the current fiscal year.

Dividend Announcement by Dominion Energy

The company has recently announced a quarterly dividend scheduled for payment on March 20. Shareholders recorded by February 28 will receive a dividend of $0.6675 per share. This translates to an annualized dividend of $2.67, reflecting a dividend yield of 4.65%. The ex-dividend date is set for February 28, and the dividend payout ratio (DPR) stands at 98.89%.

Financial Overview of Dominion Energy

Dominion Energy, Inc. is engaged in producing and distributing energy throughout the United States, operating across three segments: Dominion Energy Virginia, Dominion Energy South Carolina, and Contracted Energy. The Virginia segment is responsible for generating, transmitting, and distributing regulated electricity to around 2.8 million residential, commercial, industrial, and governmental customers spanning Virginia and North Carolina.

Dominion, Energy, Investment