Swiss National Bank Reduces Stake in Dominion Energy by 4.7%

The Swiss National Bank has decreased its holdings in Dominion Energy Inc. (NYSE: D) by 4.7% during the third quarter of 2023. According to a recent Form 13F filing with the Securities and Exchange Commission, the bank now owns 2,458,220 shares of the utility provider, following the sale of 121,700 shares during the reporting period. This reduction leaves Swiss National Bank with approximately 0.29% of Dominion Energy, which is valued at around $150.37 million.

Several other institutional investors have also made moves regarding Dominion Energy shares. For instance, CoreFirst Bank & Trust established a new position in the second quarter worth about $25,000. Similarly, United Community Bank invested approximately $29,000 in the third quarter, while Hanson & Doremus Investment Management acquired shares valued at around $31,000. Additionally, Twin Peaks Wealth Advisors LLC bought in for approximately $32,000 earlier this year. Notably, Capital A Wealth Management LLC significantly increased its stake by 5,038.5%, now holding 668 shares valued at $38,000.

The landscape of institutional ownership remains predominantly in favor of larger investors, with hedge funds and institutional investors currently holding 73.04% of the stock.

Analyst Ratings and Market Performance

Recent analyst reports have presented varied opinions on the stock. On February 9, Weiss Ratings upgraded Dominion Energy from a “hold (C+)” rating to a “buy (B-)” rating. In contrast, TD Cowen initiated coverage with a “hold” rating and a price target of $65.00. Wells Fargo & Company adjusted their target price from $67.00 to $64.00, maintaining an “overweight” rating. Meanwhile, Scotiabank raised their price target from $63.00 to $67.00, assigning a “sector perform” rating.

Currently, three analysts have rated the company with a Buy rating, ten have issued a Hold rating, and one has provided a Sell rating. According to MarketBeat.com, Dominion Energy holds a consensus rating of “Hold” with an average price target of $64.73.

On February 23, 2024, Dominion Energy reported its quarterly earnings, revealing an earnings per share (EPS) of $0.68, slightly surpassing the consensus estimate of $0.67. The company generated revenue of $4.09 billion, significantly exceeding analyst projections of $3.65 billion. The utilities provider demonstrated a net margin of 18.05% and a return on equity of 9.67%, with revenues up 20.4% compared to the same quarter last year.

Dividend Announcement and Company Overview

Dominion Energy has also declared a quarterly dividend of $0.6675 per share, which will be distributed on March 20, 2024. Shareholders of record on February 27 will receive the dividend, reflecting an annualized payout of $2.67 and a yield of 4.2%. The company’s current payout ratio stands at 77.62%.

Headquartered in Richmond, Virginia, Dominion Energy is a diversified energy company engaged in regulated electricity and natural gas utilities while developing energy infrastructure. Its operations encompass the generation, transmission, and distribution of electricity, alongside the procurement and delivery of natural gas. The company’s energy portfolio integrates various technologies, including nuclear, natural gas, and renewable resources such as solar and wind power.

As of now, shares of Dominion Energy (NYSE: D) are trading at $62.92, showing a slight decline of 0.5% on the day. The company’s market capitalization is approximately $55.29 billion, with a price-to-earnings ratio of 18.29 and a beta of 0.71. Its 50-day moving average is $61.71, while the 200-day moving average stands at $60.71. Over the past year, shares have fluctuated between a low of $48.07 and a high of $67.57.

Dominion Energy remains a key player in the energy sector, continuing to adapt to market changes while focusing on sustainable growth and shareholder returns.