Manhattan West Asset Management LLC Acquires 4,511 Shares of Dominion Energy Inc. (NYSE:D)

Key Points

• Manhattan West Asset Management increased its stake in Dominion Energy by 6.2%, holding 77,236 shares valued at approximately $4.33 million.
• Dominion Energy reported earnings of $0.75 per share, falling short of estimates, while its revenue grew by 9.3% year-over-year, reaching $3.81 billion.
• The company announced a quarterly dividend of $0.6675, equating to a 4.3% dividend yield and a payout ratio of 92.07%.

Manhattan West Asset Management LLC increased its stake in shares of Dominion Energy Inc. (NYSE:D - Free Report) by 6.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 77,236 shares of the utilities provider's stock after purchasing an additional 4,511 shares during the period. Dominion Energy makes up approximately 1.1% of Manhattan West Asset Management LLC's investment portfolio, making the stock its 27th largest holding. Manhattan West Asset Management LLC's holdings in Dominion Energy were worth $4,331,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in D. Sowell Financial Services LLC acquired a new position in Dominion Energy during the first quarter worth approximately $314,000. QRG Capital Management Inc. increased its position in Dominion Energy by 13.8% during the first quarter. QRG Capital Management Inc. now owns 8,971 shares of the utilities provider's stock worth $503,000 after buying an additional 1,087 shares during the last quarter. Farther Finance Advisors LLC increased its position in Dominion Energy by 114.8% during the first quarter. Farther Finance Advisors LLC now owns 12,089 shares of the utilities provider's stock worth $680,000 after buying an additional 6,462 shares during the last quarter. Bessemer Group Inc. increased its position in Dominion Energy by 7.0% during the first quarter. Bessemer Group Inc. now owns 9,394 shares of the utilities provider's stock worth $527,000 after buying an additional 616 shares during the last quarter. Finally, Golden State Wealth Management LLC increased its position in Dominion Energy by 222.7% during the first quarter. Golden State Wealth Management LLC now owns 910 shares of the utilities provider's stock worth $51,000 after buying an additional 628 shares during the last quarter. 73.04% of the stock is owned by institutional investors and hedge funds.

Dominion Energy Trading Down 0.4%

NYSE D traded down $0.26 on Monday, reaching $61.56. The company had a trading volume of 4,151,700 shares, compared to its average volume of 4,932,773. The firm has a market cap of $52.53 billion, a price-to-earnings ratio of 21.23, a P/E/G ratio of 1.34 and a beta of 0.57. Dominion Energy Inc. has a fifty-two week low of $48.07 and a fifty-two week high of $62.26. The business has a 50 day moving average of $57.19 and a two-hundred day moving average of $55.62. The company has a debt-to-equity ratio of 1.35, a current ratio of 0.67 and a quick ratio of 0.49.

Dominion Energy (NYSE:D - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The utilities provider reported $0.75 earnings per share for the quarter, missing analysts' consensus estimates of $0.77 by ($0.02). Dominion Energy had a return on equity of 9.68% and a net margin of 16.45%. The business had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.73 billion. During the same quarter in the previous year, the business posted $0.65 earnings per share. The business's revenue was up 9.3% on a year-over-year basis. Analysts forecast that Dominion Energy Inc. will post 3.39 EPS for the current year.

Dominion Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Saturday, September 20th. Stockholders of record on Friday, September 5th will be paid a $0.6675 dividend. The ex-dividend date is Friday, September 5th. This represents a $2.67 annualized dividend and a dividend yield of 4.3%. Dominion Energy's dividend payout ratio (DPR) is currently 92.07%.

Analyst Upgrades and Downgrades

D has been the topic of a number of recent analyst reports. Morgan Stanley lowered their price target on Dominion Energy from $62.00 to $60.00 and set an "equal weight" rating on the stock in a research report on Wednesday, June 18th. JPMorgan Chase & Co. boosted their price target on Dominion Energy from $53.00 to $56.00 and gave the company an "underweight" rating in a research note on Tuesday, July 15th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $59.14.

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.