Magellan Asset Management Ltd Sells 287,103 Shares of Dominion Energy Inc. (NYSE:D)

Key Points

• Magellan Asset Management Ltd reduced its stake in Dominion Energy Inc. by 7.3% in the 1st quarter, selling 287,103 shares, which now represents about 2.5% of its total holdings.
• Dominion Energy recently reported $0.75 EPS, missing estimates by $0.02, while its revenue rose 9.3% year-over-year to $3.81 billion.
• The company has announced a quarterly dividend of $0.6675 per share, with a yield of 4.3% and a dividend payout ratio of 92.07%.

Magellan Asset Management Ltd lowered its stake in shares of Dominion Energy Inc. (NYSE:D - Free Report) by 7.3% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 3,668,349 shares of the utilities provider's stock after selling 287,103 shares during the period. Dominion Energy makes up approximately 2.5% of Magellan Asset Management Ltd's holdings, making the stock its 15th biggest position. Magellan Asset Management Ltd owned approximately 0.43% of Dominion Energy worth $205,684,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of D. Marshall Wace LLP lifted its stake in Dominion Energy by 8,585.3% during the 4th quarter. Marshall Wace LLP now owns 2,210,322 shares of the utilities provider's stock valued at $119,048,000 after acquiring an additional 2,184,873 shares during the period. Vanguard Group Inc. lifted its stake in Dominion Energy by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 91,079,415 shares of the utilities provider's stock valued at $5,106,823,000 after acquiring an additional 1,565,459 shares during the period. Zimmer Partners LP bought a new position in Dominion Energy during the 4th quarter valued at about $72,269,000. Northern Trust Corp boosted its position in Dominion Energy by 16.7% in the fourth quarter. Northern Trust Corp now owns 9,315,991 shares of the utilities provider's stock worth $501,759,000 after purchasing an additional 1,330,459 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in Dominion Energy by 6,252.7% in the first quarter. GAMMA Investing LLC now owns 1,276,770 shares of the utilities provider's stock worth $71,588,000 after purchasing an additional 1,256,672 shares during the last quarter. Institutional investors own 73.04% of the company's stock.

Dominion Energy Trading Up 0.1%

Dominion Energy stock opened at $61.80 on Friday. The firm has a 50 day moving average of $57.19 and a 200 day moving average of $55.61. The firm has a market capitalization of $52.74 billion, a price-to-earnings ratio of 21.31, a P/E/G ratio of 1.34 and a beta of 0.57. Dominion Energy Inc. has a 12-month low of $48.07 and a 12-month high of $62.26. The company has a current ratio of 0.67, a quick ratio of 0.53 and a debt-to-equity ratio of 1.35.

Dominion Energy (NYSE:D - Get Free Report) last released its earnings results on Friday, August 1st. The utilities provider reported $0.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.02). The firm had revenue of $3.81 billion during the quarter, compared to analysts' expectations of $3.73 billion. Dominion Energy had a return on equity of 9.68% and a net margin of 16.45%. The company's revenue was up 9.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.65 earnings per share. As a group, research analysts predict that Dominion Energy Inc. will post 3.39 earnings per share for the current year.

Dominion Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, September 20th. Shareholders of record on Friday, September 5th will be issued a dividend of $0.6675 per share. This represents a $2.67 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend is Friday, September 5th. Dominion Energy's dividend payout ratio (DPR) is 92.07%.

Analysts Set New Price Targets

Several research firms have recently commented on D. JPMorgan Chase & Co. upped their price target on shares of Dominion Energy from $53.00 to $56.00 and gave the company an "underweight" rating in a research report on Tuesday, July 15th. Morgan Stanley reduced their price target on shares of Dominion Energy from $62.00 to $60.00 and set an "equal weight" rating for the company in a research report on Wednesday, June 18th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $59.14.

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.

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