Pinnacle Associates Ltd. Raises Holdings in Dominion Energy Inc. (NYSE:D)

Key Points

• Pinnacle Associates Ltd. increased its holdings in Dominion Energy Inc. by 102.3% in Q1, acquiring an additional 32,823 shares, bringing its total to 64,920 shares worth approximately $3.64 million.
• Several hedge funds, including Kayne Anderson Rudnick Investment Management LLC, have significantly increased their stakes in Dominion Energy, indicating rising institutional interest with 73.04% of the stock owned by hedge funds.
• Dominion Energy announced a quarterly dividend of $0.6675 per share, translating to an annual yield of 4.54%, with a payout ratio currently at 100%.

Pinnacle Associates Ltd. boosted its position in Dominion Energy Inc. (NYSE:D - Free Report) by 102.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 64,920 shares of the utilities provider's stock after purchasing an additional 32,823 shares during the period. Pinnacle Associates Ltd.'s holdings in Dominion Energy were worth $3,640,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Kayne Anderson Rudnick Investment Management LLC increased its stake in Dominion Energy by 450.0% in the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 462 shares of the utilities provider's stock valued at $25,000 after purchasing an additional 378 shares in the last quarter. Orion Capital Management LLC acquired a new stake in Dominion Energy during the 4th quarter valued at $27,000. Park Square Financial Group LLC acquired a new stake in Dominion Energy during the 4th quarter valued at $27,000. VSM Wealth Advisory LLC acquired a new stake in Dominion Energy during the 1st quarter valued at $28,000. Finally, Navigoe LLC acquired a new stake in Dominion Energy during the 4th quarter valued at $29,000. 73.04% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. JPMorgan Chase & Co. increased their target price on Dominion Energy from $53.00 to $56.00 and gave the company an "underweight" rating in a report on Tuesday, July 15th. Morgan Stanley lowered their target price on Dominion Energy from $62.00 to $60.00 and set an "equal weight" rating on the stock in a report on Wednesday, June 18th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $58.88.

Dominion Energy Price Performance

Shares of NYSE:D opened at $58.80 on Friday. The company has a market cap of $50.14 billion, a P/E ratio of 22.02, a P/E/G ratio of 1.27 and a beta of 0.56. The company has a quick ratio of 0.53, a current ratio of 0.73 and a debt-to-equity ratio of 1.34. Dominion Energy Inc. has a 52 week low of $48.07 and a 52 week high of $61.97. The business has a fifty day simple moving average of $56.47 and a 200-day simple moving average of $55.21.

Dominion Energy (NYSE:D - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The utilities provider reported $0.93 EPS for the quarter, beating analysts' consensus estimates of $0.82 by $0.11. The business had revenue of $4.08 billion during the quarter, compared to the consensus estimate of $3.95 billion. Dominion Energy had a return on equity of 9.51% and a net margin of 15.55%. The business's revenue for the quarter was up 12.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.55 earnings per share. Equities research 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 was paid on Friday, June 20th. Investors of record on Thursday, May 29th were issued a $0.6675 dividend. This represents a $2.67 dividend on an annualized basis and a yield of 4.54%. The ex-dividend date of this dividend was Thursday, May 29th. Dominion Energy's payout ratio is currently 100.00%.

Dominion Energy 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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