Swiss National Bank Reduces Stake in Dominion Energy by 4.7%

Swiss National Bank has reduced its shareholding in Dominion Energy Inc., a major utilities provider, by 4.7% during the third quarter of 2023. The bank disclosed in its latest Form 13F filing with the Securities and Exchange Commission (SEC) that it now owns 2,458,220 shares, following the sale of 121,700 shares in the period. This reduction brings the bank’s stake to approximately 0.29% of Dominion Energy, valued at around $150.4 million.

Several other institutional investors have also made moves regarding Dominion Energy shares. Notably, CoreFirst Bank & Trust acquired a new position valued at approximately $25,000 in the second quarter. United Community Bank entered the market with a new stake worth about $29,000 during the third quarter. Additionally, Hanson & Doremus Investment Management and Twin Peaks Wealth Advisors LLC made new purchases valued at approximately $31,000 and $32,000, respectively.

A significant increase in stake was reported by Capital A Wealth Management LLC, which raised its position by an astonishing 5,038.5%, resulting in ownership of 668 shares valued at $38,000 after acquiring an additional 655 shares. Currently, hedge funds and institutional investors hold approximately 73.04% of Dominion Energy’s stock.

Analyst Ratings and Stock Performance

Dominion Energy has been the subject of various analyst reports recently. On February 9, 2024, Weiss Ratings upgraded the stock from a “hold (C+)” rating to a “buy (B-)” rating. TD Cowen initiated coverage on the shares on January 9, 2024, assigning a “hold” rating with a price target of $65.00. In contrast, Wells Fargo & Company lowered its target price from $67.00 to $64.00 while maintaining an “overweight” rating.

The consensus among analysts indicates that Dominion Energy holds a “Hold” rating, with an average price target of $64.73. Out of the analysts, three have issued a Buy rating, ten have given a Hold rating, and one has assigned a Sell rating.

As of February 20, 2024, shares of Dominion Energy (NYSE:D) were trading down 0.5% at $62.92. The company has a market capitalization of $55.29 billion and a price-to-earnings ratio of 18.29. Its 50-day and 200-day moving averages are $61.71 and $60.71, respectively. The stock has ranged from a low of $48.07 to a high of $67.57 over the past year.

Financial Results and Dividend Announcement

Dominion Energy reported its quarterly earnings on February 23, 2024, revealing earnings per share (EPS) of $0.68, exceeding the consensus estimate of $0.67. The company generated revenues of $4.09 billion, significantly surpassing analyst expectations of $3.65 billion. This marks a revenue increase of 20.4% compared to the same quarter last year.

The company has set its fiscal year 2026 guidance at an EPS range between $3.450 and $3.690. Analysts forecast an average EPS of $3.39 for the current fiscal year.

In addition, Dominion Energy has announced a quarterly dividend of $0.6675 per share, payable on March 20, 2024. Stockholders recorded as of February 27, 2024 will be eligible for this dividend, which represents an annualized payout of $2.67 and a dividend yield of 4.2%. The company’s current payout ratio stands at 77.62%.

Based in Richmond, Virginia, Dominion Energy is a diversified energy company that primarily operates regulated electricity and natural gas utilities while developing energy infrastructure. Its operations include the generation, transmission, and distribution of electricity, as well as the purchase, storage, and delivery of natural gas. The company is committed to providing essential services across its service territories, leveraging a mix of traditional and renewable energy sources.