Dominion Energy (D) has received a new Hold rating, initiated by Goldman Sachs analyst, Carly Davenport.
Carly Davenport’s rating is based on several considerations following Dominion Energy’s recent business developments. The sale of Dominion’s gas local distribution company business and its interest in the CVOW project have been factored into this evaluation, along with the company’s third-quarter earnings results.
Although there are promising opportunities for growth in the Virginia region and potential increases in transmission capital expenditures, the stock’s valuation is a concern after outperforming the average in Goldman Sachs’ coverage. Additionally, further evidence of successful implementation of Dominion’s new strategic and financial outlook, including balance sheet improvements and the offshore wind project, is anticipated. The total expected return of 10% to the 12-month price target of $61 is slightly below the 13% average for comparable companies under Goldman Sachs’ coverage.
According to TipRanks, Davenport is a 3-star analyst with an average return of 8.1% and a 69.23% success rate. Davenport covers the Utilities sector, focusing on stocks such as Dominion Energy, Duke Energy, and NextEra Energy.
In another report released on November 5, RBC Capital also maintained a Hold rating on the stock with a $58.00 price target.
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Dominion Energy (D) Company Description:
Virginia-based Dominion Energy, Inc. is a power and energy company, which provides electricity and natural gas to homes, businesses, and wholesale customers. It operates through the following business segments: Dominion Energy Virginia, Gas Distribution, Dominion Energy South Carolina, Contracted Assets, and Corporate and Other.
