|Bid||82.69 x 800|
|Ask||82.98 x 1200|
|Day's Range||82.51 - 83.50|
|52 Week Range||57.79 - 90.89|
|Beta (5Y Monthly)||0.43|
|PE Ratio (TTM)||39.66|
|Earnings Date||May 05, 2020|
|Forward Dividend & Yield||3.76 (4.55%)|
|Ex-Dividend Date||Jun. 04, 2020|
|1y Target Est||86.20|
(Bloomberg) -- One of the largest utilities in America is starting to turn its back on natural gas.Dominion Energy said Sunday that it’s selling substantially all of its natural gas pipeline and storage assets to Berkshire Hathaway Inc. for $4 billion, along with Berkshire’s assumption of $5.7 billion in debt. In a separate statement, the Richmond, Virginia-based company said it also decided with partner Duke Energy Corp. to kill the controversial Atlantic Coast gas pipeline along the U.S. East Coast, citing ongoing delays and “increasing cost uncertainty.”“We offer an industry-leading clean-energy profile,” Dominion Energy Chief Executive Officer Thomas F. Farrell said in a statement, citing the company’s goal of reaching net-zero emissions by 2050 and carbon-free electricity generation.Atlantic Coast is the latest gas pipeline to be scrapped by developers after years of delays and mounting costs. Williams Cos. earlier this year pulled the plug on the Constitution natural gas pipeline that would run from Appalachia to New York. Gas projects across America are facing intensifying opposition as local governments and environmentalists push for a transition away from fossil fuels.Dominion isn’t giving up on gas altogether. The company is retaining interest in its Cove Point liquefied natural gas export terminal in Maryland and will continue to invest in renewable natural gas.Berkshire is amassing more than 7,700 miles (12,400 kilometers) of natural gas storage and transmission pipelines and about 900 billion cubic feet of gas storage in the deal with Dominion. Warren Buffett’s conglomerate will also acquire 25% of Cove Point.With this transaction, Buffett has ended his period of relative silence on the acquisition front since the pandemic. The Dominion deal is set to be Berkshire’s largest acquisition ranked by enterprise value since its purchase of Precision Castparts Corp. in 2016. It will expand the company’s already sprawling empire of energy operations, which currently has operations in states including Nevada and Iowa.Dominion said it will use $3 billion of the proceeds to buy back shares. The company cut its projected 2021 dividend payment to around $2.50 a share, reflecting the assets being divested and a new payout ratio that aligns it better with industry peers.The transaction is expected to close during the fourth quarter. It will require the approval of federal agencies including the U.S. Department of Energy.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Dominion Energy (D) closed at $82.69 in the latest trading session, marking a +0.41% move from the prior day.
While Dominion Energy (D) and Duke Energy (DUK) are providing reliable services to customers, we believe the former is a better placed utility stock for the second half of the year than the latter.
In the latest trading session, Dominion Energy (D) closed at $82.58, marking a -0.27% move from the previous day.
Dominion Energy (D) is likely to benefit from well-chalked investment plans and contribution from high-quality assets. However, share dilution could marginally offset the positives.
Dominion Energy Inc asked U.S. energy regulators for two more years to complete the long-delayed $8 billion Atlantic Coast natural gas pipeline from West Virginia to North Carolina, which the company now expects to enter service in early 2022. The U.S. Federal Energy Regulatory Commission (FERC) approved Dominion's request to build Atlantic Coast in October 2017, authorizing the company to complete the project by October 2020. Atlantic Coast, the nation's most expensive gas pipe, is one of several projects delayed in recent years by state opposition and local and environmental legal and regulatory battles.
(Bloomberg) -- The U.S. Supreme Court upheld a crucial permit for Dominion Energy Inc.’s planned $8 billion Atlantic Coast Pipeline, saying the Forest Service acted lawfully by clearing the natural-gas line to cross under the Appalachian Trail.The 7-2 ruling eliminates the biggest obstacle to the 600-mile (965-kilometer) pipeline, which would carry as much as 1.5 billion cubic feet of gas per day from the Marcellus shale basin in West Virginia to customers in North Carolina and Virginia.Dominion pared earlier losses and was trading up .26% at $83.42 at 11:40 a.m. in New York. EQM Midstream Partners LP, which will also benefit from the ruling, was up 16% at $22.57 at 11:41 a.m. in New York, after earlier rising as much as 19%. Equitrans Midstream Corp. climbed 15% to $9.27 after gaining as much as 18%.Dominion, which is developing the pipeline with Duke Energy Corp., has said it expects to begin construction this year and have the pipeline fully in service by early 2022. The company is still facing review of other environmental issues.Dominion didn’t immediately respond to requests for comment.“Today’s decision is an affirmation for the Atlantic Coast Pipeline and communities across our region that are depending on it for jobs, economic growth and clean energy,” Duke Energy said in a statement. “We look forward to resolving the remaining project permits.”A federal appeals court had thrown out the permit, saying the U.S. Forest Service lacked the authority to approve the right-of-way because the Appalachian Trail is controlled by the National Park Service.Dominion and the Trump administration contended that while the National Park Service manages the Appalachian Trail, the underlying land is part of a national forest -- putting it within the Forest Service’s jurisdiction. The U.S. Mineral Leasing Act says the Forest Service doesn’t have jurisdiction over “lands in the National Park System.”Justice Clarence Thomas wrote the court’s opinion. Justices Sonia Sotomayor and Elena Kagan dissented.Bloomberg Intelligence analyst Brandon Barnes said the court’s decision will allow the project to shift toward lining up permits from the Forest Service.“With a high court decision in hand, the project can expect the U.S. Forest Service to wrap up work on reissuing approvals voided by the lower court, which we think happens this summer,” Barnes said in a research note.The ruling also will help EQM’s Mountain Valley gas pipeline in West Virginia and Virginia. Mountain Valley told the Supreme Court in December that the appeals court ruling forced a halt to its project, which is 90% complete at a cost of more than $4.3 billion.The 2,200-mile (3540-kilometer) Appalachian Trail stretches from Georgia to Maine.The case is U.S. Forest Service v. Cowpasture River Preservation Association, 18-1584.(Adds share prices, Duke statement starting in third paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The first-quarter performance of America's dirtiest power source was the worst in decades, but there are opportunities in coal's demise.
Dominion Energy (D) can be a good choice for your portfolio given its long-term investment plan and renewable focus. But delay in completion of the Atlantic Coast Pipeline a concern.
Dominion Energy, Inc. (NYSE:D) last week reported its latest quarterly results, which makes it a good time for...
Reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measures, which we can calculate are contained in the earnings release kit. Joining today's call are Tom Farrell, Chairman, President and Chief Executive Officer; Jim Chapman, Executive Vice President, Chief Financial Officer and Treasurer; as well as other members of the executive management team.
Dominion Energy (D) delivered earnings and revenue surprises of -0.91% and -5.01%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
One way to prepare for a recession is to add some recession-proof stocks to your portfolio, or simply stocks that have the wherewithal to stand the storm. It's wise to own some recession-proof stocks now. Waste Connections is set to release its first-quarter numbers on May 6.
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