Dominion Energy Inc Stock Price, News & Analysis

Dominion Energy reported a net income of $654 million ($0.79 per share) for Q3 2021, doubling from $356 million ($0.41 per share) in Q3 2020. Operating earnings slightly increased to $918 million ($1.11 per share) from $916 million ($1.08 per share) year-over-year. The company has narrowed its full-year 2021 operating earnings guidance to $3.80 to $3.90 per share, anticipating results above the midpoint if weather remains normal. A third-quarter earnings call is scheduled for Nov. 5, 2021.

Dominion Energy has filed plans with the Virginia State Corporation Commission for the 2.6-gigawatt Coastal Virginia Offshore Wind (CVOW) project, the largest offshore wind initiative in the U.S. This project aims to provide clean energy for up to 660,000 homes and represents a $9.8 billion investment. Expected benefits include approximately 900 jobs during construction and 1,100 jobs post-operation, along with significant tax revenues and economic benefits. Customer costs are projected to be around $4 per month, influenced by federal tax credits and operational savings.

Dominion Energy (NYSE: D) announced leadership changes in its Gas Distribution and South Carolina segments, effective January 1, 2022. Donald R. Raikes will retire as president of Gas Distribution, succeeded by P. Rodney Blevins, who will transition from his role as president of Dominion Energy South Carolina. W. Keller Kissam will take over Blevins' position. Blevins will oversee operations serving 3 million gas customers across several states, while Kissam will manage the South Carolina utility serving 1.1 million customers.

Dominion Energy has declared a quarterly dividend of 63 cents per share of common stock, payable on Dec. 20, 2021 to shareholders of record as of Dec. 3, 2021. This marks the 375th consecutive dividend paid by Dominion or its predecessor company, showcasing a strong commitment to returning value to shareholders. The previous dividend was declared on Aug. 4, 2021.

Dominion Energy (NYSE: D) announced awareness of a fraudulent news release regarding earnings ahead of its scheduled third-quarter earnings call on Nov. 5, 2021, at 10 a.m. ET. The company clarified that it has not released any earnings information prior to this date. A live webcast of the call and financial results will be available on its investor website. The company serves over 7 million customers across 16 states and is committed to achieving net-zero emissions by 2050.

On October 18, 2021, Dominion Energy Virginia announced a settlement agreement with the Virginia State Corporation Commission and other stakeholders regarding its triennial base rate case. If approved, it will offer over $330 million in customer refunds, including $255 million over six months. The agreement supports key investments like the Coastal Virginia Offshore Wind project and aims for 100% clean energy by 2045. Furthermore, it proposes a $50 million rate reduction, positioning customer rates significantly below national averages.

Dominion Energy (NYSE: D) is set to host its third-quarter 2021 earnings call on November 5, 2021, at 10 a.m. ET. This call will address significant financial results and other topics relevant to stakeholders. A live webcast will be available on the investor information page, alongside accompanying financial slides. For those preferring a telephonic participation, domestic and international dialing options are provided. A replay will be accessible later in the day of the call, ensuring stakeholders have the opportunity to review the discussion.

Southwest Gas Holdings (SWX) announced the acquisition of Dominion Energy Questar Pipeline for $1.545 billion in cash, along with assuming $430 million in debt. The acquisition targets a strategic enhancement in the Rocky Mountain region, adding 2,160 miles of FERC-regulated pipelines. Expected to close by December 31, 2021, the deal aims to be accretive to earnings per share in 2022, providing increased cash flow and value for shareholders. The transaction marks a significant step in Southwest Gas's energy transition strategy.

Dominion Energy (NYSE: D) has signed a definitive agreement to sell Questar Pipelines to Southwest Gas Holdings Inc. for $1.975 billion, including $430 million in debt. This transaction focuses on its FERC-regulated assets in Utah, Wyoming, and Colorado, expected to close in Q4 2021, pending regulatory approvals. Proceeds will reduce parent-level debt and support Dominion's capital plan for major decarbonization efforts. The sale aligns with the company’s strategy to enhance its clean-energy portfolio and utility service capabilities.