Dominion Energy Inc Stock Price, News & Analysis

The Dominion Energy Charitable Foundation has donated over $4.2 million to 373 nonprofit organizations across seven states. Almost $3 million was given to more than 200 nonprofits in Virginia alone. The grants support a wide range of causes, including fighting food insecurity, enhancing mental health services, aiding people with disabilities, offering dental care clinics, and promoting affordable homeownership. The funding also helps preserve natural habitats and advance the arts. This initiative aligns with Dominion Energy's commitment to the communities it serves in regions where it operates. Applications for the next round of grants will open on August 1.

Dominion Energy announced the expiration and final results of its tender offer to purchase its outstanding 4.65% Series B Preferred Stock. The offer expired on June 4, 2024, with 439,590 shares validly tendered, representing $439,590,000 in aggregate liquidation preference. The company accepted all tendered shares for an aggregate cost of $438,491,025, excluding accrued dividends and fees. This represents approximately 55% of the total issued shares. Following the tender offer, 360,410 shares, worth $360,410,000, remain outstanding. The company plans to settle on June 6, 2024. Barclays, J.P. Morgan, and Mizuho Securities acted as dealer managers; D.F. King & Co. was the tender and information agent.

Dominion Energy Virginia has completed the burial of 2,000 miles of power lines as part of its Strategic Underground Program, launched in 2014 to reduce storm-related outages and speed up restoration. This initiative targets the most outage-prone areas to enhance grid resilience. The company plans to extend the program to bury several thousand additional miles of overhead lines in the coming years. Another resilience effort, the Mainfeeder Hardening program, aims to replace older poles with more robust ones, and has already hardened over 265 miles of power lines since 2019, aiming for 1,000 miles by 2030. The Atlantic hurricane season, starting June 1, is projected to be active. Dominion Energy reminds customers to prepare by reporting outages, avoiding downed lines, charging devices, properly connecting generators, and stocking emergency supplies.

On June 3, 2024, Dominion Energy (NYSE: D) announced the completion of the sale of Questar Gas Company and Wexpro Company to Enbridge Inc. (TSX: ENB, NYSE: ENB) for approximately $4.3 billion, which includes assumed debt and adjustments for customary closing items. The transaction, initially announced on September 5, 2023, involves Questar Gas, a natural gas utility serving 1.2 million customer accounts across Utah, Wyoming, and Idaho, and Wexpro, which supplies natural gas under a cost-of-service agreement.

Dominion Energy also revealed plans to finalize the sale of its gas distribution company in Gastonia, N.C., to Enbridge later this year. Dominion Energy serves over 4.5 million customers in 13 states and aims for Net Zero emissions by 2050.

Dominion Energy announced the installation of the first monopile foundation for the Coastal Virginia Offshore Wind (CVOW) project. The 2.6-gigawatt wind farm, expected to be completed by late 2026, aims to provide clean energy to 660,000 homes and generate $3 billion in fuel savings over the first decade. The installation was carried out by DEME Group's Orion vessel, which employs advanced Vibro Hammer technology. The project has engaged over 800 Virginia-based workers and will create over 1,000 jobs for ongoing operations. Environmental precautions include seasonal installation pauses and bubble curtains to protect marine life.

Dominion Energy (NYSE: D) has declared a quarterly dividend of 66.75 cents per share of common stock, payable on June 20, 2024, to shareholders of record as of May 31, 2024. This marks the 385th consecutive dividend payment to common stockholders. The company's last quarterly dividend was declared on Jan. 26, 2024.

Dominion Energy, Inc. has announced a tender offer to purchase any and all of its outstanding 4.65% Series B Preferred Stock at a purchase price of $997.50 per share. The company plans to use the proceeds from a recent junior subordinated notes offering to fund the tender offer. The offer expires on June 4, 2024, with the Settlement Date expected to be on June 6, 2024.

Dominion Energy, Inc. announced first-quarter 2024 GAAP net income of $0.78 per share and operating earnings of $0.55 per share. The company affirms its full-year 2024 and 2025 operating earnings guidance. Dominion Energy will host a webcast to discuss recent financial results.

Dominion Energy, Inc. refutes claims of delay in the Coastal Virginia Offshore Wind (CVOW) project, stating they are false and misrepresentative. The company asserts that the project remains on track and within budget, dismissing the plaintiffs' petition as lacking merit.