AGP Franklin Increases Stake in Dominion Energy to $3.18 Million

AGP Franklin LLC has expanded its investment in Dominion Energy Inc. (NYSE:D) by 11% during the second quarter of 2023, according to a recent filing with the Securities and Exchange Commission (SEC). The firm now holds a total of 56,258 shares of the utility provider, which accounts for approximately 1.7% of AGP Franklin’s investment portfolio, positioning Dominion as its 17th largest holding. As of the end of the reporting period, the value of AGP Franklin’s holdings in Dominion Energy stood at an impressive $3.18 million.

Other institutional investors have also adjusted their positions in Dominion Energy. For instance, AlphaQuest LLC initiated a new investment valued at about $27,000 in the first quarter. Westside Investment Management Inc. significantly increased its stake by 123.3% during the second quarter, now owning 469 shares valued at $27,000 after acquiring an additional 259 shares. Dagco Inc. and N.E.W. Advisory Services LLC also entered the market with new stakes worth approximately $31,000 and $34,000, respectively.

Institutional investors collectively own 73.04% of Dominion Energy’s stock, highlighting the robust interest in the company among larger financial entities.

Insider Transactions and Market Performance

In related developments, CEO Robert M. Blue purchased 4,152 shares of Dominion Energy on August 27, 2023, at an average price of $60.35 per share, totaling approximately $250,573.20. This acquisition increased his ownership to 161,237 shares, valued at about $9.73 million. Such transactions were officially disclosed in a document filed with the SEC, with company insiders holding 0.11% of the stock.

As for market performance, Dominion Energy’s shares opened at $61.46 on Friday. The stock has experienced a 52-week low of $48.07 and a high of $62.52. Currently, the company’s market capitalization stands at $52.49 billion, with a price-to-earnings ratio of 21.19 and a PEG ratio of 2.13. The firm also has a debt-to-equity ratio of 1.35.

Dominion Energy released its latest earnings report on October 31, 2023, revealing earnings per share of $1.06, surpassing analysts’ consensus estimates of $1.02 by $0.04. The company’s revenue for the quarter reached $4.53 billion, slightly below the consensus estimate of $4.71 billion. Compared to last year, Dominion’s revenue increased by 14.9%, with a net margin of 16.45% and a return on equity of 9.68%. For the fiscal year 2025, Dominion has projected earnings per share guidance between $3.330 and $3.480.

Dividend Declaration and Analyst Ratings

In a further announcement, Dominion Energy declared a quarterly dividend of $0.6675 per share, set to be paid on December 20, 2023. Shareholders of record by December 5 will receive this dividend, which translates to an annualized figure of $2.67 and a yield of 4.3%. The company’s payout ratio is currently 90.82%.

Analysts have responded with varied ratings for Dominion Energy. Wells Fargo & Company recently initiated coverage with an “overweight” rating and a target price of $67.00. Meanwhile, BTIG Research issued a “neutral” rating, and Evercore ISI has set an “in-line” rating also targeting $67.00. According to MarketBeat.com, the consensus rating for Dominion Energy is currently “Hold,” with an average price target of $64.22.

Dominion Energy continues to be a significant player in the energy market, and with the recent changes in both insider holdings and institutional investments, it remains an attractive option for many investors looking to diversify their portfolios in the utility sector.