80.60 +0.22 (0.27%)
After hours: 7:57PM EDT
Price Crosses Moving Average
|Bid||79.95 x 800|
|Ask||80.72 x 1000|
|Day's Range||79.46 - 80.98|
|52 Week Range||57.79 - 90.89|
|Beta (5Y Monthly)||0.43|
|PE Ratio (TTM)||142.43|
|Earnings Date||May 05, 2020|
|Forward Dividend & Yield||3.76 (4.64%)|
|Ex-Dividend Date||Sep 03, 2020|
|1y Target Est||81.38|
Berkshire (ticker BRK.A) has deployed capital in new investments in the energy pipeline sector and (BAC) (BAC) and made a disclosure that implied a sizable stock buyback of about $5 billion in the second quarter. Its largest equity holding, (AAPL) (AAPL), is on a roll and Berkshire’s stake in the company now totals about $100 billion, almost 20% of its market value of $474 billion. Berkshire is hardly a favorite on Wall Street, but the situation is better than at the end of June, when shares were off 21% for the year Berkshire is now down 14% in 2020, versus a 2% total return for the S&P. The Class A shares were up 0.8% on Friday, at $293,631, while the Class B stock rose 0.8%, to $195.78.
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. Thank you, Steven, and good morning.
Warren Buffett's recent purchase of Dominion Energy's (NYSE: D) natural gas assets surely managed to stir up some investor interest in the lackluster energy stocks. As always, the legendary investor managed to acquire Dominion assets at an attractive price, thanks to the challenging energy market conditions. Are energy stocks trading at attractive valuations?
Dominion Energy (D) delivered earnings and revenue surprises of 1.23% and -10.26%, respectively, for the quarter ended June 2020. Do the numbers hold clues to what lies ahead for the stock?
Shares of Dominion Energy (NYSE:D) rose 0.1% in pre-market trading after the company reported Q2 results.Quarterly Results Earnings per share rose 6.49% year over year to $0.82, which beat the estimate of $0.76.Revenue of $3,585,000,000 decreased by 9.70% from the same period last year, which beat the estimate of $3,470,000,000.Outlook Earnings guidance hasn't been issued by the company for now.Dominion Energy hasn't issued any revenue guidance for the time being.Details Of The Call Date: Jul 31, 2020View more earnings on DTime: 10:00 AMET Webcast URL: https://event.on24.com/eventRegistration/EventLobbyServlet?target=reg20.jsp&referrer=https%3A%2F%2Finvestors.dominionenergy.com%2Fevents-and-presentations%2Fdefault.aspx&eventid=2403132&sessionid=1&key=6C89E4C90D99EEC38D351A14BF17A83E®Tag=&sourcepage=registerRecent Stock Performance Company's 52-week high was at $90.89Company's 52-week low was at $57.79Price action over last quarter: Up 4.88%Company Overview Based in Richmond, Virginia, Dominion Energy is an integrated energy company with approximately 30 gigawatts of electric generation capacity and more than 93,000 miles of electric transmission and distribution lines. In 2019, Dominion completed a liquefied natural gas export facility in Maryland. It is in late-stage development for a 2.6 GW wind farm 27 miles off the Virginia Beach coast. The wind farm would be the largest in the U.S.See more from Benzinga * Earnings Scheduled For July 31, 2020 * Dominion Energy's Earnings: A Preview * Benzinga's Top Upgrades, Downgrades For June 9, 2020(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Dominion Energy (NYSE: D) today announced an unaudited net loss determined in accordance with Generally Accepted Accounting Principles (reported earnings) for the three months ended June 30, 2020 of $1.2 billion ($1.41 per share) compared with a net gain of $54 million ($0.05 per share) for the same period in 2019.
Dominion Energy (NYSE: D) today announced that Thomas F. Farrell, II, chairman, president and chief executive officer, will become the company's executive chair, effective Oct. 1, 2020. In that role, Farrell will continue to serve as chair of the Board of Directors. Also, effective that date, Robert M. Blue, executive vice president and co-chief operating officer, will be promoted to president and chief executive officer, reporting to Farrell. Diane Leopold, executive vice president and co-chief operating officer, will be promoted to Dominion Energy's sole chief operating officer, responsible for all the company's operating segments, reporting to Blue. Edward H. "Ed" Baine will be promoted to president-Dominion Energy Virginia. He will report to Leopold.
The board of directors of Dominion Energy (NYSE: D) has declared a quarterly dividend of 94 cents per share of common stock.
On Friday, July 31, Dominion Energy (NYSE: D) will release its latest earnings report. Benzinga's outlook for Dominion Energy is included in the following report.Earnings and Revenue Sell-side analysts expect Dominion Energy's EPS to be near $0.76 on sales of $3.47 billion. In the same quarter last year, Dominion Energy posted EPS of $0.77 on sales of $3.97 billion. If the company were to post earnings inline with the consensus estimate when it reports Friday, EPS would be down 1.3%. Sales would be down 26.48% from the same quarter last year. Dominion Energy's reported EPS has stacked up against analyst estimates in the past like this:Quarter Q1 2020 Q4 2020 Q3 2019 Q2 2019 EPS Estimate 1.10 1.16 1.14 0.76 EPS Actual 1.09 1.18 1.18 0.77 Revenue Estimate 4.72 B 5.04 B 4.51 B 4.21 B Revenue Actual 4.50 B 4.47 B 4.27 B 3.97 B Stock Performance For a full 12 months, the return has risen by 7.46%. Given that these returns are generally positive, long-term shareholders are probably relaxed going into this earnings release. Long-term shareholders are already enjoying 12-month gains prior to the announcement.View more earnings on DDon't be surprised to see the stock move on comments made during its conference call. Dominion Energy is scheduled to hold the call at 10:00:00 ET and can be accessed here: https://event.on24.com/eventRegistration/EventLobbyServlet?target=reg20.jsp&referrer=https%3A%2F%2Finvestors.dominionenergy.com%2Fevents-and-presentations%2Fdefault.aspx&eventid=2403132&sessionid=1&key=6C89E4C90D99EEC38D351A14BF17A83E®Tag=&sourcepage=registerSee more from Benzinga * Benzinga's Top Upgrades, Downgrades For June 9, 2020(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
(Bloomberg) -- Power companies are loaning out Teslas in Washington, electrifying bus fleets in Virginia and lobbying for electric vehicle tax credits on Capitol Hill.San Diego Gas & Electric Co. even went so far as to help train salespeople on how to convince consumers to buy electric cars and then paid them as much as $500 per sale. It’s all part of a $1.5 billion effort by utilities such as Exelon Corp. and Dominion Energy Inc. to promote vehicles that run on electricity.The companies see it not just as a chance to sell more power, but to balance electricity demand and meet sustainability goals, said Max Baumhefner, a senior attorney with the Natural Resources Defense Council.“The grid is built for the one hour of the year when electricity demand peaks,” Baumhefner said. Pushing energy consumption to after hours, when many drivers charge their cars at home, helps smooth out the swings in usage and could even reduce power costs for everyone, he said.But some aspects of the industry’s campaign -- such as lobbying for tax credits or against President Donald Trump’s rollback of efficiency standards -- put the companies at odds with powerful oil interests. Half of U.S. oil demand is for gasoline.Electric and plug-in hybrid vehicles are a threat to that, even if they currently account for about 1.4 million, or 0.7%, of the vehicles on U.S. roads. Within five years, BloombergNEF predicts they will represent as many as 7% of U.S. car sales due to declining battery costs and a growing number of options.That’s a promising figure for utilities, which have seen electricity demand flatten as household appliances become more efficient. According to BloombergNEF projections, 10% of electric demand will come from electric vehicles by 2040.Electric Vehicles Set for Rapid Growth, Defying Recession: ChartYet some motorists still have qualms.“When we did focus groups, customers were telling us, ‘We have apprehension. We’re uneasy,’ whether it’s range anxiety or the upkeep,” said Calvin Butler, the chief executive of Exelon Utilities.That’s led to some extraordinary efforts on the part of the electric companies to put consumers at ease, such as San Diego Gas & Electric’s collaboration with pro-EV PlugStar to train showroom salespeople.“Who better to sell somebody on an EV than the salesperson?” said Estela de Llanos, San Diego Gas & Electric’s chief environmental officer.“By incentivizing some of these dealer employees, we like to think we planted the seed for more of that to happen,” de Llanos said.An Exelon startup called EZ-EV has helped motorists take test drives, calculate mileage needs and winnow down options -- then score discounts at local dealerships. And motorists who sign up for a monthly car subscription with Exelon’s Steer can shift between electric models, from a Tesla Model X to a Porsche Cayenne.Utilities also have asked state regulators to approve more than 80 plans for advancing electric vehicles and charging infrastructure, according to Atlas EV Hub, which tracks the efforts. The bulk of the programs - some 78% of the requested initiatives -- have won approval, said Nick Nigro, founder of Atlas Public Policy.But the proposals are meeting steep resistance from the oil industry, in some cases joined by the Koch-backed Americans for Prosperity and large power consumers wary of higher costs. With about half of U.S. oil demand today tied to gasoline, the sector is fighting electric vehicles on all fronts, from statehouses and state regulatory commissions to Capitol Hill.In Congress, oil and utility interests have squared off over efforts to expand a $7,500 tax credit for electric vehicles. The utility industry’s leading trade group, the Edison Electric Institute, has lobbied alongside automakers Tesla Inc. and General Motors Co. to expand the tax credit, while oil interests argue climbing sales and the surge in Tesla’s value show subsidies are no longer needed to jump-start a new industry.Refiners and their trade associations “have waged a state-by-state campaign” to block utility investments in electric vehicle infrastructure, the Edison Electric Institute said in a May court filing. They are using “all available tools in all available forums to attempt to slow or stop the general move toward electric and other clean energy transportation, which they view as an existential threat.”National GridLast October, Massachusetts regulators turned back much of National Grid Plc’s $167 million plan to install thousands of charging stations at parking lots, government offices, apartment buildings and other spots, after the American Petroleum Institute, gas station chain Cumberland Farms Inc. and fuel supplier Global Partners LP blasted the initiative.And in Minnesota, a coalition including Marathon Petroleum Corp., and Koch Industries Inc. refining company Flint Hills Resources Pine Bend have mounted a legal challenge to Xcel Energy Inc.’s $25 million electric vehicle plan.Oil industry interests also lobbied states to impose annual fees on electric vehicle users they argue are needed to ensure electric car drivers who don’t pay gas taxes help fund roads and bridges.“It’s fundamentally unfair to take the monopoly power that the utility has and charge everybody higher rates to build out infrastructure that 2% of today’s purchasers use,” said Derrick Morgan, senior vice president of the American Fuel and Petrochemical Manufacturers. “It’s a very big gamble with other people’s money.”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's (D) Q2 earnings are likely to have gained from high residential load. The positives are likely to have been offset by higher share count, and lower sales to commercial & industrial groups.
Dominion Energy (D) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
The utility changes direction after an important victory, showing just how difficult building pipelines has become.
Dominion Energy (NYSE: D) today announced that 11 historically black colleges and universities in Virginia, Ohio, North Carolina and South Carolina will receive support through a $35 million initiative aimed at promoting higher education equity. The six-year "HBCU Promise" program will provide $25 million in funding to select institutions. Additionally, a $10 million scholarship fund will support African American and underrepresented minority students across the company's service territory.
Earlier this year, lBill Smead expressed his frustrations over Warren Buffett’s “maximum defense” approach. A couple months later and he’s still taking issue with the Berkshire boss.
After six years of planning, negotiations, and setback after setback, Dominion Energy (NYSE: D) has given up on the Atlantic Coast Pipeline (ACP) and decided to sell $9.7 billion of energy transmission assets to Berkshire Hathaway Energy, which is 90% owned by Warren Buffett-led Berkshire Hathaway (NYSE: BRK.
One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will...
This commentary was issued recently by money managers, research firms, and market newsletter writers and has been edited by Barron’s. July 16: In the past, significant rallies in China’s market have led bull-market rallies in the U.S. market by anywhere from several weeks to several months. By the same token, China’s equity market normally falls into the hands of the bears several months before the bears take over Wall Street.
Dominion Energy (NYSE: D) is launching a $35 million initiative in support of African American and underrepresented minority students. This six-year program will support historically black colleges and universities in Virginia, Ohio, North Carolina and South Carolina. Additionally, as part of the initiative, a $10 million scholarship fund will be created to support African American and underrepresented minority students across the company's service territory.
(Bloomberg) -- Warren Buffett’s $9.7 billion bet on natural gas looks even more contrarian today.As Democrat Joe Biden unveils a staggering $2 trillion clean-energy plan—the most ambitious climate package ever offered by a presumptive presidential nominee—Buffett’s recent deal to buy Dominion Energy Inc.’s natural gas assets is a stark sign he’s expecting that the market’s shift away from fossil fuels won’t happen overnight.The deal is “a bet that the future doesn’t come as fast as some people think,” said Jim Shanahan, an analyst who covers Buffett’s Berkshire Hathaway Inc. at Edward Jones. “I think they want to be bigger in renewables, but it’s going to take time. In the meantime, they have to be able to provide power generation to their customers.”On its face, Berkshire’s deal last week to buy gas assets including some 7,700 miles of pipelines seems risky even for a contrarian like Buffett. The energy industry is under increasing pressure from public officials and investors to abandon coal and natural gas. The use of natural gas for power generation, once hailed as a cleaner, cheaper alternative to coal, is now projected to drop to 36% in 2021 from 41% this year. In the last decade, prices for solar and onshore wind power have plummeted 90% and 70% respectively per megawatt-hour, according to BloombergNEF. Renewables now supply 20% of Americans’ power needs, up from 13% five years ago, according to the U.S. Energy Information Administration.Biden’s plan, unveiled Tuesday, is an attempt to propel that surge, calling for spending $2 trillion for a clean-electricity economy and outlining a goal to have a carbon-free power sector by 2035.But despite, or, more likely, because of those trends, Buffett is following his well-worn investing path—buying assets cheap in a buyers’ market. Natural gas futures in the U.S. dropped last month to their lowest point in 25 years. Plus, he’s one of the few buyers in a market where many utilities are searching for ways to get out. Political, regulatory and legal pressure have stymied the building of new pipelines and other infrastructure. Just last week, Dominion Energy and Duke Energy Corp. shelved a plan for a new gas pipeline crossing the Appalachian Trail in the face of stiff environmental opposition.The prices and political pressure are likely to deter any new entrants, potentially allowing Buffett to reap natural gas’s historically good returns for some years coming.“People assume we’re getting rid of coal, and then we’re getting rid of gas next,” said Noah Kaufman, a research scholar at Columbia’s Center on Global Energy Policy. But because gas is plentiful, cheap and provides round-the-clock electricity it’s “a lot harder to get rid of.”The deal reinforces the idea that Berkshire, despite its expansive clean-energy portfolio, isn't a friend to environmentalists, who want a quicker shift to renewable energy. Berkshire routinely faces criticism for the company’s ties to fossil fuels. Buffett comes in at No. 3 on Bloomberg Green's list of billionaires whose fortunes derive largely from climate-damaging industries. He’s faced shareholder proposals from groups such as the Nebraska Peace Foundation urging Berkshire to disclose how climate change will affect its insurance subsidiaries, a significant chunk of the Berkshire empire.“Berkshire has made some bad fossil fuel investments over the last few years and we expect this one to be a similarly bad investment, and ultimately a losing investment,” said Mark Kresowik, a regional director of the Sierra Club’s Beyond Coal campaign. (The Sierra Club has received funding from Bloomberg Philanthropies, the charitable organization founded by Michael R. Bloomberg, the majority owner of Bloomberg LP.)Buffett has acknowledged the risks from the changing climate, saying in a shareholder letter in 2016 that it seemed “highly likely” that it would be a “major problem” for the world. But he has also previously said climate change can’t be a decisive factor in deciding investments.Buffett didn’t respond to a request for comment. Berkshire Hathaway Energy declined to comment.In explaining the Dominion Energy deal, Berkshire positioned natural gas as part of its strategy for sustainability. Its energy company called it a “reliable” and “less-carbon intensive” energy source in a slideshow. Of the company’s generation capacity at the end of 2019, about 36% was from wind and solar, while 32% came from natural gas and 26% coal. The remainder came from hydroelectric, geothermal, nuclear and other sources, according to a filing.Buffett has gotten caught flat-footed in the past by burrowing into a market that was soon to be upended. Last year, he invested $10 billion to help finance oil-producer Occidental Petroleum Corp.’s bid for Anadarko Petroleum Corp. But the investment has struggled since because of a volatile market. Occidental slashed its common dividend when oil prices crashed earlier this year and ended up paying the dividend on Berkshire’s preferred stock in Occidental shares.And Buffett’s been burned by volatile natural gas prices before. Berkshire bought about $2 billion of the debt of Energy Future Holdings, but ended up suffering a pretax loss of $873 million as that business filed for bankruptcy in 2014, according to his annual letter in 2014.For now, Berkshire is simply betting that controlling a wide swath of the natural gas transmission lines will be profitable for the immediate future, climate issues aside.“It’s wrong to say that he loves fossil fuels,” said Jigar Shah, president of clean-energy financier Generate Capital. “He’s just indifferent.”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 unexpected sale of its gas transmission and storage business makes regulated utility operations, and renewable energy, more important than ever.