D - Dominion Energy said to weigh sale of Cove Point LNG plant

Dominion Energy ( NYSE: D ) is said to be considering the sale of its multi-billion-dollar interest in the Cove Point LNG facility on Chesapeake Bay, Bloomberg News reported, citing people with knowledge of the matter.

The utility company has enlisted advisers to scout for possible buyers of the facility, including infrastructure funds. A Dominion representative declined to comment to Bloomberg about the potential sale.

Cove Point is one of seven LNG export facilities in the United States. The potential sale of Dominion’s stake in the site coincides with higher demand for the fuel worldwide. LNG prices in the past year have jumped on greater demand in Asia and as Europe seeks to replace Russian sources of energy.

Dominion ( D ) on Friday replaced its chief financial officer and announced it would conduct a “top-to-bottom” business review that might include asset sales.

Analysts at Credit Suisse on Monday downgraded Dominion ( D ) to a Neutral investment rating from Outperform, saying the utility company’s announcement of a strategic review of its business was reason for caution.

Dominion ( D ) this year had declined 14% through the end of Nov. 4, compared with a 21% drop for the Standard & Poor's 500 index ( SP500 ).

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