D - Why did Dominion Energy shares slide today? Analysts piling on with downgrades

Dominion Energy ( NYSE: D ) closed -6% in Monday's trading to its lowest in nine years, capping a 26% YTD drubbing, after suffering several downgrades from Wall Street analysts since announcing a "top-to-bottom" business review on November 4.

Despite improved Q3 earnings compared with a year earlier, CEO Robert Blue said the stock price has not met expectations, especially given a strong operating performance across its businesses.

Monday's loss came despite a Goldman Sachs upgrade to Neutral from Sell, citing valuation after the stock's drop, but the firm trimmed its price target to $69 from $72.

Dominion's ( D ) strategic review could result in asset sales, but Goldman is not convinced such sales would materially impact the company's long-term earnings power, and that the review itself implies uncertainty ahead for the core businesses.

Goldman's tepid upgrade follows several recent downgrades, including Bank of America's two-notch cut to Underperform from Buy, as it anticipates "another deeper than expected EPS reset" ahead following the business review, and while fundamentals had been steadily improving, the outlook has deteriorated due to the rise in interest rates.

Credit Suisse cut Dominion ( D ) to Neutral from Outperform, saying the review will remain an overhang for the shares until the review's completion; J.P. Morgan and Wolfe Research issued similar downgrades.

Dominion Energy ( D ) reportedly is considering the sale of its multi-billion dollar stake in the Cove Point LNG facility .

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