D - Why Dominion Energy Stock Zoomed 5% Higher Today
2024-02-23 17:29:23 ET
Dominion Energy (NYSE: D) finished off the trading week in style, with its stock price popping by 5% on Friday. The electricity producer and supplier benefited from a pair of analyst price target raises, which came on the heels of the company's latest set of quarterly results and the announcement of an asset sale. Dominion's Friday surge easily topped the performance of the S&P 500 index, which essentially closed flat on the day.
Interestingly, the two raises matched perfectly. Both Wells Fargo 's Sarah Akers and BMO Capital's James Thalacker added $1 to their Dominion stock levels to reach $49 per share. The difference is in their recommendations; while Thalacker maintained his overweight (read: buy) designation on the stock, Akers kept her equal weight (neutral) rating.
The moves come one day after Dominion unveiled its fourth-quarter and full-year 2024 financial results. For the quarter, the energy company earned revenue of just over $3.5 billion. That was down from the more than $3.8 billion it booked in the same period of 2022, and short of the consensus analyst estimate of $4.2 billion.
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Why Dominion Energy Stock Zoomed 5% Higher Today