10 Best Renewable Energy Stocks to Buy According to Billionaires

8. Dominion Energy, Inc. (NYSE:D)

Number of Billionaire Holders: 12

Dominion Energy, Inc. (NYSE:D) provides regulated electricity service to 3.6 million homes and businesses in Virginia, North Carolina, and South Carolina, and regulated natural gas service to 500,000 customers in South Carolina.

On May 28, Jefferies upgraded Dominion Energy, Inc. (NYSE:D) from ‘Hold’ to ‘Buy’, while also raising its price target on the stock from $65 to $76. The revised target, which represents an upside of 14% from the current levels, comes following reports of the acquisition deal with NextEra Energy.

Jefferies expects meaningful upside potential for Nextera following the deal. Moreover, the analyst believes that Dominion Energy is “worth materially more than before” even if the deal does not come to fruition. This view is supported by the enactment of Virginia House Bill 895, which has significantly expanded the state’s renewable energy storage targets to manage the soaring power demand. The legislation has unlocked additional investments in energy storage projects, supporting strong EPS growth in the future.

Nextera announced plans to acquire Dominion Energy on May 18, with the $66.8 billion deal expected to create the largest regulated electric utility in the world. The transaction is expected ​to close in 12 to 18 months, with the combined entity emerging as the global leader in renewable energy and battery storage.