Dominion Energy (D) Price Target Lowered at Barclays. Here is Why

Dominion Energy, Inc. (NYSE:D) is included among the 12 Best Utility Stocks to Buy Now According to Hedge Funds.

Dominion Energy (D) Price Target Lowered at Barclays. Here is Why

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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 June 23, Barclays analyst Nicholas Campanella slightly lowered the firm’s price target on Dominion Energy, Inc. (NYSE:D) from $70 to $69, but kept an ‘Overweight’ rating on the shares. The revision comes as part of a Q2 earnings preview.

Dominion Energy, Inc. (NYSE:D) made headlines last month after it was reported that the company is set to be acquired by NextEra Energy in a $66.8 billion deal that ​will create the largest regulated electric utility in the world. The combined entity will be at the top in the US in total generation, generation built, annual CapEx, rate base, and market capitalization.

The transaction is expected ​to close in 12 to 18 months, subject to antitrust review, shareholder approval, and regulatory approvals. Barclays expects the merger applications to be submitted ahead of the company’s Q2 earnings call, with investor focus shifting to the regulatory approval process.

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