Morgan Stanley Bumps Up Price Target on Dominion Energy (D). Here is Why

With an annual dividend yield of 3.85%, Dominion Energy, Inc. (NYSE:D) is included among the 12 Best NYSE Stocks to Buy for Dividends.

Morgan Stanley Bumps Up Price Target on Dominion Energy (D). 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 24, Morgan Stanley boosted its price recommendation on Dominion Energy, Inc. (NYSE:D) from $67 to $69, while reaffirming an ‘Equal Weight’ rating on the shares.

Morgan Stanley refreshed its valuation estimates for North American regulated utilities, diversified utilities, and independent power producers (IPPs) in its latest sector update. The analyst firm noted that the broader utilities sector declined by 5.5% in May, sharply lagging behind the 5.1% gains posted by the overall S&P during the month.

On the other hand, Barclays analyst Nicholas Campanella trimmed the firm’s price target on Dominion Energy, Inc. (NYSE:D) by $1 earlier on June 23. However, the analyst kept an ‘Overweight’ rating on the shares (read more details here).

Dominion Energy, Inc. (NYSE:D) made headlines in May following reports 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 transaction is expected ​to close in 12 to 18 months, subject to antitrust review, shareholder approval, and regulatory approvals.

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