Scotiabank Raises Dominion Energy (D) Price Target Following Solid Execution

Dominion Energy, Inc. (NYSE:D) is included among the 15 Best High Dividend Stocks to Invest in Under $100.

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On March 2, Scotiabank raised its price recommendation on Dominion Energy, Inc. (NYSE:D) to $67 from $63. It reiterated a Sector Perform rating on the shares. The analyst told investors that Dominion executed well and delivered on management commitments.

On February 23, the company projected annual profit below Wall Street expectations. At the same time, it increased its five-year capital spending plan by nearly 30% as the utility steps up efforts to meet rising electricity demand. US utilities have been expanding their capital expenditure budgets in recent years. Extreme weather events have added pressure on power systems. Demand for new electricity capacity has also climbed as data centers tied to artificial intelligence and cryptocurrency continue to grow.

Dominion Energy said it had contracted nearly 48.5 gigawatts of data center capacity as of December. That figure rose by 1.4 GW from September. Its customers include major technology companies such as Alphabet, Amazon, Microsoft, Meta Platforms, and Equinix. Private firms such as CoreWeave and CyrusOne are also among its customers. Dominion’s Virginia utility serves the world’s largest data center market. According to the company, the region’s capacity exceeds the combined total of the next five largest data center markets in the United States. The company now expects to spend $64.7 billion on capital investments between 2026 and 2030. Its previous five-year capital plan totaled $50.1 billion through 2029.

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

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