RICHMOND, Va. - Dominion Energy (NYSE:D), a leading power and energy company, announced the declaration of a quarterly dividend of 66.75 cents per share. The dividend is payable on December 20, 2024, to shareholders who are on record as of November 29, 2024.
This dividend marks the 387th consecutive payout to common stockholders, maintaining a long-standing tradition for the company. The previous quarterly dividend was also declared on July 31, 2024.
Dominion Energy's commitment to consistent dividends reflects its financial stability and dedication to providing value to its shareholders. The company’s history of regular dividends dates back through its predecessors, showcasing a track record of reliable shareholder returns.
The announcement is based on a press release statement from Dominion Energy and provides investors with key dates for dividend eligibility and payment. As one of the nation's largest producers and transporters of energy, Dominion Energy's financial moves are closely watched by investors and market analysts.
Investors holding shares of Dominion Energy can anticipate the dividend payment in the latter part of the year, which aligns with the company's established schedule of returning capital to its shareholders.
It is important for investors to note that the information provided here is based on a press release from Dominion Energy and should be considered in the context of the company's long history of dividend payments.
In other recent news, Dominion Energy has made significant strides in the renewable energy sector. The company acquired the Kitty Hawk North offshore wind lease for $160 million from Avangrid (NYSE:AGR), a subsidiary of the Iberdrola (OTC:IBDRY) Group. This acquisition marks a major step in expanding Dominion Energy's renewable portfolio. Additionally, Dominion Energy and Amazon (NASDAQ:AMZN) are exploring a Small Modular Reactor (SMR) nuclear development project in Virginia to meet the state's escalating electricity demands.
Dominion Energy also announced a comprehensive plan to meet the state's increasing power demand with a significant expansion in clean energy resources. The company's 2024 Integrated Resource Plan aims to generate nearly 80% of new power through carbon-free sources over the next 15 years. This includes adding approximately 3,400 megawatts of offshore wind power and increasing solar capacity by more than 150%.
In other developments, Dominion Energy finalized a $2.0 billion asset sale of its subsidiary to Enbridge (NYSE:ENB) Parrot Holdings, LLC. The company's Q2 earnings per share (EPS) of $0.65 surpassed both BMO Capital's and consensus estimates of $0.57. Jefferies initiated coverage on Dominion Resources (NYSE:D), forecasting a 5.7% EPS CAGR for Dominion Energy from 2025 to 2028.
Amazon has also been making moves in the nuclear energy sector, signing three agreements to develop small modular reactor (SMR) technology to meet the growing electricity demands of its data centers. Amazon has also partnered with Dominion Energy to explore an SMR project in Virginia. These are recent developments that highlight the ongoing efforts of these companies in the energy sector.
InvestingPro Insights
Dominion Energy's recent dividend announcement aligns with its longstanding commitment to shareholder returns. According to InvestingPro data, the company currently offers a substantial dividend yield of 4.57%, which is likely to attract income-focused investors. This high yield is complemented by an InvestingPro Tip highlighting that Dominion Energy has maintained dividend payments for 42 consecutive years, underscoring its reliability as a dividend payer.
The company's market capitalization stands at $50.2 billion, reflecting its significant presence in the energy sector. Despite facing challenges, as evidenced by a slight revenue decline of 2.38% over the last twelve months, Dominion Energy has managed to maintain profitability. An InvestingPro Tip confirms that the company has been profitable over the last twelve months, with a P/E ratio of 31.67, suggesting investors are willing to pay a premium for its shares.
Dominion Energy's stock performance has been noteworthy, with a 52.83% total return over the past year. The stock is currently trading near its 52-week high, with its price at 97.8% of the highest point in the past year. This strong performance may be attributed to the company's stable business model and consistent dividend policy.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips and insights. There are 8 more InvestingPro Tips available for Dominion Energy, providing a deeper understanding of the company's financial health and market position.
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