What's Going On With Dominion Energy Shares Monday?

Dominion Energy Inc D shares are trading lower Monday after multiple analysts downgraded the stock in the wake of the company's third-quarter results. The company also announced a 'top-to-bottom' business review

What Happened: At the end of last week, Dominion Energy reported third-quarter revenue of $4.39 billion, which beat average analyst estimates of $3.98 billion, according to Benzinga Pro. The company reported quarterly earnings of $1.11 per share, which beat average estimates of $1.08 per share. 

The company also announced it has initiated a business review. 

'We have been delivering industry-leading safety and reliability performance, executing on our sizeable investment programs, achieving regulatory outcomes that are constructive, and delivering results that have met our financial guidance, yet our relative share performance has not met our expectations, including over the past several years as we've been successfully executing our plan,' said Chair, President and CEO Bob Blue.

Analyst Assessment:

• Wolfe Research analyst Steve Fleishman downgraded Dominion Energy from Outperform to Peer Perform.
• Credit Suisse analyst Michael Weinstein downgraded Dominion Energy from Outperform to Neutral and lowered the price target from $76 to $69.
• JPMorgan analyst Jeremy Tonet downgraded Dominion Energy from Overweight to Neutral and lowered the price target from $83 to $76.
• BMO Capital analyst James Thalacker maintained Dominion Energy with an Outperform and raised the price target from $72 to $76.
• UBS analyst Ross Fowler downgraded Dominion Energy from Buy to Neutral and lowered the price target from $83 to $73.

Dominion is an integrated energy company with over 30 gigawatts of electric generation capacity and more than 90,000 miles of electric transmission and distribution lines.

See Also: Why Viatris Shares Are Soaring Higher

D Price Action: Dominion has a 52-week high of $88.78 and a 52-week low of $61.70.

The stock was down 9.73% at $60.61 at time of publication.

Photo: courtesy of Dominion Energy.