This article was originally published on TipRanks.com
Power and energy company Dominion Energy, Inc. (NYSE:D) recently announced that the Virginia State Corporation Commission has approved the Phase II of the Grid Transformation Plan of Dominion’s ten-year vision to transform the region’s electric distribution grid.
Following the news, shares of the company rose 1.5% to close at $80.21 on Friday.
With the approval of the Phase II of the Grid Transformation Plan, the company will now focus on making investments to facilitate and optimize the integration of distributed energy resources.
Consequently, to ensure the effective integration of these energy resources, the company will continue to deploy smart metering infrastructure and intelligent grid devices that will provide visibility of grid conditions.
The company will also invest in the infrastructure and systems to process, manage and leverage data to ensure optimization of grid operations.
The Senior-Vice President of Power Delivery at Dominion Energy Virginia, Charlene Whitfield, said, “This is another major step forward in building a clean energy economy in Virginia. This includes the largest offshore wind project in the nation, re-licensure of our nuclear units, energy storage, and solar energy, all of which creates jobs and economic opportunity here in the Commonwealth. Today’s decision by the SCC ensures that we can remain agile as a company to deliver the reliable, affordable, and increasingly clean energy that our customers want and expect.”
Wall Street’s Take
Recently, UBS analyst Daniel Ford upgraded the stock to Buy from Hold and raised the price target from $81 to $98, which implies upside potential of 22.2% from current levels.
The Wall Street community is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on 4 Buys and 3 Holds. The average Dominion Energy price target of $84.38 implies that the stock has upside potential of 5.2% from current levels. Shares have gained about 10.4% over the past year.
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on Dominion Energy with 1.1% of investors on TipRanks increasing their exposure to the stock over the past 30 days.
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