Dominion Energy's Q3 2024 Earnings: What to Expect

Barchart · 10/17 07:16

Richmond-based Dominion Energy, Inc. (D) engages in regulated and non-regulated electricity distribution, generation, and transmission businesses. With a market cap of $50.7 billion, Dominion Energy operates through Dominion Energy Virginia, Dominion Energy South Carolina, and Contracted Energy segments. The utility giant is expected to release its Q3 earnings before the market opens on Friday, Nov. 1.

Ahead of the event, analysts expect Dominion Energy to report a profit of $0.93 per share, up 20.8% from $0.77 per share in the year-ago quarter. The company has missed Wall Street’s adjusted EPS projections thrice over the past four quarters while exceeding it on another occasion. Its adjusted EPS for the last reported quarter grew 3.8% year-over-year to $0.55, falling short of the consensus estimates by 5.2%.

For fiscal 2024, analysts expect Dominion Energy to report an adjusted EPS of $2.75, up 38.2% from $1.99 in fiscal 2023. In fiscal 2025, its adjusted EPS is expected to grow 22.6% year-over-year to $3.37.

Shares of Dominion Energy have surged 28.8% on a YTD basis, outpacing the S&P 500 Index’s ($SPX) 22.5% gains but slightly lagging behind the Utilities Select Sector SPDR Fund’s (XLU) 29.8% returns during the same time frame.

Shares of Dominion Energy surged 3.7% after the release of its impressive Q2 earnings on Aug. 1. The company reported a robust 10.1% year-over-year growth in operating revenues, reaching $3.5 billion, driven by the growth in revenue from the Virginia segment. Moreover, it also showcased commendable operational efficiency by keeping its operating expenses low, resulting in a massive 35.5% surge in income from operations to $805 million. Although the company saw a slight dip in net income due to a decline in income from discontinued operations, its net income from continuing operations soared 18.3%, totaling $491 million.

Additionally, Dominion Energy skyrocketed 5.1% and hit its 52-week high in the previous trading session after Barclays PLC (BCS) raised its price target on the stock from $54 to $58 while maintaining an “Overweight” rating.

The consensus opinion on D stock is neutral with an overall “Hold” rating. Of the 16 analysts covering the stock, three recommend “Strong Buy,” and 13 advise a “Hold” rating. The stock is currently trading above its mean price target of $56.85.

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On the date of publication, Aditya Sarawgi did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.