Why Is Dominion Energy Stock Trading Lower Today?
Portfolio Pulse from Lekha Gupta
Dominion Energy Inc (NYSE:D) shares fell after reporting Q4 FY23 results with revenue of $3.534 billion, missing the $4.206 billion consensus, and adjusted EPS of $0.29, below the $0.38 consensus. Operating earnings dropped across all segments, and the company announced a deal to sell a 50% stake in the Coastal Virginia offshore wind project to Stonepeak for $3 billion, expected to close by end of 2024.
February 22, 2024 | 6:06 pm
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Dominion Energy's stock fell due to Q4 earnings missing expectations and the announcement of a significant asset sale.
The stock price decline is directly related to the Q4 earnings miss and concerns over the asset sale's impact on future revenue and profitability. The significant miss in both revenue and EPS compared to consensus indicates operational challenges, while the asset sale, although potentially positive in the long term, introduces short-term uncertainty.
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IMPORTANCE 90
RELEVANCE 100