Dominion Energy amends incorporation articles

Published 17/12/2024, 23:04
Dominion Energy amends incorporation articles

Dominion Energy, Inc. (NYSE:D), a $45 billion utility provider of electricity, natural gas, and related services, announced today that it has amended its articles of incorporation following the redemption of its Series B Preferred Stock earlier this week. The company, which offers investors a notable 5% dividend yield and has maintained dividend payments for 42 consecutive years according to InvestingPro, continues to manage its capital structure amid significant debt obligations.

The Virginia-based company stated that the changes were made to its charter documents to remove the terms related to the 4.65% Series B Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, which were fully redeemed on Monday. The amendment to the articles took place on the same day, December 17, 2024.

In other recent news, Dominion Energy has reported several significant developments. The company announced executive changes with Edward H. Baine taking over as President of Utility Operations and Dominion Energy Virginia, and Eric S. Carr expanding his responsibilities to include the company's Contracted Energy operating segment.

Dominion Energy also reported third-quarter operating earnings of $0.98 per share, surpassing estimates. The company refined its full-year 2024 earnings guidance to a range of $2.68-2.83, and maintained its 2025 earnings forecast, with a range of $3.25 to $3.54.

In addition to these changes, Dominion Energy has entered into an agreement for the sale of $1.25 billion in junior subordinated notes and made significant strides in debt reduction, reducing $21 billion in debt across six transactions.

Analyst firms such as Morgan Stanley (NYSE:MS), Goldman Sachs and BMO Capital Markets have updated their coverage on Dominion Energy. Morgan Stanley initiated coverage with an Equalweight rating, Goldman Sachs reinstated coverage with a Neutral rating, and BMO Capital Markets adjusted its outlook, reducing its price target on the stock.

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