Why Is Dominion Energy Stock Trading Lower Today?

Dominion Energy Inc D shares are trading lower after the company reported fourth-quarter FY23 results.

Revenue was $3.534 billion, missing the consensus of $4.206 billion. Adjusted EPS was $0.29, down from $0.76 a year ago, missing the consensus of $0.38.

Operating expenses declined to $2.82 billion from $3.55 billion a year ago. Operating earnings fell to $267 million from $652 million, declining across all segments.

Asset Sale: Dominion Energy disclosed an agreement to sell a 50% non-controlling interest in the coastal Virginia offshore wind commercial project to Stonepeak through the formation of an offshore wind partnership for proceeds of about $3 billion. 

The transaction is expected to close by the end of 2024, subject to customary approvals.

Robert M. Blue, chair, president and chief executive officer, said, “The Coastal Virginia Offshore Wind project continues to proceed on-time and on-budget and consistent with our previously communicated timing and cost expectations. A competitive partnership process attracted high-quality interest resulting in a compelling partner for CVOW.”

Dominion Energy will host an investor meeting on March 1, 2024, to review its strategy and provide multi-year financial and capital investment guidance.

Price Action: Dominion Energy shares are down 1.69% at $45.52 on last check Thursday.