Dominion Energy (D) Stock Forecast & Price Target

Dominion Energy is viewed positively because its regulated utility base, 31 gigawatts of electric generation capacity, and 91,000 miles of transmission and distribution lines provide durable cash flow and a strong platform for earnings resilience. Its planned 5.2 GW offshore wind farm off the Virginia Beach coast adds a large, rate-regulated growth driver, while the portfolio’s improving operating trends support the outlook: SP NOI rose 6.2% year over year, in-place occupancy improved to 78.8%, and committed occupancy reached 83.7%. Financially, leverage is moving in the right direction, with debt/GBV at 54.2%, debt/EBITDA at 11.5x, and liquidity of $178MM, reinforcing confidence in execution and long-term value creation.

Dominion Energy is viewed negatively because its balance sheet remains overlevered, the dividend is estimated to be 15-20% too high, and rising interest expense threatens future earnings quality as low-cost debt advantages fade. Its offshore wind project, CVOW, still faces delay and cost-overrun risk through early of even mid-2027, while possible regulatory pushback in VA could force higher customer bill credits or credit ring-fencing that would weaken financing benefits. Although electric transmission earns a strong 10.9% base ROE with a 50 bps adder, a 100 bps cut would reduce '29 EPS by $0.11-0.12, and the stock’s 2% 2028E P/E premium leaves little margin for these risks.