If You Want to Invest in Electric Stocks, This Is the Top Stock to Buy
The world is shifting toward increased use of electricity, often of the clean variety. Against that backdrop, investors looking to invest in an electric stock should take a closer look at boring old utilities. One worth a deep dive today is Dominion Energy (NYSE: D), as it, too, works to refocus its business around electricity. Here's what you need to know.
Dominion Energy started a transformation process more than a decade ago when it sold its oil & gas exploration and production business. The goal at that point was to get out of volatile sectors, and focus on more steady, regulated utilities and fee-based midstream energy assets. Since that point, it has been increasingly building up its utility business, most recently with the opportunistic purchase of SCANA. That utility ran into financial trouble when its contractor on a nuclear project went bankrupt, leading it to cancel the entire investment. But the acquisition allowed Dominion to expand into higher-growth regions of the country.
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Source Fool.com
