Is Dominion Energy Stock A Buy After Its $9.7 Billion Pipeline Sale to Warren Buffett?
After six years of planning, negotiations, and setback after setback, Dominion Energy (NYSE: D) has given up on the Atlantic Coast Pipeline (ACP) and decided to sell $9.7 billion of energy transmission assets to Berkshire Hathaway Energy, which is 90% owned by Warren Buffett-led Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B).
Although Dominion has lost the future earnings of the pipeline, there are several reasons why the asset sale is probably the right decision for the utility giant.
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Source Fool.com
