Near a 10-Year Low, Could This High-Yield Dividend Stock Turn Around?
Regulated electric utilities tend to be safe, predictable companies that produce stable returns, which support growing dividends. But Dominion Energy (NYSE: D) has been far from a reliable stock.
The Virginia-based utility, which generated 57% of its 2022 operating earnings from electric distribution, transmission, and generation assets in Virginia and North Carolina, has been undergoing a strategic shift away from fossil fuels toward renewable energy as it seeks to support long-term growth. Expensive write-downs and declining earnings, paired with the strategic shift, have put immense pressure on Dominion Energy's stock, which is currently hovering around a 10-year low. However, bright spots are popping up on the horizon as Dominion's turnaround shows signs of coming to fruition.
Here's why Dominion Energy is an exciting turnaround play worth considering for investors who believe in the future of offshore wind.
Source Fool.com
