5 Utility Dividend Stocks with Over 3% Yield

2. Dominion Energy, Inc. (NYSE:D)

Number of Hedge Fund Holders: 34 

Forward Dividend Yield: 3.07% 

Dominion Energy, Inc. (NYSE:D) produces and distributes energy. The firm recently obtained the approval of state and federal authorities for the expansion of new solar and energy storage projects in Virginia. The expansion is part of the company’s long-term plan to reduce its greenhouse gas emissions while meeting the energy needs of the customers. The expansion plan includes 15 projects in the region that will provide 1,000 MW of carbon-free electricity. That power will meet the needs of over 250,000 homes in Virginia. 

Dominion was forced to slash its dividend by 33% in late 2020, but raised it slightly earlier this year. In late January, Barclays analyst Eric Beaumont reinstated coverage of Dominion Energy, Inc. (NYSE:D) stock with an ‘Equal Weight’ rating and a price target of $86, noting that the firm had “exceptional visibility” in long-term capital deployment opportunities. 

Among the hedge funds tracked by Insider Monkey’s database, Ohio-based investment firm Diamond Hill Capital is a leading shareholder in Dominion Energy, Inc. (NYSE:D) with 3.6 million shares worth more than $284 million.