Investing

5 Incredibly Safe Dividend Stocks to Buy as Market Correction May Have Started

Dominion Energy

Many of the Wall Street firms that we cover are still very positive on utilities, and this company is highly rated. Dominion Energy Inc. (NYSE: D) is an American power and energy company that operates through the following four segments:

  • The Dominion Energy Virginia segment generates, transmits and distributes regulated electricity to residential, commercial, industrial and governmental customers in Virginia and North Carolina.
  • The Gas Distribution segment engages in the regulated natural gas gathering, transportation, distribution and sales activities, as well as distributes nonregulated renewable natural gas. This segment serves residential, commercial and industrial customers.
  • The Dominion Energy South Carolina segment generates, transmits and distributes electricity and natural gas to residential, commercial and industrial customers in South Carolina.
  • And the Contracted Assets segment is involved in the energy marketing and price risk activities.

As of December 31, 2020, Dominion Energy’s portfolio of assets included approximately 30.2 gigawatts of electric generating capacity; 10,500 miles of electric transmission lines; 85,600 miles of electric distribution lines; and 94,200 miles of gas distribution lines. It serves approximately 7 million customers. The company sells electricity at wholesale prices to rural electric cooperatives and municipalities, as well as into wholesale electricity markets.

Shareholders receive a 3.30% dividend. BofA Securities has a target price of $85, which is in line with the $84.96 consensus figure. Wednesday’s final trade for Dominion Energy stock was at $77.84 a share.

Kellogg

It should come as no surprise this solid company is included as a safe bet for the rest of 2021. Kellogg Co. (NYSE: K) is the global leader in breakfast cereal, and its other principal products include crackers, crisps, savory snacks, toaster pastries, cereal bars, granola bars and bites, frozen waffles, veggie foods and noodles.

The company offers its products under the Kellogg’s, Cheez-It, Pringles, Austin, Parati, RXBAR, Kashi, Bear Naked, Eggo, Morningstar Farms, Choco Krispies, Crunchy Nut, Nutri-Grain, Special K, Squares, Zucaritas, Sucrilhos, Pop-Tarts, K-Time, Split Stix, Be Natural, LCMs, Coco Pops, Rice Krispies Squares, Kashi Go, Vector and Gardenburger brand names.

Holders of Kellogg stock receive a 3.76% dividend. The $76 BofA Securities price target is well above the $67.95 consensus price target and Wednesday’s closing price of $63.05 per share.