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.
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 3.21% dividend. BofA Securities has an $88 target price for Dominion Energy stock. The $86.28 consensus target is slightly closer to Friday’s close at $79.46.
Essex Property Trust
This is an outstanding way for investors looking to add a real estate position to growth and income portfolios. Essex Property Trust Inc. (NYSE: ESS) is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops and manages apartment communities located primarily in the southern and northern California markets and Seattle. As of the fourth quarter 2020, Essex had ownership interests in 250 apartment communities, with an additional six properties in various stages of active development.
Essex Property Trust was able to grow earnings-per-share by 30% in the past 12 months. While the share price gain of 38% has outpaced the earnings growth. It seems to indicate that Wall Street is now more optimistic about the stock. Essex raised its dividend 0.6% for the upcoming April 15 payment date, giving the trust 27 consecutive years of dividend growth. The dividend has a compound annual growth rate of 7.2% since 2011.
Shareholders receive a 2.52% dividend. The $396 BofA Securities price target is well above the $370.36 consensus target for Essex Property Trust stock. Friday’s closing price of $332.14 was up almost 4% for the day.
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Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.