Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Dominion Energy today is not really a stock — it is a merger receipt. Since May 2026, when the board agreed to sell the company to NextEra Energy for 0.8138 NextEra shares plus a sliver of cash per Dominion share, the market has priced D as a tracking certificate on NEE. At $71.44, Dominion trades almost exactly at the implied deal value (0.8138 × NEE at ~$86.92 ≈ $70.74, plus about $0.41 of cash). There is no margin of safety in the price, and — more fundamentally — there was never a wonderful business underneath it by our standards. We know this industry intimately. We have owned regulated utilities for over two decades, and in 2020 we bought Dominion's own gas transmission business from them. Utilities are fine businesses for staying rich; they are not businesses for getting rich.
Recent filings analysed: 8-K (2026-09-14), 8-K (2026-09-03), 8-K (2026-08-25), 8-K (2026-07-31).
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