12:31 PM EDT, 05/10/2024 (MT Newswires) -- Dominion Energy ( D ) completed a business review and restructuring process in March which has now positioned it to implement a plan that will likely generate "consistent dependable growth" at par with the peers, BofA Securities said Friday in a report.

The company has shed non-core assets, strengthened its balance sheet, de-risked its offshore wind project and simplified its strategy, resulting in "reduced complexity."

"We assert improving fundamentals merit a refreshed look at [Dominion Energy's ( D )] relative value, with simplification enhancing visibility to peer-average growth and justifying an in-line relative valuation," BofA said.

The firm said it maintained its earnings per share estimates for Dominion Energy ( D ) of $2.77 for 2024 and $3.40 for 2025, but increased its 2026 EPS estimate to $3.70 from $3.69, reflecting returns on the offshore wind installation vessel.

The firm upgraded Dominion Energy ( D ) to neutral from underperform and raised price objective to $54 from $43.

Price: 53.25, Change: +0.41, Percent Change: +0.77