Dominion Energy, Inc. (NYSE: D) generates and delivers electricity and natural gas to nearly 7 million customers across 15 states, making it one of the largest regulated utilities in the United States. The company operates power plants, transmission lines, and natural gas infrastructure that form a backbone of U.S. energy supply.
Recently trading around $59 per share with a market value of about $50 billion, Dominion stands as a core piece of the country’s energy infrastructure. Once known for its sprawling pipeline and power generation assets, the company has reshaped itself into a more focused regulated utility after selling off non-core businesses and streamlining operations.
Like most utilities, Dominion’s investment appeal centers on stable cash flow and dividends rather than high growth. Shares have rebounded from a 52-week low of $48 but remain below the $62 high, as investors weigh heavy debt against steady earnings. With a payout ratio near 87% and net debt of about $46 billion, the dividend looks supported but leaves little flexibility for fast increases. For institutional investors, Dominion looks like a defensive holding built around dependable income.
Looking at who owns the stock and how insiders are trading gives a sense of how the big players view Dominion today.
Who Are Dominion’s Top Shareholders?
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Dominion Energy generates and delivers electricity and natural gas across 15 states, serving nearly 7 million customers and making it one of the largest regulated utilities in the United States. Its stock is primarily held by passive index giants, while a handful of active managers and hedge funds have been making larger moves.
- Vanguard Group: 105.0M shares (12.3%), ~$6.2B. Added 14.7M (+16.2%).
- BlackRock: 49.4M shares (5.8%), ~$2.9B. Added 476K (+1.0%).
- State Street: 46.3M shares (5.4%), ~$2.7B. Added 1.3M (+2.9%).
- Capital Research Global Investors: 44.8M shares (5.3%), ~$2.6B. Boosted 21.7M (+94.1%).
- Wellington Management: 29.4M shares (3.5%), ~$1.7B. Increased 11.7M (+66.0%).
One highlight from last quarter is Balyasny Asset Management, led by Dmitry Balyasny, which raised its Dominion stake by more than 435%. The fund now owns about 43K shares worth over $5 million, marking a sharp increase from the prior quarter.
Another notable move came from Squarepoint Ops, which lifted its holdings by 72% to roughly 254K shares valued at $30 million. The increase suggests the firm sees Dominion as attractive in today’s income-driven environment.
Meanwhile, Grantham Mayo Van Otterloo, run by Jeremy Grantham, boosted its stake by 63% to nearly 16K shares worth $1.8 million. While the position is smaller in size, the jump points to selective managers showing more confidence.
Vanguard, BlackRock, and State Street keep Dominion anchored in index portfolios. Capital Research and Wellington have been taking bigger swings, while hedge funds like Balyasny, Squarepoint, and Grantham’s team have leaned more bullish by adding exposure.
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Dominion’s Recent Insider Trades
Insider activity at Dominion this year looks more like scheduled stock compensation and routine grants than active open-market buying. Most of the transactions on May 6, 2025, likely involved directors and executives receiving shares at $54.68, which is consistent with equity awards rather than discretionary buying. These events don’t really signal sentiment one way or the other.
What stands out more are the open-market purchases that followed. In June and August, insiders including Jeffrey Lyash and CEO Robert Blue bought shares at around $56 and $60, respectively. Purchases like these typically send a stronger signal, since they reflect management’s willingness to commit personal capital at current prices.
Here are some notable recent transactions:
- Robert Blue (CEO): Bought ~4.2K shares at ~$60 (Aug 2025).
- Jeffrey Lyash (Director): Bought ~2.9K shares at ~$56 (Jun 2025).
- Multiple directors (including Robert H. Spilman Jr., Vanessa Allen Sutherland, and Kristin Lovejoy) were allocated ~3–6K shares each at ~$55 (May 2025, stock compensation).
Overall, May’s activity looks like stock comp day, while the June and August buys stand out as genuine open-market purchases. That mix suggests insiders are aligned with shareholders and see value in the stock at current levels.
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What the Ownership & Insider Trade Data Tell Us
Taken together, Dominion’s ownership points to strong institutional support with selective managers making aggressive increases. Hedge funds like Balyasny, Squarepoint, and Grantham’s team have added shares, showing some appetite for the stock as a steady yield play.
Insiders, however, have mostly sold small amounts and have not stepped in with meaningful purchases. That does not necessarily mean weakness, but it does highlight a lack of strong conviction from leadership at current prices.
Dominion looks like a stable utility positioned for dependable dividends. Institutions appear comfortable holding it for steady income, while insiders have not shown the same level of enthusiasm through personal buying.
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