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UBS lowered the firm's price target on Dominion to $57 from $60 and keeps a Neutral rating on the shares. Following passage of a comprehensive utility reform bill last month by the Virginia legislature, the parameters now appear set for the next phase of Dominion's business review, the analyst tells investors in a research note. The firm thinks a blueprint is in place to ultimately fix many long- standing issues for the stock, but thinks think it could trade closer to a double-digit discount on its estimates given the uncertainty around execution risk.

Guggenheim analyst Shahriar Pourreza lowered the firm's price target on Dominion to $63 from $69 and keeps a Buy rating on the shares after lawmakers reached a deal over the weekend on utility regulatory reform in Virginia. The bill prescribes a 9.7% base ROE through 2025, alongside many other important changes, said the firm, which views the deal as "welcome execution on a key stage of the strategic reset." Several of the more favorable components that underpinned the firm's prior estimates did not ultimately make it into the final document, but certain aspects, such as a potential 50 basis points performance incentive, "were positive surprises" and the firm calls the deal "a sensible compromise."

BMO Capital analyst James Thalacker lowered the firm's price target on Dominion to $61 from $66 but keeps an Outperform rating on the shares. The analyst cites the Virginia House and Senate coming together in conference to pass legislation to modify the Virginia Electric Utility Regulation Act, with the key pieces of legislation including the support for deferred fuel securitization and facilitating the sale of a minority interest in the company's Coastal Virginia Offshore Wind project. The firm is updating its model and cutting Dominion's FY23 EPS view by 28c to $3.80, though it also believes that the combination of improved earnings quality at VEPCO and reduced regulatory/ political risk in VA should over time help the stock rerate as investors are able to focus on the company's even more simplified regulated growth story.

Mizuho analyst Anthony Crowdell lowered the firm's price target on Dominion to $58 from $62 and keeps a Neutral rating on the shares. On Saturday the Virginia legislature passed a rate relief bill that provides for a two-year return on equity of 9.7% and 52.1% equity ratio, ability to securitize unrecovered fuel, and over-earning sharing increased from 70% to 85%, the analyst tells investors in a research note. The firm reduced estimates to reflect the lower return on equity.