The company just sold its natural gas assets to Berkshire Hathaway (Ticker: BRK.B / BRK.A). Once the deal was made, financial analysts downgraded the remaining business of Dominion Energy.
Accompanies with the gas assets acquisition new, the company also announced the cancellation of the Atlantic Coast Pipeline, a combined effort with Duke Energy (Ticker: DUK) to transport gas along the Appalachian trail due to rising uncertainties and delays.
What's most disappointing to us is that the company plans to use almost all the money it receives from Berkshire Hathaway to repurchase stocks. This is despite the company's capital-intensive aspirations to grow and transition to renewable energy sources by 2035.
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