Dominion Energy (D) will cut its quarterly dividend by 33 percent to 63 cents per share in Q4 of 2020. In Q1 of 2020 the utility company had announced that it would raise its quarterly dividend by 2.5 percent to $0.94 per share, marking the 17th consecutive year of dividend increases by the utility company.

The next dividend is payable payable on December 20, 2020, to shareholders of record at the close of business December 4, 2020. A new annualized dividend rate of $2.52 (from $3.76) per share yields 3.0% at a stock price of $83.70.

According to the company this is the 371st consecutive dividend that Dominion Energy or its predecessor company has paid holders of common stock. Dominion does not comment on the dividend cut in its press release dated November 4, 2020. The company's annual payment to shareholders will drop to $2.1 billion.

Dominion Energy is a provider of electricity, natural gas and related services to customers primarily in the eastern and Rocky Mountain regions of the United States. Dominion Energy’s portfolio of assets include electric transmission lines, electric distribution lines, natural gas transmission, gathering and storage pipelines and gas distribution pipelines. In January 2019, Dominion merged with SCANA Corporation, an energy company supplying electric power and natural gas to customers in the Carolinas and Georgia. The company is headquartered in Richmond, Virginia and incorporated in Virginia in 1983.