Josh Brown adds Dominion Energy to his 'best stocks in the market'

Investment Thesis - Dominion Energy is positioned as a growth stock due to its role in supplying electricity to data centers, particularly in Lowden County, Virginia, which handles 70% of global internet traffic [2][8][10] - The company's traditional shareholder base, attracted by its dividend payments, is now joined by investors recognizing the increasing electricity demand driven by AI and data center buildout [9] - The stock is potentially breaking out above historical resistance at around $60-$61, supported by a moving average crossover (golden cross) [6] Growth Drivers - Amazon has invested $52 billion between 2011 and 2021 in the region and committed to spending another $35 billion between now and 2040, with plans to add 42 million square feet of data center space [3] - Dominion Energy experienced nine of its top 10 all-time peak electricity demand days in Virginia this year [4] - Hyperscaler capex is reaccelerating, leading to increased data center and energy needs, indicating a secular trend for utility companies [10] - Natural gas is expected to fill the void in power generation for data center demand, further benefiting utility companies [11] Financials and Catalysts - Dominion Energy affirmed its dividend and earnings outlook for the year, maintaining its creditworthiness [5] - The company has a 45% yield [7] - A rate case decision is expected in September, which could act as a catalyst if regulators approve increased rates for serving data centers [6][7] Risk Management - A break below $50 would be a signal to re-evaluate the investment [7]