Duke Energy (NYSE:DUK) Announces Earnings Results

Duke Energy (NYSE:DUKGet Rating) issued its earnings results on Thursday. The utilities provider reported $1.14 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.04), Briefing.com reports. Duke Energy had a return on equity of 8.52% and a net margin of 14.47%. The business had revenue of $6.69 billion for the quarter, compared to analyst estimates of $5.79 billion. During the same period last year, the business posted $1.15 EPS. Duke Energy’s revenue was up 16.1% on a year-over-year basis. Duke Energy updated its FY22 guidance to $5.30-5.60 EPS and its FY 2022 guidance to $5.30-$5.60 EPS.

Duke Energy Price Performance

Shares of Duke Energy stock traded down $1.09 on Thursday, hitting $109.73. The company’s stock had a trading volume of 2,953,908 shares, compared to its average volume of 2,875,842. The company has a quick ratio of 0.51, a current ratio of 0.72 and a debt-to-equity ratio of 1.26. The firm has a fifty day moving average price of $106.88 and a 200-day moving average price of $107.15. Duke Energy has a 52-week low of $95.48 and a 52-week high of $116.33. The company has a market capitalization of $84.48 billion, a P/E ratio of 23.28, a price-to-earnings-growth ratio of 3.35 and a beta of 0.34.

Duke Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 16th. Shareholders of record on Friday, August 12th will be issued a $1.005 dividend. This is a positive change from Duke Energy’s previous quarterly dividend of $0.99. The ex-dividend date is Thursday, August 11th. This represents a $4.02 annualized dividend and a yield of 3.66%. Duke Energy’s dividend payout ratio is 82.77%.

Analyst Ratings Changes

Several research firms have issued reports on DUK. Wells Fargo & Company upped their price objective on shares of Duke Energy from $109.00 to $120.00 in a research note on Tuesday, May 10th. KeyCorp cut their price target on Duke Energy from $121.00 to $116.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 19th. Credit Suisse Group reduced their price objective on Duke Energy from $125.00 to $117.00 in a research note on Tuesday, May 10th. Morgan Stanley lifted their target price on shares of Duke Energy from $107.00 to $114.00 and gave the company an “equal weight” rating in a report on Thursday, July 21st. Finally, Barclays decreased their price target on shares of Duke Energy from $119.00 to $110.00 in a research note on Monday, July 18th. Eight research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Duke Energy has a consensus rating of “Hold” and a consensus target price of $112.18.

Insiders Place Their Bets

In other news, CFO Steven K. Young sold 415 shares of the firm’s stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $107.75, for a total transaction of $44,716.25. Following the completion of the transaction, the chief financial officer now directly owns 114,072 shares of the company’s stock, valued at approximately $12,291,258. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Over the last quarter, insiders sold 1,245 shares of company stock worth $137,021. Insiders own 0.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DUK. Eaton Vance Management raised its position in shares of Duke Energy by 127.8% in the first quarter. Eaton Vance Management now owns 1,151,162 shares of the utilities provider’s stock valued at $128,538,000 after buying an additional 645,882 shares during the last quarter. Royal Bank of Canada raised its holdings in Duke Energy by 4.3% in the 1st quarter. Royal Bank of Canada now owns 7,647,858 shares of the utilities provider’s stock valued at $853,961,000 after acquiring an additional 318,102 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Duke Energy by 7.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,826,454 shares of the utilities provider’s stock worth $315,602,000 after purchasing an additional 184,819 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Duke Energy by 2.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 7,330,211 shares of the utilities provider’s stock worth $818,493,000 after purchasing an additional 180,823 shares during the last quarter. Finally, Bridgewater Associates LP grew its position in shares of Duke Energy by 1,250.5% in the first quarter. Bridgewater Associates LP now owns 183,575 shares of the utilities provider’s stock valued at $20,498,000 after purchasing an additional 169,982 shares during the period. 62.35% of the stock is currently owned by hedge funds and other institutional investors.

About Duke Energy

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Duke Energy Corporation, together with its subsidiaries, operates as an energy company in the United States. It operates through three segments: Electric Utilities and Infrastructure, Gas Utilities and Infrastructure, and Commercial Renewables. The Electric Utilities and Infrastructure segment generates, transmits, distributes, and sells electricity in the Carolinas, Florida, and the Midwest; and uses coal, hydroelectric, natural gas, oil, renewable generation, and nuclear fuel to generate electricity.

Further Reading

Earnings History for Duke Energy (NYSE:DUK)

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