Zacks Investment Research Downgrades Duke Energy Corp. (DUK) to Hold
Duke Energy Corp. (NYSE:DUK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “Being a premier utility service provider, Duke Energy invests heavily in infrastructure and expansion projects. The company has undertaken several projects and plans to invest about $25 billion to $30 billion in growth projects over the 2016-2020 time frame. Further, we appreciate Duke Energy’s efforts to expand its renewable asset base in light of increasingly stringent environmental regulations. Going ahead, stringent environmental regulations, pending regulatory cases, volatile commodity prices, severe weather patterns and foreign exchange risks may hinder Duke Energy’s performance. That said, the company’s stable regulated operations, the Piedmont Natural Gas acquisition, a systematic capital investment program, renewable asset expansion and organized transition toward a more focused business mix will likely provide tailwinds.”
DUK has been the topic of a number of other reports. SunTrust Banks Inc. dropped their target price on shares of Duke Energy Corp. from $83.00 to $81.00 and set a “neutral” rating on the stock in a report on Monday, August 29th. Argus reissued a “hold” rating on shares of Duke Energy Corp. in a report on Wednesday, September 14th. Howard Weil increased their price objective on shares of Duke Energy Corp. from $78.00 to $88.00 and gave the stock a “sector perform” rating in a report on Monday, August 8th. Citigroup Inc. increased their price objective on shares of Duke Energy Corp. from $72.00 to $82.00 and gave the stock a “neutral” rating in a report on Wednesday, July 20th. Finally, Mizuho reaffirmed a “neutral” rating and issued a $75.00 price objective on shares of Duke Energy Corp. in a report on Thursday, June 30th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and one has assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $80.57.
Duke Energy Corp. (NYSE:DUK) traded down 1.76% during mid-day trading on Tuesday, reaching $77.70. 1,622,167 shares of the company were exchanged. The company’s 50 day moving average price is $80.61 and its 200-day moving average price is $81.26. Duke Energy Corp. has a 12 month low of $65.50 and a 12 month high of $87.75. The stock has a market capitalization of $53.53 billion, a P/E ratio of 20.54 and a beta of 0.13.
Duke Energy Corp. (NYSE:DUK) last issued its earnings results on Thursday, August 4th. The company reported $1.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.06. The company had revenue of $5.10 billion for the quarter, compared to analysts’ expectations of $5.71 billion. Duke Energy Corp. had a net margin of 11.39% and a return on equity of 7.85%. During the same period in the prior year, the company earned $0.95 earnings per share. On average, equities analysts expect that Duke Energy Corp. will post $4.59 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 16th. Stockholders of record on Friday, August 12th were given a dividend of $0.855 per share. This is a positive change from Duke Energy Corp.’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend was Wednesday, August 10th. This represents a $3.42 annualized dividend and a dividend yield of 4.32%. Duke Energy Corp.’s dividend payout ratio (DPR) is 90.24%.
In other news, EVP Douglas F. Esamann sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $84.58, for a total transaction of $253,740.00. Following the completion of the transaction, the executive vice president now owns 50,609 shares in the company, valued at approximately $4,280,509.22. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.08% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Jolley Asset Management LLC boosted its position in shares of Duke Energy Corp. by 9.1% in the second quarter. Jolley Asset Management LLC now owns 1,186 shares of the company’s stock valued at $102,000 after buying an additional 99 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its position in shares of Duke Energy Corp. by 8.7% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,250 shares of the company’s stock valued at $107,000 after buying an additional 100 shares during the last quarter. Carnick & Kubik LLC purchased a new position in shares of Duke Energy Corp. during the first quarter valued at approximately $113,000. Sunbelt Securities Inc. boosted its position in shares of Duke Energy Corp. by 14.3% in the second quarter. Sunbelt Securities Inc. now owns 1,523 shares of the company’s stock valued at $131,000 after buying an additional 190 shares during the last quarter. Finally, Mercer Capital Advisers Inc. boosted its position in shares of Duke Energy Corp. by 394.2% in the second quarter. Mercer Capital Advisers Inc. now owns 1,705 shares of the company’s stock valued at $146,000 after buying an additional 1,360 shares during the last quarter. Institutional investors own 56.56% of the company’s stock.
Duke Energy Corp. Company Profile
Duke Energy Corporation (Duke Energy) is an energy company. The Company’s segments include Regulated Utilities, International Energy and Commercial Portfolio. Duke Energy’s subsidiaries include its subsidiary registrants: Duke Energy Carolinas, LLC (Duke Energy Carolinas); Progress Energy, Inc (Progress Energy); Duke Energy Progress, LLC (Duke Energy Progress); Duke Energy Florida, LLC (Duke Energy Florida); Duke Energy Ohio, Inc (Duke Energy Ohio), and Duke Energy Indiana, Inc (Duke Energy Indiana).
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