CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Makes New $4.58 Million Investment in Duke Energy Corporation $DUK

Key Points

• Cushing Asset Management disclosed a new stake in Duke Energy, buying 35,000 shares worth about $4.58 million in the first quarter.
• Duke Energy reported strong quarterly results, posting EPS of $1.93 versus estimates of $1.87 and revenue of $9.18 billion, while revenue rose 11.3% year over year.
• The company recently paid a quarterly dividend of $1.065 per share, implying an annualized yield of about 3.3%; analysts currently have a Moderate Buy consensus with an average price target of $138.33.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT purchased a new stake in shares of Duke Energy Corporation (NYSE:DUK - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 35,000 shares of the utilities provider's stock, valued at approximately $4,583,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Basso Capital Management L.P. acquired a new position in shares of Duke Energy during the fourth quarter worth approximately $25,000. Dorato Capital Management acquired a new stake in shares of Duke Energy in the fourth quarter worth $26,000. Evolution Wealth Management Inc. increased its position in Duke Energy by 1,111.1% during the fourth quarter. Evolution Wealth Management Inc. now owns 218 shares of the utilities provider's stock worth $26,000 after acquiring an additional 200 shares during the period. KERR FINANCIAL PLANNING Corp bought a new position in Duke Energy during the third quarter worth $27,000. Finally, Triumph Capital Management raised its stake in Duke Energy by 68.6% during the 4th quarter. Triumph Capital Management now owns 231 shares of the utilities provider's stock valued at $27,000 after purchasing an additional 94 shares during the last quarter. 65.31% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Duke Energy

In other news, CEO Louis E. Renjel sold 3,500 shares of Duke Energy stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $125.15, for a total value of $438,025.00. Following the sale, the chief executive officer directly owned 21,415 shares in the company, valued at $2,680,087.25. This trade represents a 14.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Harry K. Sideris sold 20,000 shares of the business's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $124.37, for a total transaction of $2,487,400.00. Following the completion of the sale, the chief executive officer directly owned 96,102 shares in the company, valued at approximately $11,952,205.74. This represents a 17.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.12% of the company's stock.

Duke Energy Trading Down 0.1%

Shares of Duke Energy stock opened at $129.44 on Monday. Duke Energy Corporation has a 52-week low of $113.89 and a 52-week high of $134.49. The firm has a market capitalization of $100.91 billion, a PE ratio of 19.82 and a beta of 0.38. The company has a debt-to-equity ratio of 1.45, a current ratio of 0.66 and a quick ratio of 0.44. The company's fifty day moving average price is $125.06 and its two-hundred day moving average price is $124.84.

Duke Energy (NYSE:DUK - Get Free Report) last released its earnings results on Monday, May 4th. The utilities provider reported $1.93 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.87 by $0.06. Duke Energy had a return on equity of 9.73% and a net margin of 15.49%.The firm had revenue of $9.18 billion during the quarter, compared to analysts' expectations of $8.44 billion. During the same quarter in the prior year, the company earned $1.76 EPS. The company's revenue was up 11.3% on a year-over-year basis. On average, analysts expect that Duke Energy Corporation will post 6.71 EPS for the current year.

Duke Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 16th. Investors of record on Friday, May 15th were issued a dividend of $1.065 per share. The ex-dividend date was Friday, May 15th. This represents a $4.26 dividend on an annualized basis and a dividend yield of 3.3%. Duke Energy's dividend payout ratio (DPR) is presently 65.24%.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Truist Financial reduced their price target on shares of Duke Energy from $142.00 to $137.00 and set a "buy" rating for the company in a report on Monday, May 18th. Evercore upped their price objective on shares of Duke Energy from $139.00 to $140.00 in a research report on Monday, May 11th. BMO Capital Markets reduced their target price on shares of Duke Energy from $139.00 to $138.00 in a research note on Wednesday, May 6th. Weiss Ratings reissued a "buy (b)" rating on shares of Duke Energy in a research report on Monday, May 4th. Finally, Jefferies Financial Group cut their price target on Duke Energy from $143.00 to $138.00 in a report on Monday, May 11th. Nine analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to MarketBeat.com, Duke Energy presently has a consensus rating of "Moderate Buy" and an average target price of $138.33.

Duke Energy Profile

Duke Energy Corporation is a U.S.-based electric power holding company headquartered in Charlotte, North Carolina. The company's core business is the generation, transmission and distribution of electricity to residential, commercial and industrial customers. Duke Energy operates a mix of regulated electric utilities and non-regulated energy businesses, providing essential energy infrastructure and services across multiple states.

Its operating activities include owning and operating generation assets across a portfolio that encompasses nuclear, natural gas, coal, hydroelectric and an expanding array of renewable resources, as well as battery storage and grid modernization projects.

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