Duke Energy Corporation $DUK Shares Sold by California Public Employees Retirement System

Key Points

• California Public Employees Retirement System reduced its Duke Energy stake by 8.9% in the first quarter, selling 184,066 shares and leaving it with 1.88 million shares worth about $246.7 million.
• Duke Energy reported better-than-expected first-quarter earnings, with EPS of $1.93 versus $1.87 estimated and revenue of $9.18 billion versus $8.44 billion expected. Revenue rose 11.3% year over year.
• The company also raised its quarterly dividend to $1.085 per share, or $4.34 annually, for a yield of about 3.5%. This came as several analysts maintained or increased bullish price targets, with consensus rating still at Moderate Buy.

California Public Employees Retirement System trimmed its stake in Duke Energy Corporation (NYSE:DUK - Free Report) by 8.9% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 1,884,247 shares of the utilities provider's stock after selling 184,066 shares during the period. California Public Employees Retirement System owned about 0.24% of Duke Energy worth $246,723,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Duke Energy by 2.6% in the 4th quarter. Vanguard Group Inc. now owns 78,258,757 shares of the utilities provider's stock valued at $9,172,709,000 after purchasing an additional 1,957,592 shares during the last quarter. Amundi lifted its stake in Duke Energy by 56.9% during the fourth quarter. Amundi now owns 2,662,460 shares of the utilities provider's stock worth $312,067,000 after purchasing an additional 965,808 shares in the last quarter. Franklin Resources Inc. lifted its stake in Duke Energy by 13.1% during the fourth quarter. Franklin Resources Inc. now owns 8,236,893 shares of the utilities provider's stock worth $965,446,000 after purchasing an additional 954,907 shares in the last quarter. Milford Funds Ltd. purchased a new position in shares of Duke Energy during the fourth quarter worth $97,905,000. Finally, Cohen & Steers Inc. boosted its position in shares of Duke Energy by 83.3% during the fourth quarter. Cohen & Steers Inc. now owns 1,711,445 shares of the utilities provider's stock worth $200,598,000 after buying an additional 777,878 shares during the period. 65.31% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Duke Energy

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

Duke Energy Stock Down 0.9%

Shares of NYSE DUK opened at $125.04 on Friday. The stock has a market cap of $97.48 billion, a P/E ratio of 19.15, a PEG ratio of 2.78 and a beta of 0.38. The business's fifty day simple moving average is $124.89 and its 200-day simple moving average is $125.42. Duke Energy Corporation has a 12-month low of $113.89 and a 12-month high of $134.49. The company has a current ratio of 0.66, a quick ratio of 0.44 and a debt-to-equity ratio of 1.45.

Duke Energy (NYSE:DUK - Get Free Report) last posted its quarterly earnings results on Monday, May 4th. The utilities provider reported $1.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.87 by $0.06. The company had revenue of $9.18 billion for the quarter, compared to analyst estimates of $8.44 billion. Duke Energy had a return on equity of 9.73% and a net margin of 15.49%.Duke Energy's revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter last year, the company earned $1.76 EPS. As a group, equities analysts predict that Duke Energy Corporation will post 6.72 EPS for the current fiscal year.

Duke Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Friday, August 14th will be issued a $1.085 dividend. This represents a $4.34 annualized dividend and a yield of 3.5%. This is a positive change from Duke Energy's previous quarterly dividend of $1.06. The ex-dividend date of this dividend is Friday, August 14th. Duke Energy's dividend payout ratio is 65.24%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on DUK shares. Barclays cut their price objective on Duke Energy from $143.00 to $134.00 and set an "overweight" rating on the stock in a report on Thursday, June 18th. JPMorgan Chase & Co. lifted their target price on Duke Energy from $136.00 to $141.00 and gave the company a "neutral" rating in a research report on Thursday. Truist Financial boosted their price target on shares of Duke Energy from $137.00 to $138.00 and gave the stock a "buy" rating in a research note on Friday. BTIG Research reissued a "buy" rating and set a $139.00 price target on shares of Duke Energy in a research report on Tuesday, June 2nd. Finally, Evercore raised their price objective on shares of Duke Energy from $139.00 to $140.00 in a research note on Monday, May 11th. Nine research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $138.73.

Key Stories Impacting Duke Energy

Here are the key news stories impacting Duke Energy this week:

• Positive Sentiment: Truist raised its price target on Duke Energy to $138 and reiterated a Buy rating, signaling confidence in the utility’s earnings outlook and suggesting meaningful upside from current levels. Benzinga report on Truist rating update
• Positive Sentiment: JPMorgan also lifted its price target to $141, even while keeping a Neutral rating, which still reflects expectations for solid longer-term value creation. Benzinga report on JPMorgan target increase
• Positive Sentiment: Recent commentary highlighted Duke Energy as one of the utilities best positioned for long-term growth thanks to its strong customer base and large capital expenditure program, with analysts pointing to contracted load and new demand from data centers as supportive of future earnings. Seeking Alpha article
• Neutral Sentiment: Duke Energy is expected to report second-quarter results next month, and analysts are looking for a modest earnings increase, keeping attention on whether the company can deliver on its growth plans. Barchart article
• Neutral Sentiment: Local coverage suggests Clearwater may renew its long-term electricity contract with Duke Energy, which would help preserve customer relationships and support revenue stability. Yahoo Finance article
• Negative Sentiment: North Carolina’s attorney general is challenging proposed Duke Energy Progress rate increases, adding another regulatory hurdle that could limit future pricing power and earnings growth. MSN article
• Negative Sentiment: Additional reports say AG Jeff Jackson is seeking to block nearly $1 billion in Duke Energy rate hikes over the next two years, reinforcing investor concerns about regulatory pushback on returns. Yahoo News article

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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