Magellan Asset Management Ltd Acquires 22,035 Shares of Duke Energy Corporation $DUK

Magellan Asset Management Ltd lifted its stake in Duke Energy Corporation (NYSE:DUK) by 7.9% during the third quarter, HoldingsChannel reports. The firm owned 300,157 shares of the utilities provider’s stock after purchasing an additional 22,035 shares during the period. Magellan Asset Management Ltd’s holdings in Duke Energy were worth $37,144,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Legacy Investment Solutions LLC bought a new position in Duke Energy in the 2nd quarter worth about $28,000. Access Investment Management LLC purchased a new stake in shares of Duke Energy in the second quarter valued at approximately $31,000. Anfield Capital Management LLC grew its stake in Duke Energy by 2,608.3% in the second quarter. Anfield Capital Management LLC now owns 325 shares of the utilities provider’s stock worth $38,000 after purchasing an additional 313 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in Duke Energy during the 3rd quarter worth $39,000. Finally, Total Investment Management Inc. purchased a new stake in shares of Duke Energy in the 2nd quarter worth $46,000. Institutional investors own 65.31% of the company’s stock.

Duke Energy Trading Up 0.6%

NYSE DUK opened at $128.49 on Wednesday. Duke Energy Corporation has a 52 week low of $111.22 and a 52 week high of $130.03. The company has a 50 day moving average price of $120.33 and a 200 day moving average price of $121.96. The company has a quick ratio of 0.33, a current ratio of 0.55 and a debt-to-equity ratio of 1.54. The firm has a market cap of $99.92 billion, a PE ratio of 20.33, a price-to-earnings-growth ratio of 2.77 and a beta of 0.51.

Duke Energy (NYSE:DUK) last issued its quarterly earnings results on Monday, February 9th. The utilities provider reported $1.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.49 by $0.01. Duke Energy had a return on equity of 9.66% and a net margin of 15.41%.The business had revenue of $7.94 billion for the quarter, compared to the consensus estimate of $7.57 billion. During the same period in the prior year, the firm posted $1.66 earnings per share. As a group, sell-side analysts forecast that Duke Energy Corporation will post 6.33 EPS for the current fiscal year.

Duke Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Friday, February 13th will be paid a $1.065 dividend. The ex-dividend date is Friday, February 13th. This represents a $4.26 dividend on an annualized basis and a yield of 3.3%. Duke Energy’s dividend payout ratio (DPR) is 67.41%.

Insiders Place Their Bets

In other news, CEO Louis E. Renjel sold 6,800 shares of the business’s stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $127.67, for a total transaction of $868,156.00. Following the sale, the chief executive officer owned 22,007 shares in the company, valued at approximately $2,809,633.69. The trade was a 23.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.14% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on DUK shares. UBS Group cut their price target on Duke Energy from $135.00 to $126.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 17th. JPMorgan Chase & Co. cut their target price on shares of Duke Energy from $136.00 to $126.00 and set a “neutral” rating on the stock in a research report on Thursday, December 11th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Duke Energy in a research report on Monday, December 29th. Morgan Stanley set a $139.00 price objective on shares of Duke Energy in a report on Friday. Finally, Mizuho set a $130.00 target price on Duke Energy in a report on Tuesday, February 10th. Eleven investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $135.75.

Duke Energy Company 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.