Covington Investment Advisors Inc. Acquires 1,325 Shares of Duke Energy Corporation (NYSE:DUK)

Covington Investment Advisors Inc. increased its holdings in Duke Energy Corporation (NYSE:DUK) by 2.7% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 50,823 shares of the utilities provider’s stock after purchasing an additional 1,325 shares during the period. Covington Investment Advisors Inc.’s holdings in Duke Energy were worth $6,199,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Investment Management Corp of Ontario grew its position in Duke Energy by 212.8% in the fourth quarter. Investment Management Corp of Ontario now owns 79,989 shares of the utilities provider’s stock valued at $8,618,000 after acquiring an additional 54,413 shares during the period. Andrew Hill Investment Advisors Inc. grew its holdings in shares of Duke Energy by 338.6% in the 1st quarter. Andrew Hill Investment Advisors Inc. now owns 37,763 shares of the utilities provider’s stock worth $4,606,000 after purchasing an additional 29,153 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Duke Energy by 7.7% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 291,667 shares of the utilities provider’s stock worth $35,575,000 after purchasing an additional 20,942 shares during the last quarter. Pinnacle Financial Partners Inc increased its position in shares of Duke Energy by 9.9% during the 1st quarter. Pinnacle Financial Partners Inc now owns 127,419 shares of the utilities provider’s stock worth $14,451,000 after purchasing an additional 11,445 shares in the last quarter. Finally, Beacon Investment Advisory Services Inc. boosted its position in Duke Energy by 8.1% in the first quarter. Beacon Investment Advisory Services Inc. now owns 51,354 shares of the utilities provider’s stock valued at $6,264,000 after buying an additional 3,837 shares in the last quarter. Institutional investors and hedge funds own 65.31% of the company’s stock.

Duke Energy Trading Down 0.5%

Shares of NYSE DUK opened at $125.36 on Friday. Duke Energy Corporation has a fifty-two week low of $105.20 and a fifty-two week high of $127.85. The firm has a market capitalization of $97.48 billion, a P/E ratio of 20.38, a P/E/G ratio of 3.03 and a beta of 0.36. The company has a debt-to-equity ratio of 1.55, a current ratio of 0.66 and a quick ratio of 0.50. The company’s 50 day simple moving average is $118.24 and its 200 day simple moving average is $117.53.

Duke Energy (NYSE:DUK) last posted its quarterly earnings results on Tuesday, August 5th. The utilities provider reported $1.25 earnings per share for the quarter, missing analysts’ consensus estimates of $1.29 by ($0.04). Duke Energy had a net margin of 15.51% and a return on equity of 9.85%. The company had revenue of $7.51 billion during the quarter, compared to analyst estimates of $7.07 billion. During the same period last year, the company earned $1.18 EPS. The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. On average, analysts predict that Duke Energy Corporation will post 6.33 EPS for the current year.

Duke Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Friday, August 15th will be paid a dividend of $1.065 per share. This represents a $4.26 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Friday, August 15th. This is a positive change from Duke Energy’s previous quarterly dividend of $1.05. Duke Energy’s payout ratio is 67.97%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on DUK. UBS Group reaffirmed a “neutral” rating and set a $127.00 price objective (up previously from $124.00) on shares of Duke Energy in a report on Friday, July 11th. Wells Fargo & Company raised their price target on Duke Energy from $127.00 to $138.00 and gave the company an “overweight” rating in a report on Wednesday, May 7th. Citigroup boosted their price objective on Duke Energy from $130.00 to $142.00 and gave the stock a “buy” rating in a research note on Wednesday, May 7th. JPMorgan Chase & Co. lifted their price target on Duke Energy from $122.00 to $127.00 and gave the company a “neutral” rating in a report on Tuesday, July 15th. Finally, Scotiabank increased their price objective on shares of Duke Energy from $120.00 to $128.00 and gave the stock a “sector perform” rating in a report on Wednesday. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $129.20.

About Duke Energy

Duke Energy Corporation, together with its subsidiaries, operates as an energy company in the United States. It operates through two segments: Electric Utilities and Infrastructure (EU&I), and Gas Utilities and Infrastructure (GU&I). The EU&I segment generates, transmits, distributes, and sells electricity in the Carolinas, Florida, and the Midwest.