Covington Investment Advisors Inc. Cuts Stock Position in Duke Energy Co. (NYSE:DUK)

Covington Investment Advisors Inc. reduced its position in Duke Energy Co. (NYSE:DUK) by 4.5% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 49,402 shares of the utilities provider’s stock after selling 2,352 shares during the period. Covington Investment Advisors Inc.’s holdings in Duke Energy were worth $4,952,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Northwest Investment Counselors LLC purchased a new position in Duke Energy in the first quarter worth $25,000. Fortitude Family Office LLC grew its stake in Duke Energy by 69.6% during the 2nd quarter. Fortitude Family Office LLC now owns 290 shares of the utilities provider’s stock worth $29,000 after buying an additional 119 shares during the last quarter. Olistico Wealth LLC acquired a new position in Duke Energy during the 2nd quarter valued at about $30,000. Riverview Trust Co acquired a new stake in Duke Energy in the first quarter worth about $30,000. Finally, Sachetta LLC increased its holdings in shares of Duke Energy by 41.9% during the second quarter. Sachetta LLC now owns 325 shares of the utilities provider’s stock valued at $36,000 after acquiring an additional 96 shares in the last quarter. Hedge funds and other institutional investors own 65.31% of the company’s stock.

Duke Energy Trading Up 0.7 %

Shares of Duke Energy stock opened at $115.97 on Monday. The firm has a 50-day simple moving average of $113.50 and a two-hundred day simple moving average of $104.71. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.53 and a current ratio of 0.81. Duke Energy Co. has a fifty-two week low of $83.06 and a fifty-two week high of $118.31. The company has a market cap of $89.50 billion, a P/E ratio of 29.14, a price-to-earnings-growth ratio of 3.22 and a beta of 0.47.

Duke Energy (NYSE:DUK) last issued its quarterly earnings data on Tuesday, August 6th. The utilities provider reported $1.18 EPS for the quarter, beating the consensus estimate of $1.02 by $0.16. The company had revenue of $7.17 billion for the quarter, compared to analyst estimates of $6.84 billion. Duke Energy had a return on equity of 9.71% and a net margin of 14.29%. Duke Energy’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same period last year, the company earned $0.91 earnings per share. As a group, equities analysts predict that Duke Energy Co. will post 5.97 earnings per share for the current fiscal year.

Duke Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 16th were issued a dividend of $1.045 per share. This represents a $4.18 annualized dividend and a yield of 3.60%. This is an increase from Duke Energy’s previous quarterly dividend of $1.03. The ex-dividend date was Friday, August 16th. Duke Energy’s dividend payout ratio (DPR) is presently 105.03%.

Wall Street Analyst Weigh In

Several research firms have weighed in on DUK. Royal Bank of Canada reissued an “outperform” rating and set a $135.00 target price on shares of Duke Energy in a research report on Thursday, August 29th. The Goldman Sachs Group upped their target price on Duke Energy from $102.00 to $113.00 and gave the company a “neutral” rating in a research report on Monday, August 12th. Scotiabank lifted their price target on Duke Energy from $104.00 to $113.00 and gave the stock a “sector perform” rating in a research report on Tuesday, August 20th. Bank of America increased their price objective on Duke Energy from $116.00 to $118.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Finally, KeyCorp upped their target price on Duke Energy from $117.00 to $121.00 and gave the company an “overweight” rating in a research report on Monday, September 16th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Duke Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $116.79.

Insider Activity

In related news, EVP Louis E. Renjel sold 540 shares of the firm’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $113.64, for a total value of $61,365.60. Following the transaction, the executive vice president now directly owns 19,884 shares of the company’s stock, valued at approximately $2,259,617.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.10% of the company’s stock.

Duke Energy Profile

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.