Duke Energy Corporation (DUK), headquartered in Charlotte, North Carolina, is one of the largest energy holding companies in the U.S. The company’s electric utilities serve 8.4 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio, and Kentucky. Valued at $93.2 billion by market cap, the company collectively owns approximately 54,800 megawatts of energy capacity. DUK is also investing in electric grid upgrades and cleaner generation. The leading energy company is expected to announce its fiscal third-quarter earnings for 2024 before the market opens on Thursday, Nov. 7.
Ahead of the event, analysts expect DUK to report a profit of $1.85 per share on a diluted basis, down 4.6% from $1.94 per share in the year-ago quarter. The company beat the consensus estimates in three of the last four quarters while missing the forecast on another occasion.
For the full year, analysts expect DUK to report EPS of $5.97, up 7.4% from $5.56 in fiscal 2023. Its EPS is expected to rise 6.4% year over year to $6.35 in fiscal 2025.
DUK stock has outperformed the S&P 500’s ($SPX) 35.9% gains over the past 52 weeks, with shares up 36.9% during this period. However, it underperformed the Utilities Select Sector SPDR Fund’s (XLU) 38.4% gains over the same time frame.
DUK's strong performance is a result of strategic investments in modernizing infrastructure and expanding its renewable generation portfolio, leading to enhanced operational reliability. The company's current focus includes expanding operations, integrating advanced technologies into its facilities, and bolstering its renewable generation capabilities through substantial investments in infrastructure and expansion initiatives. Additionally, DUK's growth has been driven by an increasing customer base and favorable weather conditions.
On Aug. 6, DUK shares closed up more than 1% after reporting its Q2 results. Its adjusted EPS of $1.18 exceeded Wall Street expectations of $1.01. The company’s revenue was $7.2 billion, surpassing Wall Street forecasts of $6.8 billion. Duke Energy expects full-year adjusted EPS to be between $5.85 and $6.10.
Analysts’ consensus opinion on DUK stock is reasonably bullish, with a “Moderate Buy” rating overall. Out of 20 analysts covering the stock, 11 advise a “Strong Buy” rating, one suggests a “Moderate Buy” rating, and eight give a “Hold.” DUK’s average analyst price target is $122, indicating a potential upside of 1% from the current levels.
On the date of publication, Neha Panjwani did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
