Shares of North Carolina-based electric utility company Duke Energy (DUK) closed 1.1% higher on Thursday after the company reported strong year-over-year financial results for the second quarter of 2021. However, shares of the company slipped 0.6% in after-hours trading as revenues missed estimates.
Duke Energy owns 51,000 megawatts of energy capacity and serves 7.9 million customers across Kentucky, Ohio, Indiana, Florida, South Carolina and North Carolina. (See Duke Energy stock chart on TipRanks)
Adjusted earnings per share (EPS) came in at $1.15, higher than the Street’s estimate of $1.09 and the year-ago EPS of $1.08. Total operating revenues amounted to $5.76 billion, up from $5.4 billion reported in the second quarter of 2020 but missing analysts’ expectations of $5.93 billion.
Electric Utilities and Infrastructure segment’s income rose to $935 million from $753 million in the previous year. Income of Gas Utilities and Infrastructure stood at $17 million, compared to a loss of $1.58 billion in the year-ago quarter. The Commercial Renewables segment’s income declined to $47 million from $90 million in the second quarter of 2020.
The Chairman, President and CEO of Duke Energy, Lynn Good, said, “We expect 2021 adjusted EPS to be in the range of $5 to $5.30 and expect to grow earnings 5% to 7% through 2025, based off the $5.15 midpoint.”
Last month, RBC Capital analyst Shelby Tucker maintained a Buy rating on the stock with a price target of $109 (1% upside potential). The analyst expects the company to report EPS of $0 in the third quarter.
Overall, the stock has a Moderate Buy consensus based on 4 Buys and 4 Holds. The average Duke Energy price target of $106.75 implies 1.1% downside potential. Shares of the company have gained 28.2% over the past year.
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