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MarketScreener Homepage  >  Equities  >  Nyse  >  Duke Energy Corporation    DUK

DUKE ENERGY CORPORATION

(DUK)
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Duke 2Q Profit Hit by Pipeline Exit; Utility Sees Lower Volumes Due to Pandemic

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08/10/2020 | 08:34am EDT

By Micah Maidenberg

 

Duke Energy Corp. reported a second-quarter loss after the utility and a partner stopped trying to build the Atlantic Coast Pipeline and Duke reported lower volumes due to the Covid-19 pandemic.

Duke on Monday said it lost $817 million, or $1.13 a share, down from a profit of $820 million, or $1.12 a share, for the second quarter last year.

Last month, Duke and Dominion Energy Inc. said they would abandon the proposed $8 billion Atlantic Coast Pipeline, which was meant to move natural gas some 600 miles through West Virginia, Virginia and North Carolina.

Dominion said then it would sell the rest of its gas transmission and storage unit to Warren Buffett's Berkshire Hathaway Inc. for $9.7 billion including debt.

Duke said expenses related to its stake in the pipeline totaled $1.63 billion for the second quarter.

Excluding those costs, the company reported an adjusted profit of $1.08 a share, 5 cents more than forecasts from analysts, according to FactSet.

Operating revenue fell to $5.42 billion, lower than the consensus estimate of $5.85 billion, from $5.87 billion year over year.

Commercial and industrial customers used less power in the quarter, Duke said, weighing on volumes.

Duke said its cost-savings measures saved $170 million, offsetting "lower volumes and higher costs related to the pandemic."

 

Write to Micah Maidenberg at micah.maidenberg@wsj.com

 


Stocks mentioned in the article
ChangeLast1st jan.
BERKSHIRE HATHAWAY INC. 0.42% 303000 Delayed Quote.-10.77%
DOMINION ENERGY, INC. 1.44% 80.95 Delayed Quote.-2.26%
DUKE ENERGY CORPORATION 1.38% 92.24 Delayed Quote.1.13%
WTI 0.07% 36.195 Delayed Quote.-36.69%
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Financials (USD)
Sales 2020 25 403 M - -
Net income 2020 3 116 M - -
Net Debt 2020 63 867 M - -
P/E ratio 2020 22,8x
Yield 2020 4,19%
Capitalization 67 836 M 67 836 M -
EV / Sales 2020 5,18x
EV / Sales 2021 5,09x
Nbr of Employees 28 793
Free-Float 94,7%
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Technical analysis trends DUKE ENERGY CORPORATION
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 94,67 $
Last Close Price 92,24 $
Spread / Highest target 14,9%
Spread / Average Target 2,63%
Spread / Lowest Target -7,85%
EPS Revisions
Managers
NameTitle
Lynn J. Good Chairman, President & Chief Executive Officer
Dhiaa M. Jamil Chief Operating Officer & Executive Vice President
Steven K. Young Chief Financial Officer & Executive Vice President
Bonnie Titone Chief Information Officer
Michael G. Browning Lead Independent Director
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NEXTERA ENERGY22.25%145 873
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IBERDROLA, S.A.11.33%74 443
DOMINION ENERGY, INC.-2.26%66 972
ORSTED A/S37.01%62 606