Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

DUKE ENERGY CORPORATION

(DUK)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Elliott Management Has Stake in Duke Energy -- Update

05/10/2021 | 12:17pm EDT

By Cara Lombardo

Activist investor Elliott Management Corp. has a stake in Duke Energy Corp. and is pushing the utility to add directors to its board and possibly take other actions to boost its stock price, according to people familiar with the matter.

Duke has been in discussions with Elliott, the people said. Elliott might also urge Duke to sell some assets or make operational improvements, some of the people said. The size of Elliott's position couldn't be learned.

Charlotte, N.C.-based Duke, which has a market value of around $79 billion and some $55 billion of long-term debt, provides electricity to nearly eight million customers in six states including the Carolinas, some Midwestern states and Florida. It distributes natural gas to 1.6 million customers in Ohio, Kentucky, Tennessee and the Carolinas.

In recent months, Moody's Investors Service and others have lowered Duke's long-term debt rating, partly in response to the recent settlement of litigation concerning the cleanup of ash from the company's coal-fired plants.

Duke in a written statement didn't comment on Elliott's stake but cited its "strong progress over the last year that has cleared a path forward for growth, resolved equity needs at a premium valuation, settled rate cases and coal ash litigation, and accelerated our clean energy transformation, all of which has led us to increase our long-term EPS growth rate and outperform the S&P Utility Index."

The Wall Street Journal reported last year that NextEra Energy Inc., the largest public utility in the U.S., made a takeover approach to Duke that was rebuffed. It subsequently made another approach about a deal for just Duke Energy Florida, according to people familiar with the matter; so far at least, nothing has come of that.

Duke on Monday reported mixed first-quarter results, with profit and revenue just under what analysts had forecast. The company had $992 million in net income, up from $938 million for the same period last year, and total revenue of $6.15 billion, up from $5.95 billion. It said its main electric utilities and infrastructure division benefited from higher rates and favorable comparisons.

Elliott, which has more than $40 billion under management, has a long record of investing in power and utility companies. It previously targeted companies including Evergy Inc. and Sempra Energy.

Another activist investor, Carl Icahn, recently took a stake in FirstEnergy Corp. of Ohio, with an eye toward pushing the utility to improve its compliance and settle litigation resulting from a bribery scandal. The utility later reached a deal to add two Icahn appointees to its board and has since said it began discussions with the U.S. Department of Justice to resolve the litigation.

Katherine Blunt contributed to this article.

Write to Cara Lombardo at cara.lombardo@wsj.com

(END) Dow Jones Newswires

05-10-21 1417ET

Stocks mentioned in the article
ChangeLast1st jan.
DUKE ENERGY CORPORATION -1.17% 99.23 Delayed Quote.8.38%
EVERGY, INC. -1.29% 61.08 Delayed Quote.10.03%
WTI 0.12% 73.236 Delayed Quote.51.56%
All news about DUKE ENERGY CORPORATION
03:28pDUKE ENERGY  : 20,000 spotted seatrout released in Florida's Pine Island Park
PU
07:21aBASF  : U.S. solar developers see opportunity in America's post-industrial lands
RE
06/22DUKE ENERGY  : Begins Construction of Stony Knoll Solar Power Plant in North Car..
MT
06/22DUKE ENERGY  : begins construction on largest solar plant in Surry County, N.C.
PR
06/21SECTOR UPDATE : Energy Stocks, Propelled by Crude Oil Gains, Riding Monday Surge
MT
06/21DUKE ENERGY  : Seeks to Renew Oconee Nuclear Station's Licenses for 20 More Year..
MT
06/21DUKE ENERGY  : seeks subsequent license renewal for Oconee Nuclear Station
PR
06/21DUKE ENERGY  : Morgan Stanley Adjusts Price Target on Duke Energy to $108 From $..
MT
06/14DUKE ENERGY  : lauded for 2020 hurricane response, urges customers to prepare fo..
PU
06/11DUKE ENERGY CORP  : Regulation FD Disclosure, Financial Statements and Exhibits ..
AQ
More news
Financials (USD)
Sales 2021 25 860 M - -
Net income 2021 3 953 M - -
Net Debt 2021 65 119 M - -
P/E ratio 2021 19,1x
Yield 2021 3,97%
Capitalization 76 307 M 76 307 M -
EV / Sales 2021 5,47x
EV / Sales 2022 5,44x
Nbr of Employees 27 535
Free-Float 95,0%
Chart DUKE ENERGY CORPORATION
Duration : Period :
Duke Energy Corporation Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends DUKE ENERGY CORPORATION
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 18
Last Close Price 99,20 $
Average target price 105,19 $
Spread / Average Target 6,04%
EPS Revisions
Managers and Directors
NameTitle
Lynn J. Good Chairman, President & Chief Executive Officer
Steven K. Young Chief Financial Officer & Executive Vice President
Bonnie Titone Chief Information Officer
Dhiaa M. Jamil Chief Operating Officer & Executive Vice President
Melissa Feldmeier Chief Ethics & Compliance Officer, Vice President
Sector and Competitors
1st jan.Capitalization (M$)
DUKE ENERGY CORPORATION8.38%77 230
NEXTERA ENERGY-3.94%145 363
ENEL S.P.A.-2.03%98 113
IBERDROLA, S.A.-7.61%81 498
SOUTHERN COMPANY1.74%65 720
DOMINION ENERGY, INC.0.60%61 014