Duke Energy Corp (NYSE:DUK) issued the following statement in response to the Indiana Utility Regulatory Commission’s May 8, 2015 denial of the company’s Indiana grid modernization proposal:
We’re still reviewing the order and considering our options, but we remain committed to making critically needed investments to modernize our system for the benefit of our customers. We expect to file with the Indiana Utility Regulatory Commission a revised plan that responds to the guidance given and the issues raised in the commission’s order. This is one of the first times this new law has been interpreted, and it’s being clarified for all Indiana utilities at the commission and in the Indiana Court of Appeals.
This is an important initiative, and reliable energy depends on thousands of miles of power lines moving electricity from place to place. Our electric grid is aging and many components need to be updated and replaced. There’s also advanced technology now that can pinpoint power outages, speed service restoration and provide for better, faster communication with customers. We need to modernize our electric grid and bring our system into the 21st century. It’s a plan that also generates jobs and investment in Indiana. (Original Source)
Shares of Duke Energy closed last Friday at $77.11 . DUK has a 1-year high of $89.97 and a 1-year low of $68.81. The stock’s 50-day moving average is $77.30 and its 200-day moving average is $80.17.
On the ratings front, Duke Energy has been the subject of a number of recent research reports. In a report issued on May 7, RBC analyst Shelby Tucker reiterated a Buy rating on DUK, with a price target of $93, which implies an upside of 20.6% from current levels. Separately, on May 4, Barclays’ Daniel Ford maintained a Hold rating on the stock and has a price target of $82.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Shelby Tucker and Daniel Ford have a total average return of 2.5% and 9.2% respectively. Tucker has a success rate of 66.7% and is ranked #1894 out of 3596 analysts, while Ford has a success rate of 72.5% and is ranked #523.
The street is mostly Neutral on DUK stock. Out of 5 analysts who cover the stock, 3 suggest a Hold rating and 2 recommend to Buy the stock. The 12-month average price target assigned to the stock is $85.40, which implies an upside of 10.8% from current levels.
Duke Energy Corporation operates as an energy company. The Company operates in three business segments; Regulated Utilities, International Energy and Commercial Power.