Duke Energy stock price target raised to $100 from $95 at CFRA

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Duke Energy’s stock gains after profit rises above expectations, but revenue comes up shy

Shares of Duke Energy Corp. rose 0.5% in premarket trading Friday, after the electricity generating company reported a third-quarter profit that beat expectations but revenue that came up shy. Net income rose to $1.33 billion, or $1.82 a share, from $1.08 billion, or $1.51 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share increased to $1.79 from $1.65, above the FactSet consensus of $1.68, citing investments at electric and gas utilities, favorable weather and lower expenses. Revenue rose to $6.94 billion from $6.63 billion, but missed the FactSet consensus of $7.17 billion. The company revised its 2019 adjusted EPS guidance range, which raised the midpoint of the guidance, to $4.95 to $5.15 from $4.80 to $5.20. Duke’s stock has gained 7.3% year to date through Thursday, while the Dow Jones Utility Average has rallied 17.6% and the Dow Jones Industrial Average has climbed 18.6%.

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