|Bid||78.55 x 900|
|Ask||78.94 x 800|
|Day's Range||78.42 - 80.52|
|52 Week Range||57.79 - 90.89|
|Beta (5Y Monthly)||0.41|
|PE Ratio (TTM)||139.29|
|Earnings Date||May 05, 2020|
|Forward Dividend & Yield||3.76 (4.69%)|
|Ex-Dividend Date||Sep 03, 2020|
|1y Target Est||81.85|
U.S. energy company Duke Energy Corp said Monday it took a $1.6-billion after-tax charge in the second quarter for the cancellation of the Atlantic Coast natural gas pipeline from West Virginia to North Carolina. Atlantic Coast was the most expensive U.S. gas pipeline under construction when Duke and partner Dominion Energy Inc exited the $8-billion project in July due to regulatory uncertainty following years of delays and billions of dollars of cost overruns.
The bulk of that, $9.8 billion, was attributed to its Precision Castparts division, which has been hard hit by the aerospace slump. Berkshire paid about $32 billion in 2016 to purchase the maker of aircraft parts. Operating income excluding investment gains totaled $5.5 billion, down 10% from $6.1 billion in the second quarter of 2019, while operating income per share was about $3,422 per class A share, in line with the Bloomberg consensus estimate of $3,418 and down 9% from $3,755 a share in the year-earlier period.
Dominion Energy crews continued restoration efforts following Tropical Storm Isaias, working around the clock to return service to customers impacted by the storm. As of 10 am Thursday, service had been restored to more than 97% of 508,000 customers who lost power across Virginia and North Carolina. The company's focus Thursday is on restoration for all remaining customers without power, as the company continues to deploy additional crews to hardest hit areas, including Hampton Roads/Eastern Virginia and the Northern Neck.
Dominion Energy crews have made progress in restoring power to customers following Tropical Storm Isaias, with more than 80% of customers who lost service in Virginia and North Carolina now back online. The company has more than 7,000 workers dedicated to restoration, including equipment and crews hard at work from Dominion Energy South Carolina offices, as well as from utilities as far away as Oklahoma. The vast majority of impacted customers should have power by end-of-day Thursday, with those impacted by more severe damage restored by end-of-day Friday.
Dominion Energy crews have begun restoration efforts following heavy rain, winds with gusts up to 60 mph, and reported tornados from Tropical Storm Isaias in Virginia and northeastern North Carolina. In all, more than 500,000 customers experienced outages as a result of the fast-moving storm. In terms of number of customers impacted, it ranks as the 10th largest storm to date. Crews are already assessing damage and are working around-the-clock to restore power as safely and quickly as possible. As of midday Tuesday, power had been restored to more than 40% of those impacted. However, initial damage surveys indicate that it could take multiple days to restore service for affected customers, particularly in North Carolina, Hampton Roads, Northern Neck and the Middle Peninsula.
Berkshire (ticker BRK.A) has deployed capital in new investments in the energy pipeline sector and (BAC) (BAC) and made a disclosure that implied a sizable stock buyback of about $5 billion in the second quarter. Its largest equity holding, (AAPL) (AAPL), is on a roll and Berkshire’s stake in the company now totals about $100 billion, almost 20% of its market value of $474 billion. Berkshire is hardly a favorite on Wall Street, but the situation is better than at the end of June, when shares were off 21% for the year Berkshire is now down 14% in 2020, versus a 2% total return for the S&P. The Class A shares were up 0.8% on Friday, at $293,631, while the Class B stock rose 0.8%, to $195.78.
Joining today's call are Tom Farrell, chairman, president, and chief executive officer; Jim Chapman executive vice president, chief financial officer, and treasurer; as well as other members of the executive management team. Thank you, Steven, and good morning.
Warren Buffett's recent purchase of Dominion Energy's (NYSE: D) natural gas assets surely managed to stir up some investor interest in the lackluster energy stocks. As always, the legendary investor managed to acquire Dominion assets at an attractive price, thanks to the challenging energy market conditions. Are energy stocks trading at attractive valuations?
|Upgrade||Wolfe Research: Peer Perform to Outperform||7/13/2020|
|Maintains||ScotiaBank: to Sector Perform||7/7/2020|
|Downgrade||Credit Suisse: Outperform to Neutral||7/7/2020|
|Downgrade||Mizuho: Neutral to Underperform||7/7/2020|
|Maintains||Wells Fargo: to Equal-Weight||6/29/2020|
|Maintains||UBS: to Buy||6/22/2020|