Power and water utility stocks slid the most among major sectors despite relatively strong earnings from Public Service Enterprise Group and Duke Energy.
Public Service Enterprise Group posted a higher profit in its latest quarter while adjusted earnings per share came in ahead of Wall Street’s estimates. The Newark, N.J., utility holding company on Tuesday reported $585 million in net income, or $1.17 a share, for the second quarter, up from $434 million, or 87 cents a share, in the prior-year period.
Brookfield Asset Management is set to invest $6 billion for a nearly one-fifth stake in Duke Energy’s Florida division which will help support its energy modernization strategy. Duke on Tuesday said it has entered into a definitive agreement with Brookfield in which the Canadian alternative asset management company will receive a 19.7% indirect equity interest in Duke Energy Florida in an all-cash transaction Duke calls “an attractive and efficient form of financing.”
Duke Energy reported second quarter earnings per share of $1.25, supported by higher electric rates and volumes but offset by higher costs and interest expense. Residential sales rose 1.0% and commercial/industrial rose 0.6%.
American Water Works announced the pricing of a registered underwritten offering of 7 million shares of its common stock at a price to the public of $142.
Write to Patrick Sullivan at patrick.sullivan@wsj.com
(END) Dow Jones Newswires
August 05, 2025 18:01 ET (22:01 GMT)
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