CHARLOTTE, N.C. - Duke Energy (NYSE:DUK), one of the largest energy holding companies in the United States, announced today its quarterly cash dividend payments for common and preferred stock shareholders. The common stock dividend is set at $1.045 per share, and the Series A preferred stock dividend will be $359.375 per share, which is equivalent to $0.359375 per depositary share.
These dividends are scheduled for payment on December 16, 2024, to shareholders who are on record by the close of business on November 15, 2024. The company's commitment to providing shareholder returns is demonstrated by its track record of paying cash dividends on its common stock for 98 consecutive years.
Duke Energy, headquartered in Charlotte, N.C., serves approximately 8.4 million customers across six states and owns a diverse energy portfolio of 54,800 megawatts of capacity. Additionally, the company's natural gas utilities provide service to 1.7 million customers in five states.
The company is actively engaged in a transition to clean energy, aiming for net-zero methane emissions from its natural gas operations by 2030 and net-zero carbon emissions from its electricity generation by 2050. As part of its strategy, Duke Energy is making significant investments in electric grid upgrades and cleaner generation options, including energy storage, renewable sources, natural gas, and nuclear power.
This announcement is based on a press release statement from Duke Energy.
In other recent news, Duke Energy has restored power to over 2 million customers in the Carolinas following Hurricane Helene's damage. The company is employing helicopters and drones to expedite restoration efforts and rebuild electrical infrastructure. BMO Capital has maintained its Outperform rating on Duke Energy, adjusting its third-quarter earnings estimate to $1.68, a decrease from the previous year's $1.94.
For the fourth quarter of 2024, BMO Capital revised its earnings estimate for Duke Energy upward to $1.73 from $1.51. Duke Energy secured a $57 million grant from the U.S. Department of Energy for the reconstruction of a key power line in North Carolina, expected to create around 550 jobs and improve grid reliability. The company also issued $1 billion in junior subordinated debentures as part of its capital management strategy.
Edward Jones reiterated its Buy rating on Duke Energy, citing the company's above-average dividend yield and substantial capital investment plans. BMO Capital Markets raised the price target for Duke Energy from $120 to $126, following a recent settlement agreement involving Piedmont Natural Gas, a subsidiary of Duke Energy. Despite these positive strides, Mizuho Securities maintained a neutral stance due to concerns over industrial load forecasts and potential policy changes.
InvestingPro Insights
Duke Energy's commitment to shareholder returns, as highlighted in the announcement of its quarterly dividend payments, is further reinforced by InvestingPro data. The company boasts a dividend yield of 3.67% and has demonstrated a dividend growth of 3.98% over the last twelve months as of Q2 2024. This aligns with an InvestingPro Tip indicating that Duke Energy has raised its dividend for 16 consecutive years, underscoring its dedication to providing consistent returns to shareholders.
The company's financial health appears robust, with a market capitalization of $85.79 billion and revenue of $29.59 billion over the last twelve months as of Q2 2024. Duke Energy's profitability is evident, as noted in another InvestingPro Tip, which states that the company has been profitable over the last twelve months. This is reflected in its P/E ratio of 20.54, suggesting investor confidence in the company's earnings potential.
Duke Energy's position as a prominent player in the Electric Utilities industry, as mentioned in an InvestingPro Tip, is supported by its substantial customer base and diverse energy portfolio detailed in the article. This status, combined with the company's clean energy transition goals, may contribute to its long-term stability and growth prospects.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights. Currently, there are 9 more InvestingPro Tips available for Duke Energy, providing a deeper understanding of the company's financial position and market performance.
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