CHARLOTTE, N.C. - Duke Energy (NYSE: NYSE:DUK), a leading American energy company, announced today that it will pay a quarterly cash dividend to its shareholders. The declared dividend for common stock is $1.025 per share and will be payable on June 17, 2024, to shareholders of record as of May 17, 2024.
In addition, the company has declared a quarterly cash dividend for its Series A preferred stock. Shareholders of record by May 17, 2024, will receive $359.375 per share, which is equivalent to $0.359375 per depositary share, also payable on June 17, 2024.
The announcement marks a continuation of Duke Energy's long-standing practice of paying dividends, having done so for 98 consecutive years. This consistent dividend payment underscores the company's financial stability and commitment to providing value to its investors.
Duke Energy, a Fortune 150 company headquartered in Charlotte, North Carolina, serves approximately 8.4 million customers across six states with its electric utilities. The company also operates natural gas utilities that serve 1.7 million customers in the Carolinas, Tennessee, Ohio, and Kentucky.
As part of its operations, Duke Energy owns 54,800 megawatts of energy capacity and is actively engaged in transitioning to cleaner energy sources. With goals of achieving net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050, the company is investing in significant grid upgrades, energy storage, renewable resources, and maintaining its natural gas and nuclear facilities.
The information regarding the dividend payments is based on a press release statement issued by Duke Energy.
InvestingPro Insights
Duke Energy's recent announcement of its upcoming dividend payments reflects its robust financial practices and investor-friendly approach. The company's commitment to shareholder returns is further evidenced by its track record of raising dividends for 16 consecutive years, a trend that is especially attractive to income-focused investors. This dedication to consistent dividend growth is a testament to Duke Energy's financial health and strategic business management.
Analyzing the company through the lens of InvestingPro data, Duke Energy currently boasts a market capitalization of $79.32 billion and trades at a P/E ratio of 25.84. Notably, the adjusted P/E ratio for the last twelve months as of Q1 2024 is 17.75, suggesting a more favorable valuation in terms of near-term earnings growth. Moreover, the company's dividend yield stands at a solid 4.0%, highlighting its appeal to investors seeking steady income streams.
For those interested in gaining a deeper understanding of Duke Energy's financial position and future prospects, additional InvestingPro Tips reveal that the company is not only a prominent player in the Electric Utilities industry but also operates with a significant debt burden and short-term obligations exceeding liquid assets. These insights, along with 10 more tips available on InvestingPro, can provide a comprehensive view of the company's performance and potential investment opportunities. Access a full range of InvestingPro Tips for Duke Energy at https://www.investing.com/pro/DUK and use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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