ST. PETERSBURG, Fla. - Duke Energy (NYSE:DUK) Florida has mobilized a workforce of 16,000 to restore power in the aftermath of Hurricane Milton. The utility has announced estimated times of restoration for the majority of customers capable of receiving power. By Sunday, power is expected to be restored in several counties, including Brevard and Volusia, with Pasco and Pinellas counties slated for restoration by Tuesday night.
Todd Fountain, Duke Energy Florida storm director, expressed the company's commitment to a swift restoration process, stating, "We want to alleviate our customers' concerns and reassure them that they'll have their power back on within days – not weeks." He also extended gratitude towards the crews for their diligent work, as well as local officials and first responders for their support.
Customers experiencing outages have several reporting options, including Duke Energy's website, mobile app, text messaging, and an automated phone system. Those with property damage affecting their power reception are advised to seek guidance from local authorities, as inspections might be necessary following repairs.
Duke Energy Florida, part of the Duke Energy family, serves approximately 2 million customers over a vast service area in the state. Duke Energy, a Fortune 150 company based in Charlotte, N.C., is one of the largest energy holding companies in the United States. It is currently engaged in a clean energy transition, aiming for net-zero methane emissions from its natural gas operations by 2030 and net-zero carbon emissions from electricity generation by 2050.
The information provided in this article is based on a press release statement from Duke Energy.
In other recent news, Duke Energy, amidst the aftermath of Hurricane Milton, has initiated major power restoration efforts in Florida, addressing nearly 350,000 outages with over 850,000 still pending. Simultaneously, the company has restored power to over 2 million customers in the Carolinas following Hurricane Helene. On the financial front, Duke Energy has announced its quarterly dividends for common and preferred stock, maintaining a 98-year streak of paying cash dividends on its common stock.
BMO Capital has maintained its Outperform rating on Duke Energy, adjusting its third-quarter earnings estimate to $1.68, down from last year's $1.94, while revising its fourth-quarter earnings estimate upward to $1.73. Edward Jones also reiterated its Buy rating on Duke Energy, citing the company's above-average dividend yield and substantial capital investment plans. However, Mizuho Securities maintained a neutral stance due to concerns over industrial load forecasts and potential policy changes.
Further, Duke Energy has 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. These are among the recent developments for Duke Energy.
InvestingPro Insights
As Duke Energy Florida mobilizes its workforce to restore power after Hurricane Milton, it's worth examining the financial health and market position of its parent company, Duke Energy (DUK). According to InvestingPro data, Duke Energy boasts a substantial market capitalization of $88.07 billion, underscoring its position as a major player in the utility sector.
The company's commitment to its shareholders is evident in its dividend history. InvestingPro Tips reveal that Duke Energy has raised its dividend for 17 consecutive years and has maintained dividend payments for an impressive 54 consecutive years. This consistent dividend growth, coupled with a current dividend yield of 3.7%, may be particularly attractive to income-focused investors during uncertain economic times.
Duke Energy's financial performance appears solid, with a revenue of $29.59 billion over the last twelve months and a gross profit margin of 49.86%. The company's ability to generate profits even in challenging circumstances, such as natural disasters, is reflected in the InvestingPro Tip noting that analysts predict the company will be profitable this year.
However, investors should be aware that Duke Energy operates with a significant debt burden, according to another InvestingPro Tip. This factor could be important to consider, especially in light of the company's ongoing investments in clean energy transition and infrastructure improvements for storm resilience.
For those interested in a more comprehensive analysis, InvestingPro offers additional insights, with 10 more tips available for Duke Energy. These tips could provide valuable context for understanding the company's financial position and future prospects as it navigates both natural disasters and the transition to clean energy.
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