Duke Energy Rewards Shareholders with Dividend Hike

Energy company Duke Energy Corporation (DUK) recently announced a quarterly cash dividend of $0.985 per share, a hike of 2.1% from its previous dividend of $0.965 per share. The dividend will be paid on September 16, 2021 to shareholders of record as of August 13, 2021.

Following the news release, shares of the company appreciated marginally to close at $101.53 in Monday’s trading session. Based on Monday’s closing price, the annual dividend yield of the company now stands at 3.9%.

Duke Energy has paid a cash dividend on its common stock for 95 consecutive years. (See Duke Energy stock chart on TipRanks)

Recently, Argus Research analyst Gary Hovis upgraded the stock to a Buy with a price target of $106 (4.4% upside potential from current levels).

Hovis notes that the company’s robust Q1 results and above-average dividend yields in a low-interest-rate environment act as tailwinds.

The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 4 Buys and 4 Holds. The average Duke Energy price target of $106.75 implies 5.1% upside potential from current levels. Shares have gained 24.7% over the past year.

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