DUK

AI Research

$103B 5-Year Capex Plan + $1.3B Convertible Notes → 100-Year Dividend Streak at $1.065/Quarter

Duke Energy completed a $1.30 billion convertible notes offering at 3.0% due 2029 and initiated an at-the-market program to sell up to $6 billion in common stock, funding its enlarged $103 billion five-year capital plan for clean energy and grid modernization. The company has paid a cash dividend for 100 consecutive years, with the latest quarterly dividend of $1.065 per share paid on March 16, and reached a settlement with North Carolina stakeholders on merging Duke Energy Carolinas and Duke Energy Progress, guaranteeing hundreds of millions in customer savings. The stock trades at $133.15 with a Buy consensus and $135 price target from 15 analysts, though the equity dilution from the $6 billion at-the-market program creates near-term headwinds.