Here's Why You Should Add Duke Energy Stock to Your Portfolio Now

Duke Energy’s DUK systemic investments to modernize infrastructure and expanding renewable generation portfolio are likely to further enhance the reliability of its operations. Given its growth opportunities, Duke Energy makes for a solid investment option in the Utility sector.Let’s focus on the factors that make this Zacks Rank #2 (Buy) company a strong investment pick at the moment.DUK’s Growth Projections & Surprise HistoryThe Zacks Consensus Estimate for DUK’s 2024 earnings per share (is pinned at $5.97, which indicates year-over-year growth of 7.4%.The consensus estimate for 2024 sales is pinned at $30.42 billion, which indicates year-over-year growth of 4.7%.The company’s long-term (three to five years) earnings growth rate is 6.1%.DUK has a positive earnings surprise history. Its trailing four-quarter earnings surprise is 4.88%, on average.DUK’s SolvencyThe time-to-interest earned ratio at the end of the second quarter of 2024 was 2.61. The ratio, being greater than one, reflects the company’s ability to meet future interest obligations without difficulties.DUK’s Dividend YieldDuke Energy has been consistently paying dividends to its shareholders. Currently, its dividend yield is 3.49%, better than the Zacks S&P 500 composite’s 1.22%.DUK’s Systematic InvestmentsDuke Energy is currently focused on expanding its scale of operations, implementing modern technologies at its facilities and enhancing its renewable generation portfolio by investing heavily in infrastructure and expansion projects. The company expects investments to be in the range of $170-$180 billion over the next 10 years. It also projects an investment of $73.4 billion during the 2024-2028 period.DUK Stock’s Price PerformanceIn the past six months, the stock has gained 27.3% compared with the industry’s 22.2% growth.Image Source: Zacks Investment ResearchOther Stocks to ConsiderOther top-ranked stocks from the same industry are Entergy ETR, DTE Energy DTE and Xcel Energy XEL. DTE sports a Zacks Rank #1 (Strong Buy) while ETR and XEL carry a Zacks Rank of 2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.ETR’s long-term earnings growth rate is 7.3%. The Zacks Consensus Estimate for ETR’s 2024 sales indicates year-over-year growth of 0.5%.DTE’s long-term earnings growth rate is 8.1%. The consensus estimate for DTE’s 2024 sales indicates year-over-year growth of 4.3.XEL’s long-term earnings growth rate is 6.4%. The Zacks Consensus Estimate for XEL’s 2024 sales indicates year-over-year growth of 2.3%.Only $1 to See All Zacks' Buys and SellsWe're not kidding.Several years ago, we shocked our members by offering them 30-day access to all our picks for the total sum of only $1. No obligation to spend another cent.Thousands have taken advantage of this opportunity. Thousands did not - they thought there must be a catch. Yes, we do have a reason. We want you to get acquainted with our portfolio services like Surprise Trader, Stocks Under $10, Technology Innovators,and more, that closed 228 positions with double- and triple-digit gains in 2023 alone.See Stocks Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Xcel Energy Inc. (XEL): Free Stock Analysis Report Entergy Corporation (ETR): Free Stock Analysis Report Duke Energy Corporation (DUK): Free Stock Analysis Report DTE Energy Company (DTE): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks