Duke Energy (DUK) Receives More DOE Grants

Duke Energy Corp. (NYSE:DUK) is one of the 10 Best Energy Stocks Capitalizing on the Data Center Boom. On June 5, Duke Energy reported that it was selected by the Department of Energy (DOE) for a grant worth up to $61.8 million to refurbish and increase the reliability of coal-fired power plants in Kentucky and North Carolina.

If we look at the breakdown, the funding covers up to $33.4 million for East Bend Station in Kentucky and up to $28.4 million for Roxboro Station units 2 and 3 in North Carolina. Duke Energy said it will now enter negotiations to finalize funding amounts.

The company said the new grant brings DOE funding for its projects at nearly $96 million, including the previously disclosed $34 million grant for Belews Creek Steam Station in North Carolina.

Of the 24 analyst ratings compiled by CNN, half assigned a Buy rating to Duke Energy, while the remaining half assigned a Hold rating. The stock has an average price target of $138, an 11.45% upside from the current price of $123.82.

On June 2, BTIG reduced its price target on Duke Energy to $139 from $141 while maintaining a Buy rating on the stock, according to a report by TheFly. The analyst highlighted the improvement in the company’s financial execution under the relatively new management team, adding that it remains positive on its scale, geographic diversity, and conservative approach to large loads.

Duke Energy Corp. (NYSE:DUK) is an American energy holding company engaged in the distribution of natural gas and energy-related services.

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