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Duke Energy Completes Progress Energy Acquisition; Executes 1:3 Stock Split; Guidance Adjusted (DUK, PGN)

Electric and natural gas utility operator Duke Energy Corporation (DUK) on Tuesday announced the completion of its merger with fellow utility play Progress Energy.

New Chief Executive
The closing of the deal, which was originally announced back in January, carries a few notable items. The new company will continue to be known as Duke Energy, and the combined company announced a new CEO, Jim Rogers. Former CEO Bill Johnson has stepped down as per a mutual agreement.

Progress Stock Conversion, 1:3 Split
In pursuant to the merger, shareholders of Progress Energy now have the right to receive 0.87083 shares of Duke Energy common stock. The company also completed a 1-for-3 stock split, which is designed to reduce the total number of shares outstanding.

Guidance Adjusted
As a result of the split, DUK adjusted its full-year earnings guidance accordingly. The company’s previously-announced full-year outlook of $1.40 to $1.45 per share has been converted to $4.20 to $4.35 per share.

Duke Energy shares were unchanged in premarket trading Tuesday.

The Bottom Line
Duke Energy currently offers a 4.38% dividend yield, based on last night’s split-adjusted closing price of $23.28 and the company’s annualized dividend payout of $1.02 per share.

Duke Energy Corporation (DUK) is a “Recommended” dividend stock, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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