Top 20 Dividend Stocks of 2024

12. Duke Energy Corporation (NYSE:DUK)

Number of Hedge Fund Holders: 46

Duke Energy Corporation (NYSE:DUK) is a North Carolina-based electric power and natural gas holding company that is primarily involved in the generation, transmission, distribution, and sale of electricity. In Q3 2024, the company posted $8.15 billion in revenue, a 2% year-over-year increase, surpassing analysts’ expectations by $57.4 million. The Regulated Electric segment contributed $7.78 billion in operating revenue, up 1.8% from the previous year and representing 95.4% of the total revenue for the quarter. Additionally, the Regulated Natural Gas segment reported $298 million in revenue, reflecting a 4.9% increase from the same period last year.

Duke Energy Corporation (NYSE:DUK) also reported a strong cash position at the end of the quarter, with $376 million in cash and cash equivalents. During the first nine months of the year, the company generated $8.95 billion in operating cash flow, an increase from $7.31 billion during the same period the previous year. It is one of the best dividend stocks as it has maintained a 98-year history of regular dividend payments and has consistently raised its payouts for 13 consecutive years. Currently, it offers a quarterly dividend of $1.045 per share and has a dividend yield of 3.88%, as of December 30.

Duke Energy Corporation (NYSE:DUK)’s utility portfolio, regulated by government agencies that set its rates, ensures a steady flow of revenue, providing reliable cash flow for both dividend payments and operational expansion. The company is actively investing in operational improvements and efforts to lower its carbon emissions. Analysts project that these investments will support annual earnings per share growth of 5% to 7% through 2028, a strong pace for a major utility. This growth outlook positions Duke Energy to sustain and increase its dividend over time.

Duke Energy Corporation (NYSE:DUK) was a hedge fund favorite with 46 hedge funds at the end of Q3 2024 owning stakes in the company in Q3 2024, up from 37 in the previous quarter, as per Insider Monkey’s database. These stakes are worth over $1.66 billion. With over 4.3 million shares, GQG Partners was the company’s leading stakeholder in Q3.