Duke Energy Stock Gains After Approval To Expand Largest Nuclear Plant, But Retail Is Split

The company said it is working to get the licenses of all its other nuclear units, with plans to submit a license renewal application for Robinson Nuclear Plant in Hartsville, S.C., this month.

Shares of Duke Energy Corp. (DUK) gained more than 2% in Monday’s regular trading session after the company announced that it had received approval for the extension of its largest nuclear plant.

Duke Energy announced that its Oconee nuclear plant’s operating licenses have been extended by 20 years by the U.S. Nuclear Regulatory Commission (NRC).

This takes the Oconee plant’s operating license life to 80 years. The company said it is working to get the licenses of all its other nuclear units, with plans to submit a license renewal application for Robinson Nuclear Plant in Hartsville, S.C., this month.

"Approval to extend Oconee Nuclear Station's licenses is a significant milestone for Duke Energy and provides significant learnings to use in completing license applications for our other plants," said Duke Energy Chief Nuclear Officer Kelvin Henderson.

The Oconee plant went live in 1973, and its license is now valid through 2053.

However, retail sentiment on Stocktwits around Duke Energy was in the ‘neutral’ territory, pointing to uncertainty among investors.

Data from Koyfin shows the average price target for Duke Energy is $123.77, slightly above its closing price on Monday.

Of the 20 brokerage calls, nine have a ‘Buy’ or ‘Strong Buy’ recommendation, while 11 have a ‘Hold’ rating.

Duke Energy’s stock has surged more than 13% year-to-date.

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