The Southern Company (NYSE:SO) is included among the 15 Utility Stocks with Highest Dividends.
The Southern Company (SO) – Among the 15 Utility Stocks with Highest Dividends
The Southern Company (NYSE:SO) is one of the largest producers of electricity in the United States and the largest wholesale provider in the Southeast. Together with its subsidiaries, the company delivers clean, safe, reliable, and affordable energy to its 9 million customers.
On March 23, Morgan Stanley increased its price target on The Southern Company (NYSE:SO) from $91 to $94, while keeping an ‘Underweight’ rating on the shares.
The revision comes after Morgan Stanley updated its estimates for the North American Regulated & Diversified Utilities / IPPs under its coverage. The utilities sector delivered a strong performance in February, with gains of almost 22%, against a surge of just under 14% delivered by the overall market. Moreover, the analyst highlighted that the recent discussions in the space have been constructive overall, with industry players expressing optimism over growth opportunities and load growth. A number of utilities have also recently signed long-term data center deals with tech giants, further adding to the bullish sentiment.
To keep up with the growing demand, The Southern Company (NYSE:SO) announced in February that it had raised its capital investment plan to $81 billion over the next 5 years, up almost 30% from its guidance last year.
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