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A Growing Dividend Protected by a Narrow Moat

Duke Energy’s competitive advantages give us confidence that the utility can grow its dividend by 4% a year for the foreseeable future, says Morningstar's Charles Fishman.


Charles Fishman: Many individual investors have regulated utilities in their portfolios due to the relatively high yields from their usually secure common dividends.

Longtime Morningstar clients typically focus on our moat ratings, but might not think a moat is important for regulated utilities because of their monopoly status. True--they are monopolies and guaranteed all regulated utility business in their territory, but regulators control how much they earn on their assets. 

Charles Fishman does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.