NEW YORK (TheStreet) -- Shares of Duke Energy (DUK) were falling 0.4% to $79.51 Thursday after the electric power holding company announced plans to permanently close its coal ash basins in North Carolina.
The company said its submitted detailed coal ash excavation plans to North Carolina's Department of Environment and Natural Resources for its four power plants in the state. North Carolina said all of the ash must be excavated by 2019.
Duke Energy said it plans to move about 5.1 tons of ash, about 30% of the total ash in the four sites, within 12 to 18 months after receiving approvals and permits from the North Carolina Department of Environment and Natural Resources.
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TheStreet Ratings team rates DUKE ENERGY CORP as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate DUKE ENERGY CORP (DUK) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its increase in net income, expanding profit margins and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."