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Actionable news in DUK: DUKE ENERGY CORPORATION,

Duke Energy (DUK) Stock Falls on $4.9 Billion Piedmont Natural Gas Purchase

NEW YORK (TheStreet) -- Shares of Duke Energy (DUK - Get Report) are down by 0.87% to $73.10 at the start of trading on Monday morning, after the company purchased rival Piedmont Natural Gas (PNY) for $4.9 billion.

Piedmont shareholders will receive $60 in cash for each of their shares as part of the deal, a 40% premium over the stock's closing price on Friday.

Duke Energy will add one member of Piedmont's board of directors to its board, per terms of the acquisition.

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The two companies are partners in the 550-mile, $5 billion Atlantic Coast Pipeline project, which will be the first gas pipeline to serve Eastern North Carolina.

Separately, TheStreet Ratings team rates DUKE ENERGY CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

We rate DUKE ENERGY CORP...


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