KeyBanc analyst Sophie Karp upgraded Southern Company to Overweight from Sector Weight with a $71 price target. The analyst says the "out of consensus" call is based on the view that Southern is a "premium utility" operating in some of the most attractive regulatory jurisdictions. The analyst adds that while Vogtle remains an overhang, she's comfortable with the project risk at this point given recent progress. Southern Company outperformed significantly in 2019, but it still trades at a discount to peers, and investors should not wait for a pullback, Karp tells investors in a research note.

Southern Company announced is increasing its dividend by 8 cents per share on an annualized basis to a rate of $2.88 per share. Southern Company also announced a regular quarterly dividend, including an increase of 2 cents per share over the prior quarter, of 72 cents per share, payable June 6, 2024 to shareholders of record as of May 20, 2024.