MILWAUKEE - WEC Energy Group (NYSE: NYSE:WEC), a significant player in the U.S. energy sector, has declared a quarterly cash dividend. The announced dividend is set at 83.50 cents per share on the company's common stock, payable on December 1, 2024, to shareholders who are on record as of November 14, 2024.
This latest dividend represents the 329th consecutive quarter, a streak going back to 1942, that WEC Energy Group has provided a dividend to its shareholders. The company's long history of consistent dividend payments underscores its commitment to shareholder returns.
WEC Energy Group operates across several states, including Wisconsin, Illinois, Michigan, and Minnesota, providing energy services to approximately 4.7 million customers. Its portfolio includes a variety of utilities such as We Energies, Wisconsin Public Service, Peoples Gas, and others. The company also has a presence in the renewable energy sector through WEC Infrastructure LLC, which owns a collection of renewable generation facilities across a range of states.
As a Fortune 500 entity and a component of the S&P 500, WEC Energy Group maintains a strong market presence with around 7,000 employees, more than $45 billion in assets, and approximately 34,000 stockholders of record.
The information provided in this article is based on a press release statement from WEC Energy Group.
In other recent news, WEC Energy Group had an eventful period with key financial and strategic developments. The company's second-quarter earnings report revealed an earnings per share (EPS) of $0.67, exceeding both BMO Capital's and consensus estimates. This success was attributed to more favorable operations and maintenance costs and lower financing expenses than anticipated. However, year-over-year results showed a decline of $0.25 per share, largely due to rate design changes at Peoples Gas Light and variations in taxes, other expenses, and interest.
WEC Energy has also announced plans to sell up to $1.5 billion of its common stock through an equity distribution agreement with financial institutions like Barclays Capital Inc., BofA Securities, Inc., and J.P. Morgan Securities LLC. This move will allow WEC Energy to offer and sell its shares over time, depending on market conditions and capital needs.
Analysts at BMO Capital Markets and Goldman Sachs have adjusted their price targets for WEC Energy, reflecting their assessments of the company's recent performance and future prospects. BMO Capital raised its price target to $93.00, while Goldman Sachs maintained its target at $90.00.
In regulatory affairs, WEC Energy has been involved in rate cases for its utilities. The Public Service Commission of Wisconsin staff submitted testimony supporting a total rate increase of around $596 million, representing roughly 72% of WEC Energy Group's combined rate increase request. This development was noted as positive by BMO Capital.
On the operations front, WEC Energy is making significant strides in its capital plan, including large-scale renewable energy projects and expansion in natural gas generation. The company also plans to issue up to $200 million in common equity in 2024 and approximately $500 million annually post-2024. These recent developments reflect WEC Energy's commitment to financial discipline and operating efficiency.
InvestingPro Insights
WEC Energy Group's commitment to shareholder returns, as evidenced by its 329 consecutive quarters of dividend payments, is further reinforced by data from InvestingPro. The company has maintained dividend payments for an impressive 54 consecutive years and has raised its dividend for 20 consecutive years, according to InvestingPro Tips. This long-term dedication to dividends aligns perfectly with the company's history outlined in the article.
The current dividend yield stands at 3.38%, with a dividend growth rate of 7.05% over the last twelve months as of Q2 2024. These figures underscore WEC's continued focus on providing value to its shareholders, a key theme in the original article.
InvestingPro data also reveals that WEC Energy Group has a market capitalization of $31.3 billion, reflecting its significant presence in the energy sector. The company's revenue for the last twelve months as of Q2 2024 was $8.63 billion, with a gross profit margin of 43.5%, indicating a robust financial position that supports its dividend policy.
It's worth noting that WEC is trading near its 52-week high, with a strong return of 21.03% over the last three months. This performance, coupled with the company's consistent dividend history, may be attractive to investors seeking both growth and income.
For readers interested in a deeper analysis, InvestingPro offers 11 additional tips for WEC Energy Group, providing a more comprehensive view of the company's financial health and market position.
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