WEC Energy Stock Price, News & Analysis

WEC Energy Group (NYSE: WEC) has released its 2023 Corporate Responsibility Report, highlighting progress in environmental, social, and governance (ESG) performance. Key achievements include:

- 54% reduction in carbon emissions from generation below 2005 levels by end of 2023
- Targeting 60% reduction by 2025 and 80% reduction by 2030
- Plan to eliminate coal as an energy source by 2032
- Aim for carbon-neutral electric generation by 2050
- Goal to achieve net-zero methane emissions in natural gas distribution by 2030

The company's $23.7 billion capital plan includes $7 billion for renewable energy capacity, aiming to quadruple carbon-free generation. WEC Energy Group received awards for its hydrogen pilot project and veteran support, spent $333 million with diverse suppliers, and provided $20.7 million in charitable contributions in 2023.

WEC Energy Group (NYSE: WEC) reported net income of $211.3 million, or $0.67 per share, for Q2 2024, down from $289.7 million, or $0.92 per share, in Q2 2023. For H1 2024, net income was $833.6 million, or $2.64 per share, up from $797.2 million, or $2.52 per share, in H1 2023. Consolidated revenues totaled $4.5 billion, down $265.9 million from H1 2023. Retail electricity deliveries increased by 0.5% in Q2 2024, with residential use up 1.4%. The company reaffirmed its 2024 earnings guidance of $4.80 to $4.90 per share, assuming normal weather for the rest of the year.

WEC Energy Group (NYSE: WEC) will release its 2024 second-quarter earnings report on July 31, 2024, before the stock market opens. The company has scheduled a conference call for investors and security analysts at 1 p.m. Central time on the same day. Detailed financial information will be available on the WEC Energy Group website by 6:30 a.m. Central time.

WEC Energy Group is a Fortune 500 company and a component of the S&P 500, serving 4.7 million customers across Wisconsin, Illinois, Michigan, and Minnesota. The company operates several principal utilities and has a growing fleet of renewable generation facilities. With approximately 35,000 stockholders of record, 7,000 employees, and over $44 billion in assets, WEC Energy Group is positioned as one of the nation's premier energy companies.

Wisconsin Electric, a subsidiary of WEC Energy Group (NYSE: WEC), has declared quarterly cash dividends for its preferred stockholders. The board announced a 90 cents per share dividend on the 3.60% Series Preferred Stock, payable on Sept. 1, 2024, to stockholders of record as of Aug. 14, 2024. Additionally, a $1.50 per share dividend was declared on the Six Per Cent Preferred Stock, payable on Oct. 31, 2024, to stockholders of record as of Oct. 11, 2024.

Wisconsin Electric Power Co., operating as We Energies, serves over 1.1 million electric customers and 490,000 natural gas customers in Wisconsin. This dividend declaration demonstrates the company's commitment to providing returns to its preferred shareholders.

WEC Energy Group (NYSE: WEC) has declared a quarterly cash dividend of 83.50 cents per share on its common stock. The dividend is payable on Sept. 1, 2024, to stockholders of record on Aug. 14, 2024. This marks the 328th consecutive quarter of dividend payments, dating back to 1942. WEC Energy Group is a major energy company serving 4.7 million customers across Wisconsin, Illinois, Michigan, and Minnesota. The company operates several utilities and has a growing fleet of renewable generation facilities. With 7,000 employees and over $44 billion in assets, WEC Energy Group is a Fortune 500 company and a component of the S&P 500.

WEC Energy Group announced the pricing of $750 million in 4.375% convertible senior notes due 2027 and another $750 million in 4.375% convertible senior notes due 2029. The offering is aimed at qualified institutional buyers under Rule 144A.

The notes are expected to close on May 28, 2024, with interest paid semiannually. The 2027 notes mature on June 1, 2027, and the 2029 notes mature on June 1, 2029. Conversion rates are set at 10.1243 shares per $1,000, translating to a conversion price of approximately $98.77 per share, a 20% premium over the last sale price on May 22, 2024. WEC intends to use the proceeds for corporate purposes, including debt repayment.

WEC Energy Group announced the offering of $750 million in convertible senior notes due 2027 and $750 million in convertible senior notes due 2029. The total offering could reach $1.725 billion if additional purchase options are exercised. The notes will be offered privately to qualified institutional buyers, with interest paid semiannually. The 2027 notes mature on June 1, 2027, and the 2029 notes on June 1, 2029. Conversion rights are until March 2027 and March 2029, respectively. Upon conversion, WEC Energy can pay in cash, stock, or a combination. Proceeds will be used for general corporate purposes, including debt repayment.

WEC Energy Group had a remarkable year with significant achievements in renewable energy, financial performance, and customer satisfaction. The company invested heavily in new renewable capacity, completed major solar projects, and introduced renewable natural gas. Additionally, WEC Energy Group returned record dividends to stockholders and increased the dividend level by 7%. The company was also recognized for its inclusion in the High Yield Dividend Aristocrats Index. Stockholders approved key decisions and elected directors for the upcoming term.

WEC Energy Group reported strong first-quarter results with net income of $622.3 million, or $1.97 per share, up from last year. Consolidated revenues totaled $2.7 billion, down slightly from the previous year. The company focused on financial discipline, operating efficiency, and customer satisfaction amidst a warm winter in Wisconsin. Natural gas and electricity deliveries showed variations, with the company reaffirming its 2024 earnings guidance of $4.80 to $4.90 per share.