WEC Energy Stock Price, News & Analysis

WEC Energy Group Inc. (NYSE: WEC) will release its 2022 fourth-quarter and full-year earnings on February 2, before the stock market opens. A conference call for analysts and investors is scheduled for the same day at 1 p.m. Central time. Detailed financial information will be accessible on the company's website starting at 6:30 a.m. Central time. Serving 4.6 million customers across Wisconsin, Illinois, Michigan, and Minnesota, WEC is a major energy provider with approximately $41 billion in assets and around 37,000 stockholders of record.

We Energies workers recently assisted in a dramatic rescue after a driver lost control of her SUV near Livingston, California. The utility crew, who were in the area restoring power following severe storms, acted quickly to save the driver from a 75-foot embankment. They utilized their first aid training to provide immediate assistance. The crew, part of a larger team sent to restore power for hundreds of thousands affected by the storms, completed their mission sooner than planned due to favorable conditions. We Energies serves over 1.1 million electric and natural gas customers in Wisconsin.

The Wisconsin Electric board has declared a quarterly cash dividend of 90 cents per share on the 3.60% Series Preferred Stock, payable on March 1, 2023, to stockholders of record by February 14, 2023. Additionally, a dividend of $1.50 per share on the Six Per Cent Preferred Stock will be paid on April 30, 2023, to stockholders recorded by April 14, 2023. Wisconsin Electric Power Co., operating as We Energies, is a subsidiary of WEC Energy Group (NYSE: WEC), serving over 1.1 million electric and 490,000 natural gas customers in Wisconsin.

On January 19, 2023, WEC Energy Group (NYSE: WEC) announced a quarterly cash dividend increase to 78 cents per share, up 7.2% from the previous 72.75 cents. This raises the annual dividend rate to $3.12 and marks the 322nd consecutive quarter of dividends, dating back to 1942. The dividend is payable on March 1, 2023, to stockholders of record as of February 14, 2023. Executive Chairman Gale Klappa stated that 2023 will mark the twentieth consecutive year of dividend increases, targeting a payout ratio of 65 to 70% of earnings.

WEC Energy Group (NYSE: WEC) announced a planned increase in its quarterly dividend to 78 cents per share, effective March 1, 2023. This marks a rise of 5.25 cents, or 7.2 percent. The anticipated annual rate will be $3.12 per share, with a record date of February 14, 2023. Additionally, the company provided 2023 earnings guidance of $4.58 to $4.62 per share, reflecting a growth of 6.7 percent compared to the prior year’s midpoint.

WEC Energy Group (NYSE: WEC) and EPRI have successfully demonstrated hydrogen blending in a natural gas generator, marking a world first for utility-scale, grid-connected reciprocating engine generators. The test, conducted mid-October, involved a blend of hydrogen and natural gas in ratios up to 25/75 percent by volume, utilizing an 18-megawatt reciprocating internal combustion engine. This project aligns with WEC's ambitious goal of achieving net-zero carbon emissions by 2050. EPRI will provide a comprehensive analysis of the findings in early 2023.

WEC Energy Group (NYSE: WEC) reported a net income of $302 million, or 96 cents per share, for Q3 2022, up from $290 million, or 92 cents per share, in Q3 2021. For the first nine months of 2022, net income reached $1.16 billion, or $3.65 per share, compared to $1.08 billion, or $3.40 per share, a year prior. Consolidated revenues totaled $7.0 billion, marking an increase of $924.9 million over the previous year. The company narrowed its 2022 earnings guidance to $4.38 to $4.40 per share.

WEC Energy Group (NYSE: WEC) announced its agreement to acquire an 80% stake in the Maple Flats Solar Energy Center, a 250-megawatt project in Clay County, Illinois. Developed by Invenergy, the project will feature 800,000 solar panels across 1,500 acres, with commercial operations expected by early 2024. The investment totals approximately $360 million and supports a long-term power purchase agreement with a Fortune 100 company. This acquisition marks WEC's first solar investment in its Infrastructure segment. The project may qualify for Production Tax Credits under the Inflation Reduction Act.

The Illinois Commerce Commission has approved a collaboration between Peoples Gas and North Shore Gas to transmit natural gas meter data through ComEd's smart grid. This innovation will enhance efficiency, save gas customers approximately $5.5 million annually, and reduce carbon emissions by 626 tons per year. The project will eliminate over 580,000 vehicle miles driven for meter readings and provide customers with access to energy usage analytics. The implementation of the Advanced Metering Infrastructure (AMI) is expected to be completed by the end of 2024 for Peoples Gas.