WEC Energy Stock Price, News & Analysis

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WEC Energy Group Inc. (NYSE: WEC) will announce its 2023 first-quarter earnings before the stock market opens on May 1. An investor conference call is scheduled for the same day at 1 p.m. Central time. Detailed financial information will be accessible on the company's website by 6:30 a.m. Central time. The company serves nearly 4.7 million customers across Wisconsin, Illinois, Michigan, and Minnesota, with principal utilities including We Energies and Wisconsin Public Service. WEC Energy Group, a Fortune 500 company, operates a fleet of renewable generation facilities and has over $42 billion in assets.

The Wisconsin Electric board of directors has declared a quarterly cash dividend of 90 cents per share on the 3.60% Series Preferred Stock, payable on June 1, 2023, to stockholders of record by May 12, 2023. Additionally, a quarterly cash dividend of $1.50 per share on the Six Per Cent Preferred Stock will be paid on July 31, 2023, to stockholders of record by July 14, 2023. Wisconsin Electric Power Co., operating as We Energies, serves over 1.1 million electric and 490,000 natural gas customers in Wisconsin. This consistent dividend payment reflects the company's strong financial health and commitment to returning value to shareholders.

On April 20, 2023, WEC Energy Group (NYSE: WEC) announced a quarterly cash dividend of 78 cents per share, payable on June 1, 2023, to stockholders of record by May 12, 2023. This marks the 323rd consecutive quarter that the company has distributed dividends, a streak going back to 1942. WEC Energy Group serves approximately 4.6 million customers across Wisconsin, Illinois, Michigan, and Minnesota through its principal utilities, including We Energies and Wisconsin Public Service. With about $42 billion in assets and around 37,000 stockholders of record, WEC Energy Group is a Fortune 500 company and part of the S&P 500.

WEC Energy Group (NYSE: WEC) announced a pilot project at its Valley Power Plant in Milwaukee to test a new form of long-duration energy storage. This collaboration with EPRI and CMBlu Energy aims to evaluate a battery system that can discharge for five to ten hours, potentially doubling the duration of current lithium-ion batteries. The project, set for testing in Q4 2023, signifies a commitment to clean energy innovations, with findings to be shared with the utility industry in early 2024. The initiative reflects WEC's goals to enhance resilience and support the energy transition.

WEC Energy Group (NYSE: WEC) reported net income of $1.4 billion or $4.45 per share for 2022, an 8.3% increase from the previous year. For Q4 2022, net income was $252.7 million, or 80 cents per share, up from $224.2 million or 71 cents per share in Q4 2021. Consolidated revenues rose to $9.6 billion, a $1.3 billion increase year-over-year. Natural gas deliveries grew by 10.2% in 2022, while electricity retail deliveries saw slight declines. The company reaffirmed its 2023 earnings guidance at $4.58 to $4.62 per share, marking a projected 6.7% growth. Additionally, a quarterly cash dividend of 78 cents per share was declared, reflecting a 7.2% increase from the prior year.

WEC Energy Group (NYSE: WEC) announced its acquisition of an 80% ownership stake in the 250 MW Samson I Solar Energy Center, located in northeast Texas, for approximately $250 million. Developed by Invenergy, the center began operations in May 2022 and generates renewable energy under a power purchase agreement with AT&T. This acquisition is part of the broader Samson solar portfolio, which aims for a total capacity of 1,300 MW. The investment aligns with WEC's strategy of expanding its renewable energy infrastructure and is eligible for tax credits under the Inflation Reduction Act. The deal is pending regulatory approvals.