MILWAUKEE - WEC Energy Group (NYSE:WEC), a leading energy company, has announced the continuation of its long-standing tradition of paying dividends to shareholders. The company's board of directors declared a quarterly cash dividend of 83.50 cents per share on the company's common stock, which is to be paid on June 1, 2024, to stockholders of record as of May 14, 2024.
This recent declaration is particularly notable as it represents the 327th consecutive quarter—dating back to 1942—that WEC Energy Group has paid a dividend, underscoring the company's consistent return to its investors.
WEC Energy Group, headquartered in Milwaukee, operates as a significant player in the energy sector, providing services to approximately 4.7 million customers across Wisconsin, Illinois, Michigan, and Minnesota.
The company's portfolio includes a number of principal utilities such as We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources, and Upper Michigan Energy Resources. We Power, another major subsidiary, is responsible for the design, construction, and ownership of electric generating plants.
Further diversifying its operations, WEC Infrastructure LLC, under the WEC Energy Group umbrella, owns an expanding collection of renewable generation facilities across various states from South Dakota to Texas.
With its inclusion in the Fortune 500 list and as a component of the S&P 500, WEC Energy Group holds a prominent position in the market. The company boasts more than $43 billion in assets and maintains a workforce of approximately 7,000 employees. It is supported by around 35,000 stockholders of record.
The information regarding the dividend declaration is based on a press release statement from WEC Energy Group. The company's history of consistent dividend payments may be seen as a reflection of its financial stability and commitment to shareholder returns.
InvestingPro Insights
WEC Energy Group's recent dividend announcement aligns with its history of reliable shareholder returns. The company’s commitment to dividends is further highlighted by the fact that it has raised its dividend for 20 consecutive years, as per one of the "InvestingPro Tips." This demonstrates a strong track record of financial stewardship and investor confidence.
In addition to its dividend consistency, the company's stock is recognized for its low price volatility, another "InvestingPro Tip" worth noting. This characteristic can make WEC an attractive option for investors seeking stable equity income, especially in turbulent market conditions.
From a financial standpoint, WEC Energy Group's market capitalization stands at $25.3 billion, reflecting its significant presence in the energy sector. The company's P/E ratio, as of the last twelve months ending Q4 2023, is 17.03, indicating how much investors are willing to pay for a dollar of earnings. This is slightly below the industry average, suggesting a potentially favorable valuation.
Moreover, the dividend yield as of the beginning of April 2024 is 4.19%, which is quite competitive compared to the average yield in the utilities sector. This, combined with a dividend growth of 7.05% over the last twelve months, suggests that WEC Energy Group is not only providing a substantial income stream to its investors but is also growing its payouts.
For those interested in further "InvestingPro Tips" related to WEC Energy Group, there are additional insights available which could provide a deeper understanding of the company's financial health and future prospects. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro, where they can access a total of 7 tips for WEC Energy Group.
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