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WEC Energy Group

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WEC Energy Hikes Dividend by 7% After Q4 Bottom-Line Beat

Justin Kuepper Feb 10, 2021

WEC Energy Group Inc. (WEC) is one of the largest electric generation and natural gas delivery companies in the United States with 4.5 million customers in Wisconsin, Illinois, Michigan, and Minnesota.

The company generated 83% of its revenue from Wisconsin, 13% from Illinois and the remainder from Michigan and Minnesota during the quarter ended September 30, 2020. Meanwhile, the company generated about three-quarters of its revenue from its electric utilities and about one-quarter from natural gas services.

Mixed Fourth-Quarter Results

WEC Energy reported fourth-quarter revenue that fell by 1% to come in at $1.93 billion, missing consensus estimates by $200 million, but GAAP earnings came in at 76 cents per share, which was three cents per share ahead of consensus estimates. The bottom-line beat is a positive for dividend investors given the company’s target dividend of 65 to 70% of earnings per share.

Despite a tough operating environment, the company has reported only modest declines in revenue with a robust balance sheet. The company also plans to continue with its $16.1 billion investment in sustainability, growth and efficiency in order to continue growing shareholder value and meet its carbon neutrality goal by 2050.

The company raised its quarterly dividend by 7.1% to $0.6775 per share, which represents a 3% forward yield. The dividend is payable on March 1, 2021, and payable to shareholders on record as of February 14, 2021.

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