Wisconsin Energy Corporation (NYSE:WEC) stock has reached a new 52-week high, trading at $90.75. This milestone reflects a period of steady performance for the company, which has seen a modest year-over-year appreciation in its stock value. Over the past year, WEC has reported a 0.52% increase, indicating a stable investment climate for shareholders. The company's ability to hit this high-water mark in a fluctuating market underscores its resilience and the confidence investors place in its long-term growth potential.
In other recent news, WEC Energy Group has been in the spotlight following an array of financial developments. The company reported strong second-quarter earnings per share (EPS) of $0.67, exceeding both BMO Capital's estimate and the consensus estimate. Despite the earnings beat, year-over-year results showed a decline, largely attributed to rate design changes at Peoples Gas Light (PGL) and variations in other expenses.
In the face of these results, WEC Energy's management reaffirmed its full-year 2024 EPS projection, ranging between $4.80 to $4.90. The company also reiterated its commitment to a long-term EPS growth rate of 6.5% to 7.0% and a dividend payout ratio of 65% to 70%.
BMO Capital Markets has adjusted its price target for WEC Energy Group multiple times in recent developments, reflecting the company's performance. The firm maintained a Market Perform rating on the stock throughout these adjustments.
Lastly, WEC Energy Group is making significant strides in its capital plan, which includes large-scale renewable energy projects and expansion in natural gas generation. The company plans to issue up to $200 million in common equity in 2024 and approximately $500 million annually post-2024.
InvestingPro Insights
Wisconsin Energy Corporation (WEC) has demonstrated a solid track record, with the stock achieving a new 52-week high, indicative of the company's steady and resilient performance in a volatile market. To provide further context on WEC's financial health and investment potential, we turn to insights from InvestingPro.
InvestingPro Data highlights a market capitalization of $28.04 billion, suggesting a strong presence in the market. The P/E ratio stands at 20.47, which is slightly high, pointing towards investor optimism about future earnings. Additionally, WEC has a dividend yield of 3.76%, which is attractive to income-focused investors, especially considering the company's history of raising dividends for 20 consecutive years, as noted in InvestingPro Tips.
Another InvestingPro Tip indicates that the stock is currently in overbought territory according to the Relative Strength Index (RSI), which could signal a potential pullback or consolidation in the near term. However, the company's low price volatility generally provides a level of stability that risk-averse investors may find appealing.
Investors looking for more detailed analysis and additional InvestingPro Tips can find them at https://www.investing.com/pro/WEC. Currently, there are several more tips available that can offer deeper insights into WEC's performance and outlook.
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