MILWAUKEE—Scott J. Lauber, President and CEO of WEC Energy Group, Inc. (NYSE:WEC), has recently sold 6,720 shares of the company's common stock. The shares were sold on November 21 at an average price of $100.8926, amounting to a total transaction value of $677,998.
On the same day, Lauber also exercised stock options to acquire 6,720 shares at a price of $50.925 per share, totaling $342,216. Following these transactions, Lauber directly owns 45,709.3106 shares of WEC Energy Group's common stock.
This activity reflects Lauber's ongoing management of his holdings in the company, which provides a variety of electric and other services.
In other recent news, WEC Energy Group has confirmed steady growth in Q3 2024, with an adjusted earnings of $0.82 per share and a maintained full-year 2024 earnings guidance of $4.80 to $4.90 per share. The company has announced its largest-ever capital plan of $28 billion over the next five years, with a focus on supporting increased demand and transitioning towards renewable energy. Economic growth in Southeastern Wisconsin, bolstered by expansions from Microsoft (NASDAQ:MSFT) and Amazon (NASDAQ:AMZN), is contributing to the demand.
WEC Energy Group expects a positive impact on earnings from higher production tax credits and improved output from renewable generation facilities, despite a slight earnings decline in the Corporate and Other segment. The company is also planning to issue up to $200 million in common equity in 2024. With a long-term EPS compound annual growth rate target of 6.5% to 7%, WEC Energy Group is reaffirming its growth strategy.
In addition to these developments, the company's capital plan includes $9.1 billion for renewable energy and $900 million for natural gas generation. Despite some bearish highlights, such as a $0.07 earnings fall in the Corporate and Other segment due to tax timing and higher interest expenses, WEC remains on a growth trajectory. These are the recent developments for WEC Energy Group.
InvestingPro Insights
Recent transactions by WEC Energy Group's CEO Scott J. Lauber come amid a period of strong performance for the company's stock. According to InvestingPro data, WEC is currently trading near its 52-week high, with a price that is 99.55% of its peak. This aligns with the stock's impressive 27% total return over the past six months, indicating robust investor confidence.
WEC Energy Group's financial health appears solid, with a market capitalization of $31.93 billion and a price-to-earnings ratio of 24.73. The company's commitment to shareholder value is evident in its dividend policy. An InvestingPro Tip highlights that WEC has raised its dividend for 21 consecutive years, with a current dividend yield of 3.32%. This consistent dividend growth, coupled with a 7.05% increase in the last twelve months, underscores the company's financial stability and shareholder-friendly approach.
Despite these positive indicators, investors should note that 3 analysts have revised their earnings downwards for the upcoming period, as per another InvestingPro Tip. This could suggest some caution regarding near-term performance expectations.
For readers seeking a more comprehensive analysis, InvestingPro offers 6 additional tips that could provide further insights into WEC Energy Group's investment potential.
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