Gale E. Klappa, a director at WEC Energy Group, Inc. (NYSE:WEC), recently executed a series of stock transactions involving the company's common stock. On November 20 and 21, Klappa sold a total of 38,269 shares, generating approximately $4.4 million. The shares were sold at prices ranging from $99.277 to $99.85 per share.
In addition to these sales, Klappa exercised options to acquire 44,269 shares at a price of $50.925 per share. Following these transactions, Klappa holds 273,248 shares directly.
These transactions were reported in a Form 4 filing with the Securities and Exchange Commission, detailing the changes in Klappa's ownership of WEC Energy Group's stock.
In other recent news, WEC Energy Group disclosed steady growth in Q3 2024, with adjusted earnings of $0.82 per share and a full-year 2024 earnings guidance of $4.80 to $4.90 per share. As part of recent developments, the company announced its largest-ever capital plan, amounting to $28 billion over five years, aimed at catering to increased demand and transitioning towards renewable energy. Economic growth in Southeastern Wisconsin, boosted by expansions from Microsoft (NASDAQ:MSFT) and Amazon (NASDAQ:AMZN), is expected to positively impact earnings from higher production tax credits and improved renewable generation output. However, a slight earnings decline was noted in the Corporate and Other segment. The company plans to issue up to $200 million in common equity in 2024. WEC Energy Group reaffirms its long-term EPS compound annual growth rate target of 6.5% to 7%, with a capital plan that includes $9.1 billion for renewable energy and $900 million for natural gas generation. Despite a minor setback in year-to-date earnings due to weather impacts, the company anticipates a $0.05 earnings boost from a regulatory change in ATC's return on equity.
InvestingPro Insights
As Gale E. Klappa's recent transactions draw attention to WEC Energy Group, Inc. (NYSE:WEC), it's worth examining some key financial metrics and insights provided by InvestingPro. The company's market capitalization stands at $31.86 billion, reflecting its significant presence in the utility sector. WEC's P/E ratio of 24.62 suggests investors are willing to pay a premium for the company's earnings, possibly due to its stable business model and consistent dividend payments.
Speaking of dividends, InvestingPro Tips highlight that WEC Energy Group has raised its dividend for 21 consecutive years and has maintained dividend payments for an impressive 54 consecutive years. This track record of dividend growth and stability is particularly noteworthy for income-focused investors. The current dividend yield of 3.31% further underscores the company's appeal to those seeking regular income streams.
Another InvestingPro Tip indicates that the stock is trading near its 52-week high, which aligns with the recent insider selling activity. This could suggest that the stock is currently valued favorably by the market. It's worth noting that InvestingPro offers additional tips and insights that could provide a more comprehensive view of WEC's financial health and market position.
While the company's revenue for the last twelve months as of Q3 2024 was $8.53 billion, it's important to note that there has been a revenue decline of 7.59% over this period. Despite this, analysts predict that the company will remain profitable this year, as indicated by another InvestingPro Tip.
For investors seeking a deeper understanding of WEC Energy Group's financial position and future prospects, InvestingPro offers a wealth of additional tips and metrics beyond those mentioned here.
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