Why Verizon, WEC Energy And IDACORP Are Winners For Passive Income

Companies with a long history of paying dividends and consistently hiking them remain appealing to income-focused investors. Verizon Communications, WEC Energy and IDACORP have rewarded their shareholders for several decades and recently announced dividend increases. Furthermore, these companies offer high dividend yields of up to 6%.

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Verizon Communications

Verizon Communications Inc. VZ provides communications, technology, information and entertainment products and services to consumers, businesses and governmental entities worldwide. The firm serves about 93 million postpaid and 21 million prepaid phone customers (following the acquisition of Tracfone) via its nationwide network, making it the largest U.S. wireless carrier. 

Verizon has consistently increased its dividends every year for the past 18 years. As per its most recent dividend announcement on Sept. 4, its Board of Directors raised the quarterly dividend from $0.665 to $0.6775 per share, equaling an annual figure of $2.71 per share. The current yield on the dividend stands at 6.31%.

Verizon's annual revenue (as of June 30) is $134.2 billion. According to its most recent earnings release on July 22, it reported Q2 2024 revenues of $32.80 billion, below the Street estimate of $33.06 billion and an EPS of $1.15, matching expectations. 

How to earn $500 a month from Verizon stock? Check out this article by Benzinga to learn more.

WEC Energy

WEC Energy Group, Inc. WEC provides regulated natural gas and electricity services and renewable and nonregulated renewable energy services across the United States. 

WEC Energy increased its dividends every year since 2004. In its most recent dividend hike announcement on Jan. 18, 2024, its Board of Directors raised the quarterly dividend by 7% to $0.835 per share, equating to $3.34 annually. The dividend yield on the stock currently stands at 3.56%.

WEC Energy’s annual revenue (as of June 30) is $8.60 billion. According to its most recent earnings announcement on July 31, it generated Q2 2024 revenues of $1.77 billion and EPS of $0.67. Both figures were below consensus estimates.

“Despite the warmest winter on record, we’re delivering solid results and we’re firmly on track for a strong 2024,” said Scott Lauber, president and CEO. “We’re focused on the fundamentals of our business – financial discipline, customer satisfaction and operating efficiency.”

Check out this article by Benzinga for 14 analysts' insights on WEC Energy stock.

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IDACORP

IDACORP, Inc. IDA is an electric utility engaged in the generation, transmission, distribution, sale and purchase of electric energy and capacity. The company operates 17 hydropower generating plants in southern Idaho and eastern Oregon, three natural gas-fired plants in southern Idaho and is interested in two coal-fired steam electric generating plants in Wyoming and Nevada. 

IDACORP has raised its dividend every year since 2011. According to its most recent dividend announcement on Sept. 20, its Board of Directors increased the quarterly dividend from $0.83 to $0.86 per share, equal to $3.44 annually. The current yield on the dividend is 3.32%. 

The company's annual revenue (as of June 30) stands at $1.8 billion. According to its most recent earnings announcement on Aug. 1, the company reported Q2 2024 EPS of $1.71 and revenues of $451.04 million, both of which beat the consensus estimates. 

Verizon Communications, WEC Energy and IDACORP are good choices for investors seeking reliable passive income. Their dividend yields of up to 6% and long history of consistent hikes make them attractive to income-focused investors.

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