There are no safe havens in the stock market. Every stock carries risk. But some less than others. This column features stocks that have shown one or more of the following characteristics: less volatility, better earnings, larger market caps, safe and increasing dividends. In these times of turmoil, our goal is to show readers better opportunities for investing with fewer risks.

March 28, 2011 - Wisconsin Energy Corp. (WEC-NYSE) through its subsidiaries, generates and distributes electric energy in southeastern, east central, and northern Wisconsin, as well as in the Upper Peninsula of Michigan. It also distributes natural gas in Wisconsin, as well as steam in metropolitan Milwaukee, Wisconsin.

It provides electric utility service to customers in various industries, such as mining, paper, foundry, food products, and machinery production, as well as to large retail chains. Wisconsin Energy Corporation was founded in 1981 and is based in Milwaukee, Wisconsin.

Yes, it's a utility company, but if you're looking for a conservative investment, this one is hard to beat. Earnings have grown every year since 2004 when they were 94 cents a share. Last year, they finished at $1.92. This year, 15 analysts see $2.08, then $2.25 for 2012. Next quarterly earnings will be out on May 3. Look for 66 cents a share compared to 55 cents in the first quarter of last year. That's up 20%.

While sales dipped in 2009 to $4.128 billion, down from $4.431 billion in 2008, they improved last year to $4.203 billion. This year, expect $4.68 billion, up 11.3%, then look for another 3.9% increase in 2012 to $4.86 billion.

Conservative investors usually like dividends with capital growth. WEC sent out 80 cents a share last year and will up it this year to $1.04, a 30% rise. Dividends were raised every year since 2003 when they were 40 cents a share. The yield is 3.50% at current stock prices. The board of directors stated it will pay out 50% to 55% of net profits so look for another hike next year (when earnings should be $2.25).

The company has been focused on delivering more power and just completed its "Power the Future" program by adding 2 gas-fired units at a cost of $664 million and 2 coal-fired plants at a cost of $2 billion. Through a financial arrangement, the units are owned by a nonutility subsidiary that is leasing them from WEC that will produce a 12.7% return on equity.

Wisconsin Electric will file a general rate increase with regulators sometime in the second quarter. If approved, the new rates take effect in 2012, boosting the bottom line. Further improvement should come from higher sales as the economy continues to show slow but steady improvement.

Part of the future is renewable energy. WEC has one renewable energy plant under construction and one more waiting for approval from the state commission. The one started will generate 160 megawatts and should be completed late in 2011 at a cost of $367 million. The one requested would make 50 megawatts in a biomass plant and cost about $255 million.

Essential numbers: Trailing P/E is 15.51 while the Forward P/E is 13.30. Price to sales ratio is 1.67 and Price to book is 1.84. Book value is $16.26. Operating margin for the last 12 months was 19.28% and Profit margin was 10.86%. Return on equity was 12.23% and Return on assets was 3.93%. Total debt is $5.06 billion. Total Debt to Equity is 132%. Current ratio is .77. The stock is up 20.86% in the last 52 weeks. There was a 2 for 1 split on March 1. There are 233.75 million shares Outstanding. Institutions have 70.2% of the stock.

WEC should appeal to both conservative and income investors. With new, more efficient plants coming online in the next 2 years as well as rate hikes, the company should see earnings continue to grow. Further, the board has stated it wants the dividend to be at least half of net income. That could mean the best of both worlds for investors: capital gains and income.