Book value on TEG is $37.46 per share. It is noteworthy to consider that some of that book value is discounted, ie real estate property. Why? Integrys is an old company , around for many many decades, and their real estate property is carried on the "books" at prices from those many many years ago, when real estate prices were a small fraction of what they are today. So real book value is actually higher.
That is why the shorts are in a pickle because this is a stock that is trading at a discount to their value because of a short term earnings glitch as they transition out of their unregulated businesses. Shorts hoped that they would get more downside, and hoped that the dividend would come under question, they hoped to make a quick profit on a shareprice drop based on a dividend cut. But the restructuring is going very well, and it has become extremely clear that there will be no dividend cut, in fact it is now anticipated by those in the know , that TEG will likely raise the dividend slightly next year as they keep the tradition of raised dividends up. Look up the facts , they are one of the storied dividend payers with a long recored of unfailed pays and increases, if the not the best record of all corporations. That says a lot. So shorts got trapped in this one and have to pay up to get out, as well as pay those juicy dividends.
Do not let anyway fool you, TEG is doing fine, and is making the transition to regulated business and will generate earnings sufficient to eventually have their shares no longer trade at a discount to book value. I see the stock back up into the 40's as this begins to play out next year, and eventuallly closer to 50 or higher as things develop more fully in the next couple of years.