WEC Energy Group (NYSE:WEC) Updates FY24 Earnings Guidance

WEC Energy Group (NYSE:WEC) updated its FY24 earnings guidance on Monday. The company provided earnings per share guidance of $4.80-4.90 for the period, compared to the consensus earnings per share estimate of $4.87.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. KeyCorp boosted their price objective on WEC Energy Group from $94.00 to $95.00 and gave the stock an overweight rating in a research note on Thursday, January 4th. Barclays cut their price objective on WEC Energy Group from $79.00 to $75.00 and set an underweight rating for the company in a research note on Thursday, February 8th. The Goldman Sachs Group assumed coverage on WEC Energy Group in a research note on Wednesday, April 10th. They set a neutral rating and a $88.00 price objective for the company. Royal Bank of Canada cut their price objective on WEC Energy Group from $95.00 to $90.00 and set a sector perform rating for the company in a research note on Thursday, February 8th. Finally, Bank of America restated an underperform rating and set a $78.00 target price (down from $84.00) on shares of WEC Energy Group in a report on Thursday, January 4th. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, WEC Energy Group has an average rating of Hold and a consensus target price of $86.31.

WEC Energy Group Trading Down 0.5 %

WEC opened at $78.97 on Monday. WEC Energy Group has a one year low of $75.13 and a one year high of $98.80. The stock has a market capitalization of $24.91 billion, a PE ratio of 18.71, a P/E/G ratio of 2.75 and a beta of 0.40. The business’s 50 day moving average price is $79.61 and its 200 day moving average price is $81.36. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.40 and a current ratio of 0.55.

WEC Energy Group (NYSE:WEC) last released its quarterly earnings data on Thursday, February 1st. The utilities provider reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. WEC Energy Group had a return on equity of 12.17% and a net margin of 14.98%. The firm had revenue of $2.22 billion for the quarter, compared to analysts’ expectations of $2.82 billion. During the same period in the prior year, the firm posted $0.80 earnings per share. The firm’s quarterly revenue was down 13.3% on a year-over-year basis. As a group, equities research analysts expect that WEC Energy Group will post 4.88 EPS for the current year.

Insider Activity at WEC Energy Group

In related news, Chairman Gale E. Klappa sold 37,180 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $78.69, for a total value of $2,925,694.20. Following the transaction, the chairman now directly owns 274,782 shares in the company, valued at $21,622,595.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Scott J. Lauber sold 2,830 shares of the company’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $78.89, for a total transaction of $223,258.70. Following the sale, the chief executive officer now owns 43,125 shares of the company’s stock, valued at $3,402,131.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Gale E. Klappa sold 37,180 shares of the company’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $78.69, for a total value of $2,925,694.20. Following the sale, the chairman now directly owns 274,782 shares in the company, valued at approximately $21,622,595.58. The disclosure for this sale can be found here. 0.44% of the stock is currently owned by insiders.

Institutional Trading of WEC Energy Group

A number of large investors have recently modified their holdings of the stock. Advisors Capital Management LLC increased its holdings in WEC Energy Group by 2.3% in the third quarter. Advisors Capital Management LLC now owns 4,799 shares of the utilities provider’s stock valued at $444,000 after buying an additional 108 shares during the last quarter. Stonebridge Capital Advisors LLC increased its holdings in WEC Energy Group by 12.1% in the fourth quarter. Stonebridge Capital Advisors LLC now owns 1,059 shares of the utilities provider’s stock valued at $99,000 after buying an additional 114 shares during the last quarter. SVB Wealth LLC increased its holdings in WEC Energy Group by 3.5% in the first quarter. SVB Wealth LLC now owns 4,185 shares of the utilities provider’s stock valued at $418,000 after buying an additional 141 shares during the last quarter. GTS Securities LLC increased its holdings in WEC Energy Group by 4.2% in the fourth quarter. GTS Securities LLC now owns 3,594 shares of the utilities provider’s stock valued at $303,000 after buying an additional 144 shares during the last quarter. Finally, Federated Hermes Inc. increased its holdings in WEC Energy Group by 4.6% in the first quarter. Federated Hermes Inc. now owns 3,374 shares of the utilities provider’s stock valued at $337,000 after buying an additional 147 shares during the last quarter. Hedge funds and other institutional investors own 77.20% of the company’s stock.

About WEC Energy Group

WEC Energy Group, Inc, through its subsidiaries, provides regulated natural gas and electricity, and renewable and nonregulated renewable energy services in the United States. It operates through Wisconsin, Illinois, Other States, Electric Transmission, and Non-Utility Energy Infrastructure segments.