Viking Fund Management LLC Sells 50,000 Shares of WEC Energy Group, Inc. (NYSE:WEC)

Viking Fund Management LLC trimmed its stake in WEC Energy Group, Inc. (NYSE:WEC) by 74.6% in the 1st quarter, Holdings Channel.com reports. The firm owned 17,000 shares of the utilities provider’s stock after selling 50,000 shares during the period. Viking Fund Management LLC’s holdings in WEC Energy Group were worth $1,396,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Northwest Bank & Trust Co bought a new stake in WEC Energy Group in the fourth quarter worth $25,000. Opal Wealth Advisors LLC purchased a new stake in shares of WEC Energy Group in the first quarter valued at $25,000. Tennessee Valley Asset Management Partners bought a new stake in shares of WEC Energy Group in the 4th quarter worth about $26,000. Valued Wealth Advisors LLC purchased a new position in shares of WEC Energy Group during the 4th quarter worth about $28,000. Finally, First United Bank & Trust bought a new position in WEC Energy Group during the 4th quarter valued at about $30,000. Hedge funds and other institutional investors own 77.20% of the company’s stock.

WEC Energy Group Stock Up 0.4 %

Shares of WEC traded up $0.30 during midday trading on Thursday, hitting $78.45. 1,251,323 shares of the company’s stock traded hands, compared to its average volume of 2,155,660. WEC Energy Group, Inc. has a 1 year low of $75.13 and a 1 year high of $93.37. The firm’s fifty day moving average is $81.52 and its 200-day moving average is $81.15. The company has a current ratio of 0.55, a quick ratio of 0.42 and a debt-to-equity ratio of 1.24. The stock has a market capitalization of $24.78 billion, a price-to-earnings ratio of 17.15, a price-to-earnings-growth ratio of 2.02 and a beta of 0.42.

WEC Energy Group (NYSE:WEC) last issued its quarterly earnings results on Wednesday, May 1st. The utilities provider reported $1.97 earnings per share for the quarter, topping the consensus estimate of $1.90 by $0.07. The business had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.92 billion. WEC Energy Group had a return on equity of 13.01% and a net margin of 16.67%. The company’s quarterly revenue was down 7.2% on a year-over-year basis. During the same quarter last year, the company earned $1.61 earnings per share. As a group, sell-side analysts anticipate that WEC Energy Group, Inc. will post 4.87 earnings per share for the current year.

WEC Energy Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Saturday, June 1st. Stockholders of record on Tuesday, May 14th were paid a dividend of $0.835 per share. The ex-dividend date of this dividend was Monday, May 13th. This represents a $3.34 annualized dividend and a dividend yield of 4.26%. WEC Energy Group’s payout ratio is currently 72.93%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on WEC shares. KeyCorp boosted their target price on WEC Energy Group from $95.00 to $96.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. The Goldman Sachs Group began coverage on WEC Energy Group in a research note on Wednesday, April 10th. They issued a “neutral” rating and a $88.00 target price on the stock. BMO Capital Markets boosted their target price on shares of WEC Energy Group from $89.00 to $90.00 and gave the company a “market perform” rating in a research note on Thursday, May 2nd. Scotiabank cut their price target on shares of WEC Energy Group from $96.00 to $90.00 and set a “sector outperform” rating on the stock in a report on Monday, April 22nd. Finally, StockNews.com raised shares of WEC Energy Group from a “sell” rating to a “hold” rating in a research report on Thursday, May 9th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, WEC Energy Group presently has a consensus rating of “Hold” and a consensus target price of $85.92.

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.