WEC Energy Group, Inc. Expected to Earn Q2 2024 Earnings of $0.64 Per Share (NYSE:WEC)

WEC Energy Group, Inc. (NYSE:WEC) – Investment analysts at KeyCorp issued their Q2 2024 earnings per share (EPS) estimates for WEC Energy Group in a research report issued to clients and investors on Sunday, July 21st. KeyCorp analyst S. Karp anticipates that the utilities provider will earn $0.64 per share for the quarter. KeyCorp has a “Overweight” rating and a $95.00 price objective on the stock. The consensus estimate for WEC Energy Group’s current full-year earnings is $4.88 per share. KeyCorp also issued estimates for WEC Energy Group’s Q3 2024 earnings at $1.11 EPS, Q4 2024 earnings at $1.16 EPS and FY2028 earnings at $6.26 EPS.

Several other analysts have also commented on WEC. StockNews.com lowered shares of WEC Energy Group from a “hold” rating to a “sell” rating in a research report on Wednesday. Scotiabank decreased their price target on shares of WEC Energy Group from $96.00 to $90.00 and set a “sector outperform” rating for the company in a research report on Monday, April 22nd. Barclays lifted their price objective on WEC Energy Group from $78.00 to $80.00 and gave the company an “underweight” rating in a research note on Monday. BMO Capital Markets lowered their target price on shares of WEC Energy Group from $90.00 to $87.00 and set a “market perform” rating for the company in a research note on Monday. Finally, The Goldman Sachs Group began coverage on shares of WEC Energy Group in a research note on Wednesday, April 10th. They issued a “neutral” rating and a $88.00 price target on the stock. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $86.00.

WEC Energy Group Price Performance

NYSE:WEC opened at $83.32 on Wednesday. WEC Energy Group has a one year low of $75.13 and a one year high of $93.37. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.42 and a current ratio of 0.55. The stock has a 50 day moving average price of $80.09 and a 200 day moving average price of $80.56. The stock has a market cap of $26.31 billion, a PE ratio of 18.19, a P/E/G ratio of 2.11 and a beta of 0.41.

WEC Energy Group (NYSE:WEC) last announced its earnings results on Wednesday, May 1st. The utilities provider reported $1.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.90 by $0.07. The company had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.92 billion. WEC Energy Group had a net margin of 16.67% and a return on equity of 13.01%. The firm’s quarterly revenue was down 7.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.61 EPS.

WEC Energy Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Wednesday, August 14th will be given a dividend of $0.835 per share. The ex-dividend date of this dividend is Wednesday, August 14th. This represents a $3.34 annualized dividend and a yield of 4.01%. WEC Energy Group’s payout ratio is currently 72.93%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Northern Trust Corp increased its stake in shares of WEC Energy Group by 2.9% during the 4th quarter. Northern Trust Corp now owns 4,071,148 shares of the utilities provider’s stock worth $342,669,000 after purchasing an additional 116,219 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of WEC Energy Group by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,777,770 shares of the utilities provider’s stock worth $149,635,000 after acquiring an additional 51,540 shares during the last quarter. Earnest Partners LLC lifted its position in shares of WEC Energy Group by 36.0% in the first quarter. Earnest Partners LLC now owns 1,748,141 shares of the utilities provider’s stock valued at $143,557,000 after acquiring an additional 462,646 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in shares of WEC Energy Group by 93.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 1,665,038 shares of the utilities provider’s stock valued at $140,146,000 after acquiring an additional 803,718 shares in the last quarter. Finally, Confluence Investment Management LLC acquired a new stake in shares of WEC Energy Group during the first quarter valued at $127,945,000. 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.