WEC Energy Group Inc (WEC) Expected to Announce Quarterly Sales of $1.66 Billion

Brokerages predict that WEC Energy Group Inc (NYSE:WEC) will announce sales of $1.66 billion for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for WEC Energy Group’s earnings, with estimates ranging from $1.63 billion to $1.68 billion. WEC Energy Group also reported sales of $1.66 billion in the same quarter last year. The business is scheduled to issue its next earnings results before the market opens on Wednesday, October 31st.

According to Zacks, analysts expect that WEC Energy Group will report full-year sales of $7.65 billion for the current financial year, with estimates ranging from $7.43 billion to $8.06 billion. For the next fiscal year, analysts expect that the company will post sales of $7.80 billion, with estimates ranging from $7.48 billion to $8.25 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover WEC Energy Group.

WEC Energy Group (NYSE:WEC) last issued its quarterly earnings data on Tuesday, July 31st. The utilities provider reported $0.73 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.06. WEC Energy Group had a net margin of 16.56% and a return on equity of 11.18%. The business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.57 billion. During the same period in the prior year, the business earned $0.63 EPS. The company’s revenue for the quarter was up 2.5% on a year-over-year basis.

Several research analysts recently issued reports on the stock. Barclays assumed coverage on shares of WEC Energy Group in a research note on Tuesday, July 10th. They issued an “equal weight” rating and a $71.00 price target for the company. Zacks Investment Research lowered shares of WEC Energy Group from a “buy” rating to a “hold” rating in a research note on Wednesday, June 20th. Goldman Sachs Group upgraded shares of WEC Energy Group from a “sell” rating to a “neutral” rating in a research note on Thursday, July 19th. Citigroup set a $66.00 price target on shares of WEC Energy Group and gave the stock a “neutral” rating in a research note on Wednesday, October 3rd. Finally, ValuEngine upgraded shares of WEC Energy Group from a “sell” rating to a “hold” rating in a research note on Wednesday, June 20th. Nine research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $69.36.

In related news, Director Barbara L. Bowles sold 2,500 shares of the stock in a transaction dated Monday, August 6th. The shares were sold at an average price of $66.45, for a total value of $166,125.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Frederick D. Kuester sold 168,790 shares of the stock in a transaction dated Thursday, August 9th. The stock was sold at an average price of $66.94, for a total transaction of $11,298,802.60. The disclosure for this sale can be found here. 0.94% of the stock is owned by company insiders.

A number of hedge funds have recently made changes to their positions in WEC. Vaughan Nelson Investment Management L.P. purchased a new stake in WEC Energy Group during the 2nd quarter valued at about $47,445,000. Virginia Retirement Systems ET AL grew its position in WEC Energy Group by 433.9% during the 2nd quarter. Virginia Retirement Systems ET AL now owns 512,500 shares of the utilities provider’s stock valued at $33,133,000 after purchasing an additional 416,500 shares during the last quarter. OLD Republic International Corp grew its position in WEC Energy Group by 128.4% during the 1st quarter. OLD Republic International Corp now owns 715,302 shares of the utilities provider’s stock valued at $44,201,000 after purchasing an additional 402,151 shares during the last quarter. Retirement Systems of Alabama grew its position in WEC Energy Group by 245.1% during the 2nd quarter. Retirement Systems of Alabama now owns 520,237 shares of the utilities provider’s stock valued at $33,633,000 after purchasing an additional 369,496 shares during the last quarter. Finally, Magellan Asset Management Ltd grew its position in WEC Energy Group by 17.0% during the 2nd quarter. Magellan Asset Management Ltd now owns 1,711,169 shares of the utilities provider’s stock valued at $110,627,000 after purchasing an additional 248,768 shares during the last quarter. 73.36% of the stock is currently owned by institutional investors.

NYSE WEC traded down $0.03 during trading on Monday, hitting $67.49. The company had a trading volume of 2,421,277 shares, compared to its average volume of 1,846,014. The company has a current ratio of 0.59, a quick ratio of 0.44 and a debt-to-equity ratio of 0.95. WEC Energy Group has a one year low of $58.48 and a one year high of $70.22. The firm has a market capitalization of $21.07 billion, a PE ratio of 21.49, a price-to-earnings-growth ratio of 4.87 and a beta of 0.02.

About WEC Energy Group

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

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