WEC Energy Group, Inc. to Post Q3 2024 Earnings of $1.06 Per Share, Zacks Research Forecasts (NYSE:WEC)

WEC Energy Group, Inc. (NYSE:WEC) – Stock analysts at Zacks Research lowered their Q3 2024 earnings per share estimates for shares of WEC Energy Group in a research note issued to investors on Tuesday, March 26th. Zacks Research analyst R. Department now forecasts that the utilities provider will post earnings of $1.06 per share for the quarter, down from their prior forecast of $1.07. The consensus estimate for WEC Energy Group’s current full-year earnings is $4.88 per share. Zacks Research also issued estimates for WEC Energy Group’s FY2024 earnings at $4.88 EPS, Q3 2025 earnings at $0.89 EPS and FY2025 earnings at $5.23 EPS.

WEC Energy Group (NYSE:WEC) last announced its quarterly earnings results on Thursday, February 1st. The utilities provider reported $1.10 earnings per share (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 company had revenue of $2.22 billion for the quarter, compared to the consensus estimate of $2.82 billion. During the same quarter in the previous year, the business earned $0.80 EPS. WEC Energy Group’s revenue was down 13.3% compared to the same quarter last year.

A number of other brokerages have also recently commented on WEC. Royal Bank of Canada dropped their price target on WEC Energy Group from $95.00 to $90.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 8th. StockNews.com cut WEC Energy Group from a “hold” rating to a “sell” rating in a research report on Saturday, January 13th. KeyCorp upped their price objective on WEC Energy Group from $94.00 to $95.00 and gave the company an “overweight” rating in a research report on Thursday, January 4th. Mizuho lowered their price objective on WEC Energy Group from $88.00 to $86.00 and set a “buy” rating on the stock in a research report on Monday, December 18th. Finally, JPMorgan Chase & Co. cut WEC Energy Group from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $90.00 to $84.00 in a research report on Friday, February 2nd. Four equities research analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $86.17.

WEC Energy Group Stock Up 1.2 %

WEC stock opened at $82.12 on Wednesday. WEC Energy Group has a fifty-two week low of $75.13 and a fifty-two week high of $99.26. The business’s 50 day moving average price is $79.42 and its two-hundred day moving average price is $81.74. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.40 and a current ratio of 0.55. The company has a market capitalization of $25.90 billion, a price-to-earnings ratio of 19.46, a price-to-earnings-growth ratio of 2.74 and a beta of 0.40.

Insider Activity

In other news, CEO Scott J. Lauber sold 2,830 shares of the firm’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $78.89, for a total transaction of $223,258.70. Following the completion of the transaction, the chief executive officer now owns 43,125 shares in the company, valued at $3,402,131.25. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Scott J. Lauber sold 2,830 shares of the firm’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $78.89, for a total transaction of $223,258.70. Following the completion of the transaction, the chief executive officer now owns 43,125 shares in the company, valued at $3,402,131.25. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Gale E. Klappa sold 37,180 shares of WEC Energy Group stock in a transaction dated 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 completion of the transaction, the chairman now owns 274,782 shares of the company’s stock, valued at approximately $21,622,595.58. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Advisors Capital Management LLC boosted its position in shares of WEC Energy Group by 2.3% during 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 period. Stonebridge Capital Advisors LLC raised its stake in shares of WEC Energy Group by 12.1% during the fourth quarter. Stonebridge Capital Advisors LLC now owns 1,059 shares of the utilities provider’s stock valued at $99,000 after acquiring an additional 114 shares in the last quarter. Portside Wealth Group LLC raised its stake in shares of WEC Energy Group by 1.2% during the third quarter. Portside Wealth Group LLC now owns 10,374 shares of the utilities provider’s stock valued at $837,000 after acquiring an additional 127 shares in the last quarter. Balentine LLC raised its stake in shares of WEC Energy Group by 2.7% during the third quarter. Balentine LLC now owns 4,899 shares of the utilities provider’s stock valued at $395,000 after acquiring an additional 131 shares in the last quarter. Finally, Blossom Wealth Management raised its stake in shares of WEC Energy Group by 3.6% during the third quarter. Blossom Wealth Management now owns 3,797 shares of the utilities provider’s stock valued at $306,000 after acquiring an additional 132 shares in 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.