WEC Energy Group (NYSE:WEC) Issues Q1 Earnings Guidance

WEC Energy Group (NYSE:WEC) updated its first quarter earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $1.89-1.91 for the period, compared to the consensus estimate of $1.79. WEC Energy Group also updated its FY 2024 guidance to 4.800-4.900 EPS.

WEC Energy Group Stock Performance

NYSE WEC opened at $82.12 on Friday. The company has a fifty day moving average price of $79.42 and a 200-day moving average price of $81.74. The firm has a market cap of $25.90 billion, a price-to-earnings ratio of 19.46, a PEG ratio of 2.83 and a beta of 0.40. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.55 and a quick ratio of 0.40. WEC Energy Group has a 1 year low of $75.13 and a 1 year high of $99.26.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Bank of America reiterated an underperform rating and set a $78.00 target price (down from $84.00) on shares of WEC Energy Group in a research note on Thursday, January 4th. Mizuho decreased their price objective on WEC Energy Group from $88.00 to $86.00 and set a buy rating for the company in a report on Monday, December 18th. StockNews.com cut shares of WEC Energy Group from a hold rating to a sell rating in a report on Saturday, January 13th. Wells Fargo & Company lowered their price target on shares of WEC Energy Group from $93.00 to $91.00 and set an overweight rating on the stock in a report on Friday, February 2nd. Finally, Royal Bank of Canada dropped 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. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, WEC Energy Group currently has a consensus rating of Hold and an average target price of $86.17.

Insiders Place Their Bets

In other news, Chairman Gale E. Klappa sold 37,180 shares of the firm’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 transaction, the chairman now directly owns 274,782 shares in the company, valued at approximately $21,622,595.58. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO Scott J. Lauber sold 2,830 shares of WEC Energy Group stock in a transaction that occurred 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 approximately $3,402,131.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 completion of the transaction, the chairman now owns 274,782 shares of the company’s stock, valued at $21,622,595.58. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

Institutional Investors Weigh In On WEC Energy Group

Hedge funds have recently made changes to their positions in the company. Quilter Plc purchased a new stake in WEC Energy Group during the first quarter valued at approximately $234,348,000. Achmea Investment Management B.V. bought a new position in WEC Energy Group during the first quarter valued at $27,000. First Manhattan Co. lifted its holdings in shares of WEC Energy Group by 102.0% in the 4th quarter. First Manhattan Co. now owns 303 shares of the utilities provider’s stock worth $28,000 after acquiring an additional 153 shares during the last quarter. Sunbelt Securities Inc. bought a new stake in WEC Energy Group during the 1st quarter valued at $44,000. Finally, Quarry LP lifted its stake in WEC Energy Group by 373.3% in the second quarter. Quarry LP now owns 549 shares of the utilities provider’s stock worth $48,000 after acquiring an additional 433 shares during the period. 77.20% of the stock is currently owned by hedge funds and other institutional investors.

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.