WEC Energy Group (NYSE:WEC) Issues FY24 Earnings Guidance

WEC Energy Group (NYSE:WEC) updated its FY24 earnings guidance on Wednesday. The company provided EPS guidance of $4.80-4.90 for the period, compared to the consensus EPS estimate of $4.87.

Analyst Upgrades and Downgrades

WEC has been the subject of several research analyst reports. BMO Capital Markets increased their target price on WEC Energy Group from $89.00 to $90.00 and gave the stock a market perform rating in a research report on Thursday. JPMorgan Chase & Co. cut shares of WEC Energy Group from a neutral rating to an underweight rating and cut their target price for the company from $90.00 to $84.00 in a research note on Friday, February 2nd. KeyCorp boosted their price target on shares of WEC Energy Group from $95.00 to $96.00 and gave the stock an overweight rating in a research note on Friday, April 19th. Barclays cut their price objective on WEC Energy Group from $79.00 to $75.00 and set an underweight rating for the company in a research report on Thursday, February 8th. Finally, StockNews.com downgraded WEC Energy Group from a hold rating to a sell rating in a research report on Saturday, January 13th. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $86.29.

WEC Energy Group Trading Up 0.2 %

Shares of NYSE:WEC traded up $0.14 during trading hours on Friday, hitting $83.22. 1,780,159 shares of the company’s stock traded hands, compared to its average volume of 1,750,358. The firm has a market capitalization of $26.25 billion, a P/E ratio of 18.17, a price-to-earnings-growth ratio of 2.88 and a beta of 0.40. The business has a fifty day moving average price of $80.60 and a 200-day moving average price of $81.44. WEC Energy Group has a 1 year low of $75.13 and a 1 year high of $96.17. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.55 and a quick ratio of 0.40.

WEC Energy Group (NYSE:WEC) last issued its earnings results on Wednesday, May 1st. The utilities provider reported $1.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.90 by $0.07. The firm had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.92 billion. WEC Energy Group had a net margin of 16.67% and a return on equity of 13.01%. The business’s revenue was down 7.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.61 earnings per share. Equities analysts expect that WEC Energy Group will post 4.87 earnings per share for the current year.

WEC Energy Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Tuesday, May 14th will be issued a dividend of $0.835 per share. The ex-dividend date of this dividend is Monday, May 13th. This represents a $3.34 annualized dividend and a yield of 4.01%. WEC Energy Group’s payout ratio is currently 72.93%.

Insider Buying and Selling at WEC Energy Group

In related news, CEO Scott J. Lauber sold 2,830 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $78.89, for a total value of $223,258.70. Following the completion of the sale, the chief executive officer now directly owns 43,125 shares of the company’s stock, valued at $3,402,131.25. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other WEC Energy Group news, CEO Scott J. Lauber sold 2,830 shares of WEC Energy Group stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $78.89, for a total value of $223,258.70. Following the transaction, the chief executive officer now owns 43,125 shares in the company, valued at $3,402,131.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Gale E. Klappa sold 37,180 shares of the stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $78.69, for a total transaction of $2,925,694.20. Following the sale, the chairman now directly 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 corporate insiders.

WEC Energy Group Company Profile

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.