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

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

WEC Energy Group Stock Performance

NYSE WEC traded up $0.14 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’s 50-day moving average price is $80.60 and its two-hundred day moving average price is $81.44. The firm has a market capitalization of $26.25 billion, a PE ratio of 18.17, a P/E/G ratio of 2.88 and a beta of 0.40. The company has a current ratio of 0.55, a quick ratio of 0.40 and a debt-to-equity ratio of 1.24. WEC Energy Group has a 1-year low of $75.13 and a 1-year high of $96.17.

WEC Energy Group (NYSE:WEC) last posted 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 company had revenue of $2.68 billion during the quarter, compared to the consensus estimate 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 period in the previous year, the firm posted $1.61 earnings per share. As a group, analysts expect that WEC Energy Group will post 4.87 EPS for the current year.

WEC Energy Group Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on WEC shares. Wells Fargo & Company lowered their price target on WEC Energy Group from $93.00 to $91.00 and set an overweight rating on the stock in a research note on Friday, February 2nd. StockNews.com lowered WEC Energy Group from a hold rating to a sell rating in a report on Saturday, January 13th. KeyCorp raised their price objective on shares of WEC Energy Group from $95.00 to $96.00 and gave the stock an overweight rating in a research report on Friday, April 19th. Scotiabank decreased their target price on shares of WEC Energy Group from $96.00 to $90.00 and set a sector outperform rating on the stock in a report on Monday, April 22nd. Finally, BMO Capital Markets raised their price target on shares of WEC Energy Group from $89.00 to $90.00 and gave the stock a market perform rating in a report on Thursday. Four research analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, WEC Energy Group has an average rating of Hold and an average price target of $86.29.

Insider Activity

In other WEC Energy Group news, Chairman Gale E. Klappa sold 37,180 shares of the stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $78.69, for a total transaction of $2,925,694.20. Following the transaction, the chairman now owns 274,782 shares of the company’s stock, valued at approximately $21,622,595.58. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other WEC Energy Group news, Chairman Gale E. Klappa sold 37,180 shares of the company’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $78.69, for a total transaction of $2,925,694.20. Following the completion of the sale, the chairman now directly owns 274,782 shares in the company, valued at $21,622,595.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Scott J. Lauber sold 2,830 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were 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 approximately $3,402,131.25. The disclosure for this sale can be found here. Company insiders own 0.34% 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.