WEC Energy Group, Inc. Forecasted to Post FY2024 Earnings of $4.90 Per Share (NYSE:WEC)

Posted by Defense World Staff on Jun 15th, 2023

WEC Energy Group, Inc. (NYSE:WEC – Get Rating) – Analysts at Zacks Research lifted their FY2024 earnings per share estimates for shares of WEC Energy Group in a research report issued on Monday, June 12th. Zacks Research analyst J. Saha now anticipates that the utilities provider will post earnings per share of $4.90 for the year, up from their previous forecast of $4.89. The consensus estimate for WEC Energy Group’s current full-year earnings is $4.60 per share. Zacks Research also issued estimates for WEC Energy Group’s FY2025 earnings at $5.26 EPS.

WEC has been the topic of a number of other reports. Mizuho raised WEC Energy Group from a “neutral” rating to a “buy” rating and set a $98.00 price objective on the stock in a report on Thursday, May 18th. JPMorgan Chase & Co. upped their price objective on shares of WEC Energy Group from $99.00 to $105.00 and gave the company a “neutral” rating in a research report on Wednesday, April 19th. 888 restated a “maintains” rating on shares of WEC Energy Group in a research report on Wednesday, May 3rd. Bank of America reduced their target price on shares of WEC Energy Group from $106.00 to $103.00 in a research note on Wednesday, May 3rd. Finally, StockNews.com started coverage on shares of WEC Energy Group in a research note on Thursday, May 18th. They issued a “sell” rating for the company. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, WEC Energy Group presently has an average rating of “Hold” and a consensus target price of $99.27.

WEC Energy Group Trading Up 0.3 %

WEC Energy Group stock opened at $90.53 on Wednesday. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.61 and a current ratio of 0.75. The business’s 50-day simple moving average is $92.90 and its 200-day simple moving average is $93.38. The firm has a market capitalization of $28.56 billion, a PE ratio of 21.15, a PEG ratio of 3.39 and a beta of 0.41. WEC Energy Group has a 52 week low of $80.82 and a 52 week high of $108.20.

WEC Energy Group (NYSE:WEC – Get Rating) last issued its earnings results on Monday, May 1st. The utilities provider reported $1.61 EPS for the quarter, topping the consensus estimate of $1.58 by $0.03. The business had revenue of $2.89 billion during the quarter, compared to analysts’ expectations of $2.90 billion. WEC Energy Group had a return on equity of 11.60% and a net margin of 14.10%. WEC Energy Group’s revenue was down .7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.79 earnings per share.

WEC Energy Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 1st. Investors of record on Friday, May 12th were issued a $0.78 dividend. The ex-dividend date of this dividend was Thursday, May 11th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.45%. WEC Energy Group’s dividend payout ratio is presently 72.90%.

Insiders Place Their Bets

In related news, Director Ulice Payne, Jr. sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 9th. The shares were sold at an average price of $94.36, for a total value of $141,540.00. Following the completion of the transaction, the director now directly owns 21,503 shares of the company’s stock, valued at approximately $2,029,023.08. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.34% of the stock is currently owned by insiders.

Institutional Trading of WEC Energy Group

Institutional investors and hedge funds have recently bought and sold shares of the company. EP Wealth Advisors LLC purchased a new position in WEC Energy Group in the 1st quarter worth $605,000. Level Four Advisory Services LLC bought a new stake in WEC Energy Group in the 1st quarter worth $398,000. ProShare Advisors LLC boosted its stake in shares of WEC Energy Group by 12.4% during the 1st quarter. ProShare Advisors LLC now owns 54,280 shares of the utilities provider’s stock valued at $5,145,000 after purchasing an additional 5,984 shares in the last quarter. Toroso Investments LLC boosted its stake in shares of WEC Energy Group by 9.5% during the 1st quarter. Toroso Investments LLC now owns 4,328 shares of the utilities provider’s stock valued at $410,000 after purchasing an additional 375 shares in the last quarter. Finally, Axiom Financial Strategies LLC boosted its stake in shares of WEC Energy Group by 6.9% during the 1st quarter. Axiom Financial Strategies LLC now owns 2,984 shares of the utilities provider’s stock valued at $283,000 after purchasing an additional 193 shares in the last quarter. 74.05% of the stock is currently owned by hedge funds and other institutional investors.

About WEC Energy Group

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WEC Energy Group, Inc is a holding company, which engages in the generation and distribution of electricity and natural gas. It operates through the following segments: Wisconsin, Illinois, Other States, Electric Transmission, Non-Utility Energy Infrastructure and Corporate & Other. The Wisconsin segment refers to the electric and gas utility operations.