Q3 2023 EPS Estimates for WEC Energy Group, Inc. (NYSE:WEC) Cut by Analyst

WEC Energy Group, Inc. (NYSE:WEC – Free Report) – Equities research analysts at Zacks Research reduced their Q3 2023 earnings per share (EPS) estimates for shares of WEC Energy Group in a report issued on Thursday, September 21st. Zacks Research analyst T. Sarawagi now forecasts that the utilities provider will post earnings per share of $1.00 for the quarter, down from their prior forecast of $1.03. The consensus estimate for WEC Energy Group’s current full-year earnings is $4.61 per share. Zacks Research also issued estimates for WEC Energy Group’s Q4 2023 earnings at $1.08 EPS, Q3 2024 earnings at $1.24 EPS, FY2024 earnings at $4.92 EPS, Q1 2025 earnings at $1.81 EPS and FY2025 earnings at $5.26 EPS.

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WEC Energy Group (NYSE:WEC – Get Free Report) last released its earnings results on Tuesday, August 1st. The utilities provider reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.07. WEC Energy Group had a return on equity of 11.48% and a net margin of 14.57%. The company had revenue of $1.83 billion during the quarter, compared to analysts’ expectations of $2.05 billion. During the same quarter last year, the business posted $0.91 EPS. The firm’s revenue for the quarter was down 14.0% compared to the same quarter last year.

WEC has been the subject of a number of other research reports. Mizuho reaffirmed a “buy” rating and set a $98.00 price objective on shares of WEC Energy Group in a research report on Friday, June 30th. Guggenheim reduced their price objective on WEC Energy Group from $99.00 to $94.00 in a research report on Friday, July 7th. Evercore ISI reduced their price objective on WEC Energy Group from $98.00 to $91.00 in a research report on Friday, June 9th. BMO Capital Markets reduced their target price on WEC Energy Group from $98.00 to $95.00 and set a “market perform” rating for the company in a report on Wednesday, August 2nd. Finally, JPMorgan Chase & Co. lifted their target price on WEC Energy Group from $98.00 to $99.00 and gave the stock a “neutral” rating in a report on Wednesday, August 16th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $95.83.

Read Our Latest Analysis on WEC

WEC Energy Group Stock Down 1.0 %

WEC stock opened at $85.45 on Friday. WEC Energy Group has a twelve month low of $80.82 and a twelve month high of $101.11. The company has a quick ratio of 0.45, a current ratio of 0.60 and a debt-to-equity ratio of 1.30. The firm has a market cap of $26.95 billion, a PE ratio of 19.92, a price-to-earnings-growth ratio of 3.29 and a beta of 0.41. The business has a 50 day moving average of $86.79 and a 200 day moving average of $90.25.

Institutional Trading of WEC Energy Group

Large investors have recently modified their holdings of the company. Principal Financial Group Inc. grew its holdings in shares of WEC Energy Group by 0.6% in the first quarter. Principal Financial Group Inc. now owns 1,920,979 shares of the utilities provider’s stock worth $182,090,000 after acquiring an additional 11,322 shares during the period. Graypoint LLC purchased a new position in WEC Energy Group during the first quarter valued at $229,000. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in WEC Energy Group by 10.1% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 34,099 shares of the utilities provider’s stock valued at $3,232,000 after purchasing an additional 3,120 shares in the last quarter. Geneos Wealth Management Inc. lifted its position in WEC Energy Group by 2.8% during the first quarter. Geneos Wealth Management Inc. now owns 6,760 shares of the utilities provider’s stock valued at $641,000 after purchasing an additional 183 shares in the last quarter. Finally, ProShare Advisors LLC lifted its position in WEC Energy Group by 12.4% during the first 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. Institutional investors own 75.75% of the company’s stock.

WEC Energy Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Monday, August 14th were issued a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 3.65%. The ex-dividend date was Friday, August 11th. WEC Energy Group’s payout ratio is currently 72.73%.

WEC Energy Group Company Profile

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WEC Energy Group, Inc, through its subsidiaries, provides regulated natural gas and electricity, and renewable and nonregulated renewable energy services in the United States. The company operates through six segments: Wisconsin, Illinois, Other States, Electric Transmission, Non-Utility Energy Infrastructure, and Corporate and Other.

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