WEC Energy Group (NYSE:WEC) Updates FY 2024 Earnings Guidance

WEC Energy Group (NYSE:WEC) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 4.800-4.900 for the period, compared to the consensus earnings per share estimate of 4.870. The company issued revenue guidance of -. WEC Energy Group also updated its FY24 guidance to $4.80-4.90 EPS.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Barclays lowered their target price on WEC Energy Group from $79.00 to $75.00 and set an underweight rating for the company in a research note on Thursday, February 8th. StockNews.com lowered WEC Energy Group from a hold rating to a sell rating in a research note on Saturday, January 13th. Royal Bank of Canada cut their target price on WEC Energy Group from $95.00 to $90.00 and set a sector perform rating on the stock in a research report on Thursday, February 8th. Wells Fargo & Company lowered their target price on WEC Energy Group from $93.00 to $91.00 and set an overweight rating for the company in a report on Friday, February 2nd. Finally, Mizuho reduced their price objective on shares of WEC Energy Group from $88.00 to $86.00 and set a buy rating for the company in a research report on Monday, December 18th. Four analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Hold and an average price target of $86.17.

WEC Energy Group Trading Up 3.2 %

NYSE WEC opened at $81.18 on Thursday. WEC Energy Group has a 12 month low of $75.13 and a 12 month high of $99.26. The company has a current ratio of 0.55, a quick ratio of 0.40 and a debt-to-equity ratio of 1.29. The firm has a market capitalization of $25.61 billion, a P/E ratio of 19.24, a PEG ratio of 2.74 and a beta of 0.40. The business has a fifty day simple moving average of $79.42 and a 200 day simple moving average of $81.74.

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

Insider Buying and Selling

In related news, Chairman Gale E. Klappa sold 37,180 shares of the business’s stock in a transaction dated Thursday, February 29th. The shares were 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 of the company’s stock, valued at approximately $21,622,595.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other WEC Energy Group news, Chairman Gale E. Klappa sold 37,180 shares of the business’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 sale, the chairman now directly owns 274,782 shares in the company, valued at $21,622,595.58. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Scott J. Lauber sold 2,830 shares of the stock in a transaction on 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 of the company’s stock, valued at approximately $3,402,131.25. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On WEC Energy Group

Hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC raised its holdings in shares of WEC Energy Group by 563.3% during the 1st quarter. Renaissance Technologies LLC now owns 1,320,077 shares of the utilities provider’s stock valued at $131,757,000 after buying an additional 1,121,075 shares in the last quarter. Royal Bank of Canada boosted its stake in shares of WEC Energy Group by 146.0% in the 4th quarter. Royal Bank of Canada now owns 1,257,505 shares of the utilities provider’s stock valued at $105,843,000 after purchasing an additional 746,385 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of WEC Energy Group by 17.4% during the 4th quarter. Legal & General Group Plc now owns 3,623,530 shares of the utilities provider’s stock valued at $304,993,000 after purchasing an additional 536,684 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in WEC Energy Group by 153.0% in the 1st quarter. The Manufacturers Life Insurance Company now owns 678,057 shares of the utilities provider’s stock worth $67,677,000 after purchasing an additional 410,082 shares during the period. Finally, Morgan Stanley lifted its stake in WEC Energy Group by 9.4% in the fourth quarter. Morgan Stanley now owns 3,236,416 shares of the utilities provider’s stock worth $303,446,000 after purchasing an additional 277,337 shares during the last quarter. Hedge funds and other institutional investors own 77.20% 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.