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

WEC Energy Group (NYSE:WEC) issued an update on its FY24 earnings guidance on Monday 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 Price Performance

Shares of WEC opened at $79.61 on Thursday. The firm has a 50-day simple moving average of $79.64 and a two-hundred day simple moving average of $81.32. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.55 and a quick ratio of 0.40. WEC Energy Group has a 1-year low of $75.13 and a 1-year high of $98.80. The stock has a market cap of $25.11 billion, a PE ratio of 18.86, a P/E/G ratio of 2.71 and a beta of 0.40.

WEC Energy Group (NYSE:WEC) last posted its quarterly earnings data on Thursday, February 1st. The utilities provider reported $1.10 EPS for the quarter, beating the consensus estimate of $1.08 by $0.02. WEC Energy Group had a net margin of 14.98% and a return on equity of 12.17%. The business had revenue of $2.22 billion during the quarter, compared to analyst estimates of $2.82 billion. During the same quarter last year, the firm posted $0.80 earnings per share. The business’s revenue for the quarter was down 13.3% compared to the same quarter last year. As a group, analysts forecast that WEC Energy Group will post 4.88 EPS for the current year.

Wall Street Analyst Weigh In

WEC has been the subject of a number of recent research reports. StockNews.com downgraded shares of WEC Energy Group from a hold rating to a sell rating in a research note on Saturday, January 13th. KeyCorp lifted their target price on shares of WEC Energy Group from $94.00 to $95.00 and gave the company an overweight rating in a report on Thursday, January 4th. 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 report on Friday, February 2nd. Wells Fargo & Company cut their target price on shares of WEC Energy Group from $93.00 to $91.00 and set an overweight rating on the stock in a report on Friday, February 2nd. Finally, Royal Bank of Canada cut their target price on shares of WEC Energy Group from $95.00 to $90.00 and set a sector perform rating on the stock in a report on Thursday, February 8th. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, WEC Energy Group currently has a consensus rating of Hold and a consensus price target of $86.31.

Insider Buying and Selling at WEC Energy Group

In other WEC Energy Group news, CEO Scott J. Lauber sold 2,830 shares of the business’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $78.89, for a total value of $223,258.70. Following the transaction, the chief executive officer now directly owns 43,125 shares of the company’s stock, valued at approximately $3,402,131.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 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 in the company, valued at approximately $21,622,595.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Scott J. Lauber sold 2,830 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $78.89, for a total transaction of $223,258.70. Following the sale, the chief executive officer now owns 43,125 shares in the company, valued at $3,402,131.25. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On WEC Energy Group

Several institutional investors have recently made changes to their positions in WEC. Fairfield Bush & CO. purchased a new stake in shares of WEC Energy Group during the 1st quarter worth $64,000. Raymond James Trust N.A. boosted its position in shares of WEC Energy Group by 19.9% in the 1st quarter. Raymond James Trust N.A. now owns 6,272 shares of the utilities provider’s stock worth $626,000 after buying an additional 1,040 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of WEC Energy Group by 8.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 848,405 shares of the utilities provider’s stock worth $84,682,000 after buying an additional 65,287 shares in the last quarter. Allianz Asset Management GmbH boosted its position in shares of WEC Energy Group by 10.2% in the 1st quarter. Allianz Asset Management GmbH now owns 34,679 shares of the utilities provider’s stock worth $3,461,000 after buying an additional 3,224 shares in the last quarter. Finally, Cetera Investment Advisers boosted its position in shares of WEC Energy Group by 11.8% in the 1st quarter. Cetera Investment Advisers now owns 8,765 shares of the utilities provider’s stock worth $875,000 after buying an additional 923 shares in the last quarter. 77.20% of the stock is currently owned by hedge funds and other institutional investors.

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.