WEC Energy Group, Inc. $WEC Shares Acquired by Penobscot Investment Management Company Inc.

Penobscot Investment Management Company Inc. grew its holdings in WEC Energy Group, Inc. (NYSE:WEC) by 1.5% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 24,744 shares of the utilities provider’s stock after buying an additional 370 shares during the period. Penobscot Investment Management Company Inc.’s holdings in WEC Energy Group were worth $2,578,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Truvestments Capital LLC acquired a new stake in shares of WEC Energy Group in the first quarter valued at about $25,000. Nova Wealth Management Inc. acquired a new stake in shares of WEC Energy Group in the first quarter valued at about $26,000. Hughes Financial Services LLC purchased a new stake in shares of WEC Energy Group in the first quarter valued at about $28,000. Opal Wealth Advisors LLC purchased a new stake in shares of WEC Energy Group in the first quarter valued at about $32,000. Finally, ORG Partners LLC grew its holdings in shares of WEC Energy Group by 65.7% in the second quarter. ORG Partners LLC now owns 328 shares of the utilities provider’s stock valued at $34,000 after purchasing an additional 130 shares during the period. 77.20% of the stock is currently owned by institutional investors and hedge funds.

WEC Energy Group Price Performance

Shares of WEC opened at $113.24 on Friday. WEC Energy Group, Inc. has a 1-year low of $91.94 and a 1-year high of $114.97. The stock has a market cap of $36.45 billion, a PE ratio of 21.69, a P/E/G ratio of 3.08 and a beta of 0.47. The firm has a 50-day simple moving average of $109.36 and a two-hundred day simple moving average of $107.38. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.55 and a quick ratio of 0.40.

WEC Energy Group (NYSE:WEC) last announced its quarterly earnings results on Wednesday, July 30th. The utilities provider reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.05. WEC Energy Group had a net margin of 17.87% and a return on equity of 12.90%. The business had revenue of $2.01 billion during the quarter, compared to analysts’ expectations of $1.87 billion. During the same period last year, the business earned $0.67 earnings per share. The business’s revenue for the quarter was up 13.4% on a year-over-year basis. WEC Energy Group has set its FY 2025 guidance at 5.170-5.270 EPS. As a group, analysts forecast that WEC Energy Group, Inc. will post 5.23 EPS for the current year.

WEC Energy Group Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Thursday, August 14th were paid a $0.8925 dividend. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $3.57 annualized dividend and a dividend yield of 3.2%. WEC Energy Group’s dividend payout ratio (DPR) is presently 68.39%.

Insiders Place Their Bets

In other news, CEO Scott J. Lauber sold 9,231 shares of the firm’s stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $110.88, for a total value of $1,023,533.28. Following the completion of the transaction, the chief executive officer owned 56,443 shares of the company’s stock, valued at approximately $6,258,399.84. This trade represents a 14.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Daniel Krueger sold 5,930 shares of the firm’s stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $111.14, for a total transaction of $659,060.20. Following the completion of the transaction, the executive vice president directly owned 6,606 shares of the company’s stock, valued at approximately $734,190.84. The trade was a 47.30% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 68,448 shares of company stock valued at $7,581,132. 0.50% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on WEC. UBS Group set a $107.00 price objective on shares of WEC Energy Group and gave the company a “neutral” rating in a report on Friday, July 11th. Citigroup began coverage on shares of WEC Energy Group in a report on Friday. They issued a “buy” rating and a $131.00 price objective for the company. Wall Street Zen raised shares of WEC Energy Group from a “sell” rating to a “hold” rating in a report on Saturday. Weiss Ratings reissued a “buy (b-)” rating on shares of WEC Energy Group in a report on Saturday, September 27th. Finally, The Goldman Sachs Group lowered shares of WEC Energy Group from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $106.00 to $100.00 in a report on Wednesday, June 25th. Five analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $109.30.

WEC Energy Group 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.