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

WEC Energy Group (NYSE:WEC) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $4.80-4.90 for the period, compared to the consensus earnings per share estimate of $4.87. WEC Energy Group also updated its Q1 guidance to $1.89-1.91 EPS.

WEC Energy Group Trading Down 0.1 %

NYSE:WEC opened at $79.90 on Tuesday. WEC Energy Group has a one year low of $75.13 and a one year high of $99.26. The company’s 50-day simple moving average is $79.56 and its 200 day simple moving average is $81.81. The firm has a market capitalization of $25.20 billion, a P/E ratio of 18.93, a PEG ratio of 2.78 and a beta of 0.40. 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 (NYSE:WEC) last announced its quarterly earnings results on Thursday, February 1st. The utilities provider reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.02. The company had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.82 billion. WEC Energy Group had a net margin of 14.98% and a return on equity of 12.17%. During the same quarter last year, the firm earned $0.80 earnings per share. The firm’s quarterly revenue 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 fiscal year.

Wall Street Analysts Forecast Growth

WEC has been the topic of several analyst reports. StockNews.com downgraded WEC Energy Group from a hold rating to a sell rating in a research report on Saturday, January 13th. Mizuho reduced their target price on shares of WEC Energy Group from $88.00 to $86.00 and set a buy rating for the company in a report on Monday, December 18th. Barclays lowered their price target on shares of WEC Energy Group from $79.00 to $75.00 and set an underweight rating on the stock in a report on Thursday, February 8th. JPMorgan Chase & Co. cut shares of WEC Energy Group from a neutral rating to an underweight rating and lowered their target price for the company from $90.00 to $84.00 in a research note on Friday, February 2nd. Finally, Royal Bank of Canada decreased their price target on 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 investment analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Hold and an average target price of $86.17.

Insider Activity at WEC Energy Group

In other news, CEO Scott J. Lauber sold 2,830 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $78.89, for a total transaction of $223,258.70. Following the transaction, the chief executive officer now directly owns 43,125 shares of the company’s stock, valued at $3,402,131.25. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other WEC Energy Group news, Chairman Gale E. Klappa sold 37,180 shares of the stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $78.69, for a total transaction of $2,925,694.20. Following the sale, the chairman now 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 can be accessed through this hyperlink. Also, CEO Scott J. Lauber sold 2,830 shares of the firm’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $78.89, for a total value of $223,258.70. Following the sale, the chief executive officer now directly owns 43,125 shares in the company, 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 company insiders.

Institutional Trading of WEC Energy Group

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Quilter Plc purchased a new stake in shares of WEC Energy Group in the first quarter worth about $234,348,000. Achmea Investment Management B.V. purchased a new stake in WEC Energy Group in the 1st quarter valued at about $27,000. First Manhattan Co. grew its position in WEC Energy Group by 102.0% in the 4th quarter. First Manhattan Co. now owns 303 shares of the utilities provider’s stock valued at $28,000 after acquiring an additional 153 shares in the last quarter. Sunbelt Securities Inc. acquired a new stake in shares of WEC Energy Group in the first quarter valued at $44,000. Finally, Quarry LP lifted its stake in WEC Energy Group by 373.3% in the second quarter. Quarry LP now owns 549 shares of the utilities provider’s stock worth $48,000 after acquiring an additional 433 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.