WEC Energy Group (NYSE:WEC) Issues Q1 2024 Earnings Guidance

WEC Energy Group (NYSE:WEC) updated its first quarter 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 1.890-1.910 for the period, compared to the consensus earnings per share estimate of 1.770. The company issued revenue guidance of -. WEC Energy Group also updated its FY 2024 guidance to 4.800-4.900 EPS.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on WEC. StockNews.com cut shares of WEC Energy Group from a hold rating to a sell rating in a report on Saturday, January 13th. Mizuho cut their target price on 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. Barclays lowered their price target on 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. lowered shares of WEC Energy Group from a neutral rating to an underweight rating and cut their price objective for the company from $90.00 to $84.00 in a report on Friday, February 2nd. Finally, Royal Bank of Canada lowered 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 analysts have rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus price target of $86.17.

WEC Energy Group Stock Up 3.2 %

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

WEC Energy Group (NYSE:WEC) last posted its earnings results on Thursday, February 1st. The utilities provider reported $1.10 EPS for the quarter, topping analysts’ consensus estimates 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 return on equity of 12.17% and a net margin of 14.98%. The business’s revenue was down 13.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.80 earnings per share. As a group, equities analysts expect that WEC Energy Group will post 4.88 earnings per share for the current fiscal year.

Insider Buying and Selling at WEC Energy Group

In other WEC Energy Group news, Chairman Gale E. Klappa sold 37,180 shares of WEC Energy Group stock in a transaction dated 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 completion of the transaction, the chairman now owns 274,782 shares in the company, valued at $21,622,595.58. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO Scott J. Lauber sold 2,830 shares of the company’s 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 sale, the chief executive officer now directly owns 43,125 shares in the company, valued at $3,402,131.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Gale E. Klappa sold 37,180 shares of WEC Energy Group stock in a transaction that occurred 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 completion of the sale, the chairman now directly owns 274,782 shares of the company’s stock, valued at $21,622,595.58. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

Institutional Trading of WEC Energy Group

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

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.