WEC Energy Group, Inc. to Post Q3 2024 Earnings of $1.06 Per Share, Zacks Research Forecasts (NYSE:WEC)

WEC Energy Group, Inc. (NYSE:WEC) – Zacks Research cut their Q3 2024 earnings estimates for WEC Energy Group in a research report issued on Tuesday, March 26th. Zacks Research analyst R. Department now anticipates that the utilities provider will post earnings of $1.06 per share for the quarter, down from their previous forecast of $1.07. The consensus estimate for WEC Energy Group’s current full-year earnings is $4.88 per share. Zacks Research also issued estimates for WEC Energy Group’s FY2024 earnings at $4.88 EPS, Q3 2025 earnings at $0.89 EPS and FY2025 earnings at $5.23 EPS.

Other research analysts also recently issued reports about the stock. StockNews.com downgraded shares of WEC Energy Group from a “hold” rating to a “sell” rating in a research note on Saturday, January 13th. Mizuho cut their price target on shares of WEC Energy Group from $88.00 to $86.00 and set a “buy” rating on the stock in a report on Monday, December 18th. Bank of America reaffirmed an “underperform” rating and issued a $78.00 price target (down from $84.00) on shares of WEC Energy Group in a report on Thursday, January 4th. Wells Fargo & Company cut their price target 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, Barclays cut 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. Four research analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, WEC Energy Group presently has an average rating of “Hold” and an average target price of $86.17.

WEC Energy Group Price Performance

Shares of WEC stock opened at $82.12 on Wednesday. The company has a market capitalization of $25.90 billion, a PE ratio of 19.46, a price-to-earnings-growth ratio of 2.74 and a beta of 0.40. The firm has a fifty day simple moving average of $79.42 and a 200-day simple moving average of $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.

WEC Energy Group (NYSE:WEC) last announced its 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 business 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%. The business’s quarterly revenue was down 13.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.80 earnings per share.

Hedge Funds Weigh In On WEC Energy Group

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC grew its position in WEC Energy Group by 1.0% in the 1st quarter. Geode Capital Management LLC now owns 6,805,548 shares of the utilities provider’s stock valued at $643,696,000 after buying an additional 69,710 shares in the last quarter. Deutsche Bank AG boosted its position in shares of WEC Energy Group by 3.0% during the 3rd quarter. Deutsche Bank AG now owns 5,495,925 shares of the utilities provider’s stock valued at $442,697,000 after purchasing an additional 158,652 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of WEC Energy Group by 3.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,295,729 shares of the utilities provider’s stock valued at $346,021,000 after purchasing an additional 142,412 shares in the last quarter. Invesco Ltd. boosted its position in shares of WEC Energy Group by 3.8% during the 3rd quarter. Invesco Ltd. now owns 4,216,264 shares of the utilities provider’s stock valued at $339,620,000 after purchasing an additional 155,437 shares in the last quarter. Finally, Northern Trust Corp boosted its position in shares of WEC Energy Group by 2.9% during the 4th quarter. Northern Trust Corp now owns 4,071,148 shares of the utilities provider’s stock valued at $342,669,000 after purchasing an additional 116,219 shares in the last quarter. Institutional investors own 77.20% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Scott J. Lauber sold 2,830 shares of the 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 owns 43,125 shares of the company’s stock, valued at approximately $3,402,131.25. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, Chairman Gale E. Klappa sold 37,180 shares of the 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 sale, the chairman now owns 274,782 shares of the company’s stock, valued at approximately $21,622,595.58. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Scott J. Lauber sold 2,830 shares of the stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $78.89, for a total transaction of $223,258.70. Following the completion of 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 owned by corporate insiders.

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.