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

WEC Energy Group (NYSE:WEC) issued an update on its first quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 1.890-1.910 for the period, compared to the consensus 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.

WEC Energy Group Stock Performance

Shares of WEC opened at $82.12 on Friday. WEC Energy Group has a 1 year low of $75.13 and a 1 year high of $99.26. The stock has a market capitalization of $25.90 billion, a P/E ratio of 19.46, a P/E/G ratio of 2.83 and a beta of 0.40. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.40 and a current ratio of 0.55. The company’s fifty day moving average is $79.42 and its two-hundred day moving average is $81.74.

WEC Energy Group (NYSE:WEC) last issued its quarterly earnings results on Thursday, February 1st. The utilities provider reported $1.10 earnings per share (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 analyst estimates 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 revenue was down 13.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.80 earnings per share. On average, sell-side analysts predict that WEC Energy Group will post 4.88 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Wells Fargo & Company reduced their price target on WEC Energy Group from $93.00 to $91.00 and set an overweight rating for the company in a report on Friday, February 2nd. JPMorgan Chase & Co. downgraded WEC Energy Group from a neutral rating to an underweight rating and reduced their target price for the company from $90.00 to $84.00 in a report on Friday, February 2nd. 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 research note on Thursday, February 8th. KeyCorp raised their price objective on shares of WEC Energy Group from $94.00 to $95.00 and gave the company an overweight rating in a research note on Thursday, January 4th. Finally, Bank of America restated an underperform rating and set a $78.00 target price (down from $84.00) on shares of WEC Energy Group in a research report on Thursday, January 4th. Four 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. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $86.17.

Insider Buying and Selling

In other WEC Energy Group news, CEO Scott J. Lauber sold 2,830 shares of the 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 approximately $3,402,131.25. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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 dated Thursday, February 29th. The stock was 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 disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On WEC Energy Group

Institutional investors and hedge funds have recently modified their holdings of the company. Fairfield Bush & CO. purchased a new position in shares of WEC Energy Group during the 1st quarter worth $64,000. Raymond James Trust N.A. grew its holdings in 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 valued at $626,000 after buying an additional 1,040 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of WEC Energy Group by 8.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 848,405 shares of the utilities provider’s stock valued at $84,682,000 after acquiring an additional 65,287 shares during the last quarter. Allianz Asset Management GmbH lifted its holdings in shares of WEC Energy Group by 10.2% during the 1st quarter. Allianz Asset Management GmbH now owns 34,679 shares of the utilities provider’s stock worth $3,461,000 after acquiring an additional 3,224 shares during the period. Finally, Cetera Investment Advisers boosted its position in shares of WEC Energy Group by 11.8% in the first quarter. Cetera Investment Advisers now owns 8,765 shares of the utilities provider’s stock worth $875,000 after acquiring an additional 923 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.