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

WEC Energy Group (NYSE:WEC) issued an update on its FY24 earnings guidance on Monday morning. 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 Trading Down 1.4 %

Shares of WEC stock opened at $77.79 on Wednesday. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.55 and a quick ratio of 0.40. The firm has a market cap of $24.54 billion, a PE ratio of 18.43, a price-to-earnings-growth ratio of 2.74 and a beta of 0.40. The company has a 50-day moving average of $79.61 and a two-hundred day moving average of $81.33. WEC Energy Group has a 1-year low of $75.13 and a 1-year high of $98.80.

WEC Energy Group (NYSE:WEC) last posted its quarterly earnings data on Thursday, February 1st. The utilities provider reported $1.10 EPS for the quarter, beating the consensus estimate of $1.08 by $0.02. WEC Energy Group had a net margin of 14.98% and a return on equity of 12.17%. The business had revenue of $2.22 billion during the quarter, compared to analyst estimates of $2.82 billion. During the same quarter last year, the firm posted $0.80 earnings per share. The business’s revenue for the quarter was down 13.3% compared to the same quarter last year. On average, analysts predict that WEC Energy Group will post 4.88 EPS for the current year.

Wall Street Analysts Forecast Growth

WEC has been the topic of a number of research analyst reports. StockNews.com cut shares of WEC Energy Group from a hold rating to a sell rating in a report on Saturday, January 13th. Wells Fargo & Company lowered their price objective on shares of WEC Energy Group from $93.00 to $91.00 and set an overweight rating on the stock in a research report on Friday, February 2nd. Barclays decreased their target price on shares of WEC Energy Group from $79.00 to $75.00 and set an underweight rating on the stock in a research report on Thursday, February 8th. KeyCorp boosted their target price on shares of WEC Energy Group from $94.00 to $95.00 and gave the stock an overweight rating in a research report on Thursday, January 4th. Finally, The Goldman Sachs Group started coverage on shares of WEC Energy Group in a research report on Wednesday, April 10th. They set a neutral rating and a $88.00 target price on the stock. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Hold and a consensus price target of $86.31.

Insiders Place Their Bets

In other WEC Energy Group news, 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 sale, the chairman now directly owns 274,782 shares in the company, valued at approximately $21,622,595.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other WEC Energy Group news, 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 sale, the chairman now directly owns 274,782 shares in the company, valued at approximately $21,622,595.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Scott J. Lauber sold 2,830 shares of WEC Energy Group stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $78.89, for a total value of $223,258.70. Following the sale, the chief executive officer now owns 43,125 shares in the company, valued at $3,402,131.25. The disclosure for this sale can be found here. 0.44% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of WEC. Achmea Investment Management B.V. acquired a new position in WEC Energy Group during the 1st quarter valued at about $27,000. First Manhattan Co. lifted its stake in shares of WEC Energy Group by 102.0% in the 4th quarter. First Manhattan Co. now owns 303 shares of the utilities provider’s stock worth $28,000 after acquiring an additional 153 shares during the period. Sunbelt Securities Inc. acquired a new stake in shares of WEC Energy Group in the 1st quarter worth approximately $44,000. Quarry LP lifted its stake in shares of WEC Energy Group by 373.3% in the 2nd quarter. Quarry LP now owns 549 shares of the utilities provider’s stock worth $48,000 after acquiring an additional 433 shares during the period. Finally, Fairfield Bush & CO. acquired a new stake in shares of WEC Energy Group in the 2nd quarter worth approximately $57,000. 77.20% of the stock is owned by institutional investors and hedge funds.

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.