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

WEC Energy Group (NYSE:WEC) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $4.80-4.90 for the period, compared to the consensus EPS estimate of $4.87.

WEC Energy Group Stock Up 0.2 %

NYSE:WEC traded up $0.14 during mid-day trading on Friday, hitting $83.22. The stock had a trading volume of 1,780,159 shares, compared to its average volume of 1,750,358. The company has a current ratio of 0.55, a quick ratio of 0.40 and a debt-to-equity ratio of 1.24. WEC Energy Group has a twelve month low of $75.13 and a twelve month high of $96.17. The company has a market capitalization of $26.25 billion, a PE ratio of 18.17, a PEG ratio of 2.88 and a beta of 0.40. The stock has a 50-day simple moving average of $80.60 and a two-hundred day simple moving average of $81.44.

WEC Energy Group (NYSE:WEC) last released its quarterly earnings data on Wednesday, May 1st. The utilities provider reported $1.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.90 by $0.07. WEC Energy Group had a return on equity of 13.01% and a net margin of 16.67%. The business had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.92 billion. During the same period in the prior year, the firm posted $1.61 EPS. The business’s quarterly revenue was down 7.2% compared to the same quarter last year. On average, equities research analysts anticipate that WEC Energy Group will post 4.87 EPS for the current year.

WEC Energy Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Tuesday, May 14th will be paid a $0.835 dividend. The ex-dividend date is Monday, May 13th. This represents a $3.34 annualized dividend and a yield of 4.01%. WEC Energy Group’s dividend payout ratio is currently 72.93%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on WEC shares. Scotiabank lowered their price target on WEC Energy Group from $96.00 to $90.00 and set a sector outperform rating on the stock in a report on Monday, April 22nd. KeyCorp lifted their price target on WEC Energy Group from $95.00 to $96.00 and gave the stock an overweight rating in a research note on Friday, April 19th. BMO Capital Markets increased their price objective on shares of WEC Energy Group from $89.00 to $90.00 and gave the company a market perform rating in a research note on Thursday. StockNews.com cut shares of WEC Energy Group from a hold rating to a sell rating in a research report on Saturday, January 13th. Finally, JPMorgan Chase & Co. downgraded shares of WEC Energy Group from a neutral rating to an underweight rating and reduced their price target for the company from $90.00 to $84.00 in a report on Friday, February 2nd. Four analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, WEC Energy Group presently has a consensus rating of Hold and a consensus target price of $86.29.

Insider Transactions at WEC Energy Group

In other news, CEO Scott J. Lauber sold 2,830 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 43,125 shares in the company, valued at approximately $3,402,131.25. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other 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 value of $2,925,694.20. Following the completion of the transaction, the chairman now directly owns 274,782 shares of the company’s stock, valued at approximately $21,622,595.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Scott J. Lauber sold 2,830 shares of the company’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 value 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 disclosure for this sale can be found here. Corporate insiders own 0.34% 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.