WEC Energy Group (NYSE:WEC) Posts Earnings Results

WEC Energy Group (NYSE:WEC) issued its quarterly earnings results on Wednesday. The utilities provider reported $1.97 earnings per share for the quarter, beating the consensus estimate of $1.90 by $0.07, Briefing.com reports. The company had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.92 billion. WEC Energy Group had a return on equity of 12.17% and a net margin of 14.98%. The business’s quarterly revenue was down 7.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.61 earnings per share. WEC Energy Group updated its FY24 guidance to $4.80-4.90 EPS.

WEC Energy Group Stock Up 0.6 %

Shares of NYSE WEC traded up $0.49 during midday trading on Thursday, hitting $83.08. 1,993,043 shares of the stock traded hands, compared to its average volume of 2,134,013. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.40 and a current ratio of 0.55. WEC Energy Group has a one year low of $75.13 and a one year high of $96.17. The business has a 50 day moving average price of $80.50 and a two-hundred day moving average price of $81.43. The company has a market cap of $26.21 billion, a PE ratio of 19.64, a P/E/G ratio of 2.86 and a beta of 0.40.

WEC Energy Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Tuesday, May 14th will be issued a $0.835 dividend. The ex-dividend date of this dividend is Monday, May 13th. This represents a $3.34 annualized dividend and a yield of 4.02%. WEC Energy Group’s payout ratio is currently 79.15%.

Insider Buying and Selling

In other WEC Energy Group news, Chairman Gale E. Klappa sold 37,180 shares of the business’s stock in a transaction on 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 sale, the chairman now owns 274,782 shares in the company, valued at approximately $21,622,595.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 dated 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 transaction, the chairman now 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 the business’s 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 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. 0.34% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. JPMorgan Chase & Co. downgraded shares of WEC Energy Group from a “neutral” rating to an “underweight” rating and decreased their target price for the company from $90.00 to $84.00 in a research report on Friday, February 2nd. The Goldman Sachs Group started coverage on shares of WEC Energy Group in a research note on Wednesday, April 10th. They set a “neutral” rating and a $88.00 target price for the company. Wells Fargo & Company dropped their target price 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. Scotiabank decreased their price target on WEC Energy Group from $96.00 to $90.00 and set a “sector outperform” rating for the company in a report on Monday, April 22nd. Finally, Bank of America reissued an “underperform” rating and issued a $78.00 price objective (down from $84.00) on shares of WEC Energy Group in a research note on Thursday, January 4th. Four analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $86.29.

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.