WEC Energy Group (NYSE:WEC) Price Target Cut to $95.00 by Analysts at KeyCorp

WEC Energy Group (NYSE:WEC) had its price target reduced by KeyCorp from $96.00 to $95.00 in a research report sent to investors on Monday, Benzinga reports. KeyCorp currently has an overweight rating on the utilities provider’s stock. KeyCorp also issued estimates for WEC Energy Group’s Q2 2024 earnings at $0.64 EPS, Q3 2024 earnings at $1.11 EPS, Q4 2024 earnings at $1.16 EPS and FY2028 earnings at $6.26 EPS.

Other research analysts also recently issued research reports about the company. StockNews.com upgraded WEC Energy Group from a sell rating to a hold rating in a report on Thursday, May 9th. BMO Capital Markets cut their price objective on WEC Energy Group from $90.00 to $87.00 and set a market perform rating on the stock in a research report on Monday. The Goldman Sachs Group began coverage on shares of WEC Energy Group in a research report on Wednesday, April 10th. They issued a neutral rating and a $88.00 target price on the stock. Barclays lifted their target price on shares of WEC Energy Group from $78.00 to $80.00 and gave the company an underweight rating in a report on Monday. Finally, Scotiabank cut their price target on WEC Energy Group from $96.00 to $90.00 and set a sector outperform rating on the stock in a research note on Monday, April 22nd. Four research analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, WEC Energy Group has a consensus rating of Hold and an average target price of $86.00.

WEC Energy Group Trading Down 0.3 %

NYSE WEC opened at $83.32 on Monday. The firm has a market cap of $26.31 billion, a PE ratio of 18.19, a price-to-earnings-growth ratio of 2.11 and a beta of 0.41. WEC Energy Group has a 1-year low of $75.13 and a 1-year high of $93.37. The stock has a 50-day moving average of $80.09 and a 200-day moving average of $80.56. The company has a current ratio of 0.55, a quick ratio of 0.42 and a debt-to-equity ratio of 1.24.

WEC Energy Group (NYSE:WEC) last announced its quarterly earnings data on Wednesday, May 1st. The utilities provider reported $1.97 earnings per share for the quarter, beating 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 firm had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.92 billion. During the same quarter in the previous year, the company posted $1.61 earnings per share. The business’s revenue was down 7.2% on a year-over-year basis. As a group, sell-side analysts forecast that WEC Energy Group will post 4.88 EPS for the current year.

WEC Energy Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Wednesday, August 14th will be given a dividend of $0.835 per share. The ex-dividend date of this dividend is Wednesday, August 14th. This represents a $3.34 annualized dividend and a dividend yield of 4.01%. WEC Energy Group’s dividend payout ratio (DPR) is presently 72.93%.

Hedge Funds Weigh In On WEC Energy Group

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Principal Securities Inc. purchased a new position in shares of WEC Energy Group during the fourth quarter valued at approximately $983,000. Dearborn Partners LLC lifted its holdings in shares of WEC Energy Group by 29.2% during the 4th quarter. Dearborn Partners LLC now owns 582,421 shares of the utilities provider’s stock valued at $49,022,000 after buying an additional 131,797 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of WEC Energy Group by 6.7% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 316,255 shares of the utilities provider’s stock valued at $27,391,000 after buying an additional 19,867 shares during the period. Vaughan David Investments LLC IL boosted its stake in shares of WEC Energy Group by 3.4% in the 4th quarter. Vaughan David Investments LLC IL now owns 428,408 shares of the utilities provider’s stock worth $36,059,000 after buying an additional 14,084 shares during the last quarter. Finally, Alley Investment Management Company LLC grew its holdings in shares of WEC Energy Group by 324.5% in the fourth quarter. Alley Investment Management Company LLC now owns 39,256 shares of the utilities provider’s stock worth $3,304,000 after acquiring an additional 30,009 shares during the period. 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.