WEC Energy Group (NYSE:WEC) Announces Quarterly Earnings Results

WEC Energy Group (NYSE:WEC) posted its quarterly earnings data on Wednesday. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.04, Briefing.com reports. WEC Energy Group had a return on equity of 13.01% and a net margin of 16.67%. The company had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same quarter last year, the company earned $0.92 earnings per share. The firm’s quarterly revenue was down 3.2% on a year-over-year basis. WEC Energy Group updated its FY24 guidance to $4.80-4.90 EPS and its FY 2024 guidance to 4.800-4.900 EPS.

WEC Energy Group Stock Up 0.6 %

NYSE WEC traded up $0.53 during mid-day trading on Wednesday, reaching $86.13. The stock had a trading volume of 1,371,218 shares, compared to its average volume of 2,100,972. WEC Energy Group has a 1 year low of $75.13 and a 1 year high of $91.44. The stock has a market cap of $27.20 billion, a PE ratio of 18.69, a price-to-earnings-growth ratio of 2.17 and a beta of 0.41. The company has a fifty day moving average price of $80.06 and a 200 day moving average price of $80.51. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.55 and a quick ratio of 0.42.

WEC Energy Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Wednesday, August 14th will be given a $0.835 dividend. The ex-dividend date is Wednesday, August 14th. This represents a $3.34 dividend on an annualized basis and a dividend yield of 3.88%. WEC Energy Group’s dividend payout ratio is currently 72.93%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on WEC shares. BMO Capital Markets lowered their price target 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, July 22nd. Scotiabank cut their target price 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. StockNews.com cut WEC Energy Group from a “hold” rating to a “sell” rating in a research note on Wednesday, July 24th. Barclays raised their target price on WEC Energy Group from $78.00 to $80.00 and gave the stock an “underweight” rating in a research note on Monday, July 22nd. Finally, The Goldman Sachs Group initiated coverage on WEC Energy Group in a research report on Wednesday, April 10th. They set a “neutral” rating and a $88.00 price objective on the stock. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, WEC Energy Group presently has an average rating of “Hold” and a consensus price target of $86.00.

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.