WEC Energy Group (NYSE:WEC) Releases FY 2024 Earnings Guidance

WEC Energy Group (NYSE:WEC) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 4.800-4.900 for the period, compared to the consensus estimate of 4.860. The company issued revenue guidance of -. WEC Energy Group also updated its FY24 guidance to $4.80 to $4.90 EPS.

WEC Energy Group Stock Performance

NYSE:WEC traded up $0.04 during mid-day trading on Friday, reaching $95.57. 3,176,919 shares of the company’s stock were exchanged, compared to its average volume of 2,074,579. WEC Energy Group has a one year low of $75.13 and a one year high of $100.31. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.54 and a current ratio of 0.65. The business’s fifty day simple moving average is $95.55 and its two-hundred day simple moving average is $87.18. The firm has a market capitalization of $30.21 billion, a PE ratio of 23.37, a price-to-earnings-growth ratio of 2.46 and a beta of 0.44.

WEC Energy Group (NYSE:WEC) last released its quarterly earnings results on Thursday, October 31st. The utilities provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.12. The company had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.93 billion. WEC Energy Group had a net margin of 15.14% and a return on equity of 11.72%. The firm’s quarterly revenue was down 4.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.00 earnings per share. Analysts anticipate that WEC Energy Group will post 4.87 earnings per share for the current fiscal year.

WEC Energy Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Thursday, November 14th will be given a dividend of $0.835 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $3.34 dividend on an annualized basis and a dividend yield of 3.49%. WEC Energy Group’s payout ratio is 81.66%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on WEC shares. Bank of America lifted their price target on WEC Energy Group from $88.00 to $90.00 and gave the company an “underperform” rating in a research note on Thursday, August 29th. StockNews.com raised WEC Energy Group from a “sell” rating to a “hold” rating in a report on Friday. Jefferies Financial Group assumed coverage on WEC Energy Group in a research report on Thursday, September 19th. They set a “hold” rating and a $102.00 price objective on the stock. Barclays increased their target price on WEC Energy Group from $86.00 to $89.00 and gave the company an “underweight” rating in a research report on Monday, October 7th. Finally, KeyCorp boosted their price target on WEC Energy Group from $103.00 to $108.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. Three 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. According to MarketBeat, WEC Energy Group has an average rating of “Hold” and a consensus price target of $94.45.

Insider Activity at WEC Energy Group

In other WEC Energy Group news, VP Mary Beth Straka sold 3,240 shares of the stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $93.04, for a total transaction of $301,449.60. Following the completion of the sale, the vice president now directly owns 3,662 shares in the company, valued at approximately $340,712.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other WEC Energy Group news, VP Joshua M. Erickson sold 350 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $89.75, for a total transaction of $31,412.50. Following the transaction, the vice president now directly owns 2,377 shares in the company, valued at approximately $213,335.75. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Mary Beth Straka sold 3,240 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $93.04, for a total transaction of $301,449.60. Following the transaction, the vice president now directly owns 3,662 shares in the company, valued at approximately $340,712.48. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 11,702 shares of company stock worth $1,078,058 over the last quarter. Company 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.