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

WEC Energy Group (NYSE:WEC) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $4.80 to $4.90 for the period, compared to the consensus EPS estimate of $4.86. WEC Energy Group also updated its FY 2024 guidance to 4.800-4.900 EPS.

Analyst Upgrades and Downgrades

WEC has been the topic of several research analyst reports. StockNews.com upgraded shares of WEC Energy Group from a “sell” rating to a “hold” rating in a research report on Friday. Scotiabank increased their price target on shares of WEC Energy Group from $90.00 to $103.00 and gave the stock a “sector outperform” rating in a report on Tuesday, August 20th. KeyCorp lifted their price objective on shares of WEC Energy Group from $103.00 to $108.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. BMO Capital Markets increased their target price on WEC Energy Group from $91.00 to $93.00 and gave the company a “market perform” rating in a research note on Friday, August 23rd. Finally, Bank of America lifted their price target on WEC Energy Group from $88.00 to $90.00 and gave the stock an “underperform” rating in a research note on Thursday, August 29th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $94.45.

WEC Energy Group Trading Up 0.0 %

Shares of NYSE:WEC traded up $0.04 during trading on Friday, reaching $95.57. 3,176,919 shares of the company traded hands, compared to its average volume of 2,074,579. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 1.37. WEC Energy Group has a 52-week low of $75.13 and a 52-week high of $100.31. The firm has a market capitalization of $30.21 billion, a price-to-earnings ratio of 23.37, a P/E/G ratio of 2.46 and a beta of 0.44. The business’s fifty day moving average is $95.55 and its 200-day moving average is $87.25.

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

WEC Energy Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Thursday, November 14th will be issued a $0.835 dividend. This represents a $3.34 annualized dividend and a yield of 3.49%. The ex-dividend date of this dividend is Thursday, November 14th. WEC Energy Group’s dividend payout ratio (DPR) is currently 81.66%.

Insider Transactions at WEC Energy Group

In related news, VP Joshua M. Erickson sold 350 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $89.75, for a total value of $31,412.50. Following the completion of the sale, the vice president now owns 2,377 shares of the company’s stock, valued at $213,335.75. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other WEC Energy Group news, VP William J. Guc sold 6,000 shares of WEC Energy Group stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $92.99, for a total transaction of $557,940.00. Following the sale, the vice president now directly owns 7,702 shares of the company’s stock, valued at approximately $716,208.98. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Joshua M. Erickson sold 350 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $89.75, for a total value of $31,412.50. Following the completion of the transaction, the vice president now owns 2,377 shares of the company’s stock, valued at approximately $213,335.75. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,702 shares of company stock worth $1,078,058. 0.34% of the stock is currently owned by insiders.

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.