WEC Energy Group, Inc. (NYSE:WEC – Get Rating) – Equities researchers at KeyCorp increased their FY2023 earnings estimates for WEC Energy Group in a research report issued to clients and investors on Wednesday, June 8th. KeyCorp analyst S. Karp now expects that the utilities provider will post earnings per share of $4.61 for the year, up from their previous estimate of $4.58. KeyCorp also issued estimates for WEC Energy Group’s FY2024 earnings at $4.83 EPS and FY2025 earnings at $5.10 EPS.
WEC Energy Group (NYSE:WEC – Get Rating) last issued its earnings results on Monday, May 2nd. The utilities provider reported $1.79 earnings per share for the quarter, beating analysts’ consensus estimates of $1.66 by $0.13. The firm had revenue of $2.91 billion for the quarter, compared to analyst estimates of $2.83 billion. WEC Energy Group had a net margin of 15.90% and a return on equity of 12.17%. The company’s quarterly revenue was up 8.1% on a year-over-year basis. During the same quarter last year, the business posted $1.61 earnings per share.
WEC stock opened at $99.52 on Friday. The company has a fifty day moving average price of $103.19 and a 200-day moving average price of $97.26. The company has a market capitalization of $31.39 billion, a P/E ratio of 23.20, a PEG ratio of 3.97 and a beta of 0.27. WEC Energy Group has a 52-week low of $86.84 and a 52-week high of $108.39. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.67 and a current ratio of 0.79.
The company also recently declared a quarterly dividend, which was paid on Wednesday, June 1st. Investors of record on Friday, May 13th were issued a dividend of $0.7275 per share. This represents a $2.91 annualized dividend and a yield of 2.92%. The ex-dividend date was Thursday, May 12th. WEC Energy Group’s dividend payout ratio (DPR) is presently 67.83%.
In other news, EVP Robert M. Garvin sold 31,480 shares of the business’s stock in a transaction that occurred on Friday, June 3rd. The shares were sold at an average price of $104.21, for a total value of $3,280,530.80. Following the sale, the executive vice president now owns 11,062 shares of the company’s stock, valued at $1,152,771.02. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Charles R. Matthews sold 10,666 shares of the business’s stock in a transaction that occurred on Wednesday, June 1st. The shares were sold at an average price of $104.63, for a total transaction of $1,115,983.58. Following the completion of the sale, the chief executive officer now directly owns 2,146 shares in the company, valued at approximately $224,535.98. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 49,821 shares of company stock worth $5,189,283. 0.34% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Princeton Global Asset Management LLC increased its holdings in WEC Energy Group by 150.0% during the 1st quarter. Princeton Global Asset Management LLC now owns 250 shares of the utilities provider’s stock worth $25,000 after acquiring an additional 150 shares during the period. Achmea Investment Management B.V. purchased a new position in WEC Energy Group in the 1st quarter worth approximately $27,000. Lumature Wealth Partners LLC grew its stake in WEC Energy Group by 66.3% in the 4th quarter. Lumature Wealth Partners LLC now owns 316 shares of the utilities provider’s stock worth $31,000 after buying an additional 126 shares in the last quarter. Ulland Investment Advisors LLC purchased a new position in WEC Energy Group in the 4th quarter worth approximately $32,000. Finally, Riverview Trust Co purchased a new position in WEC Energy Group in the 1st quarter worth approximately $34,000. 73.36% of the stock is currently owned by institutional investors.
About WEC Energy Group (Get Rating)
WEC Energy Group, Inc, through its subsidiaries, provides regulated natural gas and electricity, and renewable and nonregulated renewable energy services in the United States. The company operates through six segments: Wisconsin, Illinois, Other States, Electric Transmission, Non-Utility Energy Infrastructure, and Corporate and Other.
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