WEC Energy Group (NYSE:WEC – Free Report) had its target price cut by Royal Bank of Canada from $95.00 to $90.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have a sector perform rating on the utilities provider’s stock.
A number of other research analysts have also recently weighed in on the stock. StockNews.com cut shares of WEC Energy Group from a hold rating to a sell rating in a research report on Saturday, January 13th. Mizuho reduced their target price on shares of WEC Energy Group from $88.00 to $86.00 and set a buy rating on the stock in a research report on Monday, December 18th. JPMorgan Chase & Co. cut shares of WEC Energy Group from a neutral rating to an underweight rating and reduced their target price for the stock from $90.00 to $84.00 in a research report on Friday, February 2nd. Wells Fargo & Company reduced their target price on shares of WEC Energy Group from $93.00 to $91.00 and set an overweight rating on the stock in a research report on Friday, February 2nd. Finally, Bank of America reissued an underperform rating and set a $78.00 target price (down from $84.00) on shares of WEC Energy Group in a research report on Thursday, January 4th. Four analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Hold and an average price target of $86.17.
WEC Energy Group Price Performance
WEC Energy Group (NYSE:WEC – Get Free Report) last announced its quarterly earnings results on Thursday, February 1st. The utilities provider reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. The firm had revenue of $2.22 billion for the quarter, compared to analysts’ expectations of $2.82 billion. WEC Energy Group had a net margin of 14.98% and a return on equity of 12.17%. WEC Energy Group’s revenue was down 13.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.80 earnings per share. Sell-side analysts predict that WEC Energy Group will post 4.88 earnings per share for the current year.
WEC Energy Group Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Investors of record on Wednesday, February 14th will be issued a $0.835 dividend. The ex-dividend date is Tuesday, February 13th. This is a boost from WEC Energy Group’s previous quarterly dividend of $0.78. This represents a $3.34 annualized dividend and a yield of 4.32%. WEC Energy Group’s dividend payout ratio is currently 73.93%.
Insider Buying and Selling at WEC Energy Group
In other WEC Energy Group news, Director Ulice Payne, Jr. sold 600 shares of the business’s stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $83.46, for a total transaction of $50,076.00. Following the completion of the sale, the director now owns 20,933 shares in the company, valued at $1,747,068.18. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.34% of the stock is owned by insiders.
Institutional Trading of WEC Energy Group
Several institutional investors have recently added to or reduced their stakes in the business. Tennessee Valley Asset Management Partners bought a new position in shares of WEC Energy Group during the fourth quarter worth about $26,000. Achmea Investment Management B.V. bought a new position in shares of WEC Energy Group during the first quarter worth about $27,000. Valued Wealth Advisors LLC bought a new position in WEC Energy Group in the 4th quarter valued at about $28,000. First Manhattan Co. grew its position in WEC Energy Group by 102.0% in the 4th quarter. First Manhattan Co. now owns 303 shares of the utilities provider’s stock valued at $28,000 after buying an additional 153 shares in the last quarter. Finally, First United Bank & Trust bought a new position in WEC Energy Group in the 4th quarter valued at about $30,000. Institutional investors own 75.75% 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. The company operates through six segments: Wisconsin, Illinois, Other States, Electric Transmission, Non-Utility Energy Infrastructure, and Corporate and Other.
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