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

WEC Energy Group (NYSE:WEC) issued an update on its FY24 earnings guidance on Monday morning. The company provided EPS guidance of $4.80-4.90 for the period, compared to the consensus EPS estimate of $4.87.

Analyst Ratings Changes

Several equities analysts have weighed in on WEC shares. KeyCorp lifted their target price on WEC Energy Group from $94.00 to $95.00 and gave the company an overweight rating in a research note on Thursday, January 4th. The Goldman Sachs Group assumed coverage on shares of WEC Energy Group in a research note on Wednesday, April 10th. They issued a neutral rating and a $88.00 target price for the company. StockNews.com lowered shares of WEC Energy Group from a hold rating to a sell rating in a research report on Saturday, January 13th. Bank of America reiterated an underperform rating and set a $78.00 price objective (down from $84.00) on shares of WEC Energy Group in a research note on Thursday, January 4th. Finally, Wells Fargo & Company decreased their price target on 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. Four investment analysts have rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $86.31.

WEC Energy Group Price Performance

WEC Energy Group stock opened at $78.97 on Monday. The stock has a market capitalization of $24.91 billion, a P/E ratio of 18.71, a price-to-earnings-growth ratio of 2.75 and a beta of 0.40. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.40 and a current ratio of 0.55. The stock has a fifty day moving average of $79.61 and a 200-day moving average of $81.36. WEC Energy Group has a 52 week low of $75.13 and a 52 week high of $98.80.

WEC Energy Group (NYSE:WEC) last posted its earnings results on Thursday, February 1st. The utilities provider reported $1.10 EPS for the quarter, topping the consensus estimate of $1.08 by $0.02. WEC Energy Group had a net margin of 14.98% and a return on equity of 12.17%. The business had revenue of $2.22 billion for the quarter, compared to the consensus estimate of $2.82 billion. During the same period last year, the company earned $0.80 EPS. The firm’s revenue was down 13.3% compared to the same quarter last year. On average, sell-side analysts expect that WEC Energy Group will post 4.88 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Chairman Gale E. Klappa sold 37,180 shares of the firm’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $78.69, for a total transaction of $2,925,694.20. Following the completion of the transaction, the chairman now directly owns 274,782 shares in the company, valued at $21,622,595.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Scott J. Lauber sold 2,830 shares of the stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $78.89, for a total transaction of $223,258.70. Following the transaction, the chief executive officer now directly owns 43,125 shares of the company’s stock, valued at $3,402,131.25. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Gale E. Klappa sold 37,180 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $78.69, for a total transaction of $2,925,694.20. Following the transaction, the chairman now owns 274,782 shares in the company, valued at $21,622,595.58. The disclosure for this sale can be found here. Company insiders own 0.44% of the company’s stock.

Institutional Investors Weigh In On WEC Energy Group

A number of hedge funds have recently made changes to their positions in the business. Achmea Investment Management B.V. bought a new position in WEC Energy Group during the first quarter valued at $27,000. First Manhattan Co. increased its holdings in WEC Energy Group by 102.0% in the 4th quarter. First Manhattan Co. now owns 303 shares of the utilities provider’s stock worth $28,000 after acquiring an additional 153 shares during the last quarter. Sunbelt Securities Inc. purchased a new stake in WEC Energy Group during the first quarter valued at about $44,000. Quarry LP boosted its position in WEC Energy Group by 373.3% during the second quarter. Quarry LP now owns 549 shares of the utilities provider’s stock worth $48,000 after purchasing an additional 433 shares during the period. Finally, Fairfield Bush & CO. purchased a new position in shares of WEC Energy Group in the second quarter worth about $57,000. 77.20% of the stock is currently owned by institutional investors.

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.