WEC Energy Group Inc. (WEC) Trading Down 1.9%
WEC Energy Group Inc. (NYSE:WEC) dropped 1.9% during mid-day trading on Friday . The company traded as low as $62.58 and last traded at $62.62, with a volume of 912,385 shares. The stock had previously closed at $63.85.
WEC has been the topic of a number of analyst reports. Argus reiterated a “buy” rating and set a $70.00 price objective (up from $65.00) on shares of WEC Energy Group in a research note on Tuesday, August 2nd. Deutsche Bank AG reiterated a “hold” rating and set a $61.00 price objective on shares of WEC Energy Group in a research note on Tuesday, April 19th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $58.25.
The company has a market cap of $19.75 billion and a P/E ratio of 22.34. The firm’s 50 day moving average price is $64.25 and its 200-day moving average price is $59.70.
WEC Energy Group (NYSE:WEC) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.57 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.56 by $0.01. During the same quarter in the prior year, the firm posted $0.58 earnings per share. The firm earned $1.60 billion during the quarter, compared to the consensus estimate of $2.03 billion. The company’s revenue was up 61.7% on a year-over-year basis. Analysts anticipate that WEC Energy Group Inc. will post $2.93 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 1st. Investors of record on Friday, August 12th will be paid a $0.495 dividend. This represents a $1.98 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date is Wednesday, August 10th.
In related news, Director Gale E. Klappa sold 9,372 shares of the business’s stock in a transaction dated Tuesday, May 17th. The stock was sold at an average price of $60.16, for a total value of $563,819.52. Following the sale, the director now directly owns 157,719 shares in the company, valued at approximately $9,488,375.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Susan H. Martin sold 40,000 shares of the business’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $65.05, for a total value of $2,602,000.00. The disclosure for this sale can be found here.
Other large investors have recently made changes to their positions in the company. Jennison Associates LLC boosted its stake in shares of WEC Energy Group by 24.8% in the fourth quarter. Jennison Associates LLC now owns 889,634 shares of the company’s stock worth $45,647,000 after buying an additional 177,056 shares in the last quarter. Jennison Associates purchased a new stake in shares of WEC Energy Group during the third quarter worth about $37,211,000. I.G. Investment Management LTD. boosted its stake in shares of WEC Energy Group by 5.7% in the fourth quarter. I.G. Investment Management LTD. now owns 624,700 shares of the company’s stock worth $32,053,000 after buying an additional 33,600 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of WEC Energy Group by 2.0% in the fourth quarter. Principal Financial Group Inc. now owns 447,288 shares of the company’s stock worth $22,951,000 after buying an additional 8,644 shares in the last quarter. Finally, Foresters Investment Management Company Inc. boosted its stake in shares of WEC Energy Group by 0.3% in the fourth quarter. Foresters Investment Management Company Inc. now owns 301,000 shares of the company’s stock valued at $15,444,000 after buying an additional 1,000 shares in the last quarter.
WEC Energy Group, Inc, formerly Wisconsin Energy Corporation, is a holding company, which has electric and natural gas utility operations. The Company’s segments are Wisconsin, Illinois, other states, electric transmission, We Power, and corporate and other. The Company’s Wisconsin segment includes the electric and natural gas utility, and non-utility operations of Wisconsin Electric Power Company (Wisconsin Electric), Wisconsin Gas LLC (Wisconsin Gas) and Wisconsin Public Service Corporation (WPS), including Wisconsin Electric’s electric and WPS’s electric and natural gas operations in the state of Michigan.
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