WEC Energy Group Inc. (WEC) Shares Gap Up to $62.40
WEC Energy Group Inc. (NYSE:WEC)’s share price gapped up prior to trading on Friday . The stock had previously closed at $62.37, but opened at $62.40. WEC Energy Group shares last traded at $62.49, with a volume of 722,155 shares trading hands.
WEC has been the topic of several research reports. Argus reissued a “buy” rating and set a $70.00 target price (up previously from $65.00) on shares of WEC Energy Group in a research note on Tuesday, August 2nd. Deutsche Bank AG reissued a “hold” rating and set a $61.00 target price on shares of WEC Energy Group in a research note on Tuesday, April 19th. One research analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the stock. WEC Energy Group presently has a consensus rating of “Hold” and an average price target of $58.25.
The firm has a 50 day moving average of $64.17 and a 200 day moving average of $60.02. The company has a market cap of $19.71 billion and a P/E ratio of 22.30.
WEC Energy Group (NYSE:WEC) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.57 EPS for the quarter, beating the Zacks’ consensus estimate of $0.56 by $0.01. The business earned $1.60 billion during the quarter, compared to analysts’ expectations of $2.03 billion. During the same period in the prior year, the firm earned $0.58 EPS. WEC Energy Group’s revenue for the quarter was up 61.7% on a year-over-year basis. Analysts expect that WEC Energy Group Inc. will post $2.93 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 1st. Stockholders of record on Friday, August 12th will be given a $0.495 dividend. This represents a $1.98 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date of this dividend is Wednesday, August 10th.
In other news, VP Susan H. Martin sold 40,000 shares of WEC Energy Group stock in a transaction on Monday, August 1st. The stock was sold at an average price of $65.05, for a total value of $2,602,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Gale E. Klappa sold 9,372 shares of WEC Energy Group stock in a transaction on Tuesday, May 17th. The shares were sold at an average price of $60.16, for a total value of $563,819.52. Following the completion of the sale, the director now directly owns 157,719 shares of the company’s stock, valued at approximately $9,488,375.04. The disclosure for this sale can be found here.
Other large investors have made changes to their positions in the company. RS Investment Management Co. LLC acquired a new stake in shares of WEC Energy Group during the fourth quarter worth approximately $5,983,000. Oarsman Capital Inc. increased its stake in shares of WEC Energy Group by 0.5% in the fourth quarter. Oarsman Capital Inc. now owns 33,199 shares of the company’s stock worth $1,703,000 after buying an additional 160 shares in the last quarter. Foresters Investment Management Company Inc. increased 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 worth $15,444,000 after buying an additional 1,000 shares in the last quarter. Catalyst Capital Advisors LLC acquired a new stake in shares of WEC Energy Group during the fourth quarter worth approximately $4,105,000. Finally, Opus Investment Management Inc. increased its stake in shares of WEC Energy Group by 300.0% in the fourth quarter. Opus Investment Management Inc. now owns 60,000 shares of the company’s stock worth $3,079,000 after buying an additional 45,000 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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