WEC Energy Group Inc. (WEC) Sees Unusually-High Trading Volume
Shares of WEC Energy Group Inc. (NYSE:WEC) saw strong trading volume on Tuesday . 1,556,767 shares changed hands during mid-day trading, an increase of 3% from the previous session’s volume of 1,515,839 shares.The stock last traded at $60.48 and had previously closed at $61.17.
Separately, Argus reissued a “buy” rating and issued a $70.00 price objective (up previously from $65.00) on shares of WEC Energy Group in a research note on Tuesday, August 2nd. One analyst has rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $58.25.
The firm has a 50-day moving average price of $63.88 and a 200 day moving average price of $60.20. The stock has a market capitalization of $19.44 billion and a price-to-earnings ratio of 21.9899.
WEC Energy Group (NYSE:WEC) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.56 by $0.01. The firm had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $2.03 billion. During the same period in the prior year, the firm posted $0.58 EPS. WEC Energy Group’s revenue was up 61.7% on a year-over-year basis. On average, analysts expect that WEC Energy Group Inc. will post $2.93 EPS for the current fiscal 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 dividend of $0.495 per share. The ex-dividend date is Wednesday, August 10th. This represents a $1.98 annualized dividend and a yield of 3.25%.
In related news, CEO Allen L. Leverett sold 68,210 shares of the business’s stock in a transaction that occurred on Thursday, June 2nd. The shares were sold at an average price of $60.35, for a total transaction of $4,116,473.50. Following the completion of the transaction, the chief executive officer now owns 100,456 shares of the company’s stock, valued at $6,062,519.60. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Joan M. Shafer sold 15,990 shares of the business’s stock in a transaction that occurred on Wednesday, May 25th. The shares were sold at an average price of $58.67, for a total transaction of $938,133.30. Following the transaction, the vice president now directly owns 23,831 shares of the company’s stock, valued at approximately $1,398,164.77. The disclosure for this sale can be found here.
Other institutional investors recently added to or reduced their stakes in the company. Jennison Associates LLC boosted its position in 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. RS Investment Management Co. LLC bought a new position in WEC Energy Group during the fourth quarter worth approximately $5,983,000. Opus Investment Management Inc. boosted its position in 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. I.G. Investment Management LTD. boosted its position in 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. Finally, Venturi Wealth Management LLC bought a new position in WEC Energy Group during the fourth quarter worth approximately $1,702,000.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.