Traders Buy Shares of WEC Energy Group Inc. (WEC) on Weakness
Traders purchased shares of WEC Energy Group Inc. (NYSE:WEC) on weakness during trading hours on Tuesday. $38.76 million flowed into the stock on the tick-up and $11.98 million flowed out of the stock on the tick-down, for a money net flow of $26.78 million into the stock. Of all equities tracked, WEC Energy Group had the 18th highest net in-flow for the day. WEC Energy Group traded down ($0.78) for the day and closed at $59.56
Separately, Argus reaffirmed 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. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $58.25.
The stock has a 50-day moving average of $62.88 and a 200 day moving average of $60.51. The stock has a market cap of $18.80 billion and a price-to-earnings ratio of 21.26.
WEC Energy Group (NYSE:WEC) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.57 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.01. During the same period last year, the firm earned $0.58 EPS. The firm had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $2.03 billion. The company’s revenue for the quarter was up 61.7% on a year-over-year basis. Equities research analysts expect that WEC Energy Group Inc. will post $2.93 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 1st. Stockholders 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 dividend yield of 3.32%. The ex-dividend date is Wednesday, August 10th.
In other news, EVP Robert M. Garvin sold 19,225 shares of the business’s stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $61.62, for a total value of $1,184,644.50. Following the completion of the sale, the executive vice president now owns 27,710 shares of the company’s stock, valued at approximately $1,707,490.20. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Allen L. Leverett sold 68,210 shares of the business’s stock in a transaction dated Thursday, June 2nd. The shares were sold at an average price of $60.35, for a total value of $4,116,473.50. Following the completion of the sale, the chief executive officer now directly owns 100,456 shares of the company’s stock, valued at approximately $6,062,519.60. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in WEC Energy Group stock. US Bancorp DE increased its position in shares of WEC Energy Group Inc. (NYSE:WEC) by 5.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 271,661 shares of the company’s stock after buying an additional 14,793 shares during the period. US Bancorp DE owned about 0.09% of WEC Energy Group worth $13,938,000 as of its most recent filing with the SEC.
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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