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

WEC Energy Group (NYSE:WEC) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $4.80-4.90 for the period, compared to the consensus estimate of $4.87. WEC Energy Group also updated its Q1 guidance to $1.89-1.91 EPS.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on WEC shares. StockNews.com downgraded WEC Energy Group from a hold rating to a sell rating in a research note on Saturday, January 13th. Wells Fargo & Company lowered their price target on shares of 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. Royal Bank of Canada reduced their target price on WEC Energy Group from $95.00 to $90.00 and set a sector perform rating on the stock in a research note on Thursday, February 8th. Barclays reduced their price objective on WEC Energy Group from $79.00 to $75.00 and set an underweight rating on the stock in a research report on Thursday, February 8th. Finally, JPMorgan Chase & Co. cut WEC Energy Group from a neutral rating to an underweight rating and dropped their price objective for the stock from $90.00 to $84.00 in a research report on Friday, February 2nd. Four research analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, WEC Energy Group presently has an average rating of Hold and an average target price of $86.17.

WEC Energy Group Stock Down 0.1 %

NYSE:WEC opened at $79.90 on Tuesday. The company has a quick ratio of 0.40, a current ratio of 0.55 and a debt-to-equity ratio of 1.29. The firm has a market capitalization of $25.20 billion, a P/E ratio of 18.93, a P/E/G ratio of 2.78 and a beta of 0.40. The stock’s fifty day simple moving average is $79.56 and its 200-day simple moving average is $81.81. WEC Energy Group has a 12-month low of $75.13 and a 12-month high of $99.26.

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

Insider Activity

In other news, CEO Scott J. Lauber sold 2,830 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $78.89, for a total transaction of $223,258.70. Following the sale, the chief executive officer now directly owns 43,125 shares in the company, valued at $3,402,131.25. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Scott J. Lauber sold 2,830 shares of the stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $78.89, for a total value of $223,258.70. Following the completion of the sale, the chief executive officer now 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 is available at this link. Also, Chairman Gale E. Klappa sold 37,180 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $78.69, for a total transaction of $2,925,694.20. Following the sale, the chairman now directly owns 274,782 shares of the company’s stock, valued at approximately $21,622,595.58. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On WEC Energy Group

Several hedge funds have recently modified their holdings of the company. Achmea Investment Management B.V. purchased a new position in WEC Energy Group in the first quarter valued at approximately $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. bought a new stake in WEC Energy Group in the 1st 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. Institutional investors own 77.20% of the company’s stock.

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.