WEC Energy Group (NYSE:WEC) Updates Q1 2024 Earnings Guidance

WEC Energy Group (NYSE:WEC) issued an update on its first quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 1.890-1.910 for the period, compared to the consensus earnings per share estimate of 1.770. The company issued revenue guidance of -. WEC Energy Group also updated its FY 2024 guidance to 4.800-4.900 EPS.

WEC Energy Group Price Performance

WEC Energy Group stock opened at $81.18 on Thursday. WEC Energy Group has a one year low of $75.13 and a one year high of $99.26. The firm has a market capitalization of $25.61 billion, a P/E ratio of 19.24, a PEG ratio of 2.74 and a beta of 0.40. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.55 and a quick ratio of 0.40. The business has a fifty day moving average price of $79.42 and a 200-day moving average price of $81.74.

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

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on WEC. Royal Bank of Canada decreased their target price on shares of WEC Energy Group from $95.00 to $90.00 and set a sector perform rating on the stock in a research report on Thursday, February 8th. StockNews.com cut WEC Energy Group from a hold rating to a sell rating in a report on Saturday, January 13th. Wells Fargo & Company decreased their price target on WEC Energy Group from $93.00 to $91.00 and set an overweight rating on the stock in a report on Friday, February 2nd. Bank of America reaffirmed an underperform rating and set a $78.00 price objective (down from $84.00) on shares of WEC Energy Group in a research note on Thursday, January 4th. Finally, KeyCorp increased their target price on shares of WEC Energy Group from $94.00 to $95.00 and gave the company an overweight rating in a research note on Thursday, January 4th. Four equities 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 stock. According to MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $86.17.

Insider Activity at WEC Energy Group

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

Institutional Investors Weigh In On WEC Energy Group

Hedge funds have recently bought and sold shares of the business. FIL Ltd grew its position in shares of WEC Energy Group by 9.2% in the 4th quarter. FIL Ltd now owns 470,782 shares of the utilities provider’s stock worth $39,626,000 after acquiring an additional 39,480 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its position in shares of WEC Energy Group by 7.9% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 327,415 shares of the utilities provider’s stock valued at $27,559,000 after buying an additional 24,000 shares during the last quarter. SageView Advisory Group LLC acquired a new stake in WEC Energy Group during the fourth quarter worth about $737,000. Sanibel Captiva Trust Company Inc. bought a new position in shares of WEC Energy Group during the fourth quarter valued at approximately $333,000. Finally, Oarsman Capital Inc. boosted its position in WEC Energy Group by 2.7% during the 4th quarter. Oarsman Capital Inc. now owns 5,976 shares of the utilities provider’s stock valued at $503,000 after purchasing an additional 158 shares during the period. Institutional investors and hedge funds own 77.20% of the company’s stock.

WEC Energy Group Company Profile

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.