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

WEC Energy Group (NYSE:WEC) issued an update on its FY24 earnings guidance on Monday morning. The company provided EPS guidance of $4.80-4.90 for the period, compared to the consensus EPS estimate of $4.87.

WEC Energy Group Stock Down 1.4 %

WEC Energy Group stock opened at $77.79 on Wednesday. The firm has a market capitalization of $24.54 billion, a PE ratio of 18.43, a P/E/G ratio of 2.74 and a beta of 0.40. The company’s 50-day moving average is $79.61 and its 200-day moving average is $81.33. WEC Energy Group has a fifty-two week low of $75.13 and a fifty-two week high of $98.80. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.55 and a quick ratio of 0.40.

WEC Energy Group (NYSE:WEC) last announced its earnings results on Thursday, February 1st. The utilities provider reported $1.10 EPS for the quarter, topping the consensus estimate of $1.08 by $0.02. The business had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.82 billion. WEC Energy Group had a net margin of 14.98% and a return on equity of 12.17%. WEC Energy Group’s revenue was down 13.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.80 EPS. Sell-side analysts anticipate that WEC Energy Group will post 4.88 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Royal Bank of Canada reduced their target price on shares of WEC Energy Group from $95.00 to $90.00 and set a sector perform rating for the company in a report on Thursday, February 8th. StockNews.com lowered WEC Energy Group from a hold rating to a sell rating in a research note on Saturday, January 13th. Barclays dropped their price objective on WEC Energy Group from $79.00 to $75.00 and set an underweight rating for the company in a report on Thursday, February 8th. Wells Fargo & Company reduced their target price 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. Finally, Bank of America reissued an underperform rating and issued a $78.00 target price (down from $84.00) on shares of WEC Energy Group in a report on Thursday, January 4th. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $86.31.

Insiders Place Their Bets

In other WEC Energy Group news, Chairman Gale E. Klappa sold 37,180 shares of the company’s 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 sale, the chairman now owns 274,782 shares in the company, valued at approximately $21,622,595.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other WEC Energy Group news, Chairman Gale E. Klappa sold 37,180 shares of the company’s 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 sale, the chairman now owns 274,782 shares in the company, valued at approximately $21,622,595.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Scott J. Lauber sold 2,830 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were 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 in the company, valued at approximately $3,402,131.25. The disclosure for this sale can be found here. Insiders own 0.44% of the company’s stock.

Institutional Investors Weigh In On WEC Energy Group

Institutional investors and hedge funds have recently made changes to their positions in the business. Quilter Plc bought a new stake in shares of WEC Energy Group during the 1st quarter valued at about $234,348,000. Achmea Investment Management B.V. acquired a new position in WEC Energy Group during the 1st quarter worth approximately $27,000. First Manhattan Co. raised its stake in WEC Energy Group by 102.0% during the 4th quarter. First Manhattan Co. now owns 303 shares of the utilities provider’s stock worth $28,000 after buying an additional 153 shares during the period. Sunbelt Securities Inc. acquired a new position in WEC Energy Group during the 1st quarter worth approximately $44,000. Finally, Quarry LP raised its stake in WEC Energy Group by 373.3% during the 2nd quarter. Quarry LP now owns 549 shares of the utilities provider’s stock worth $48,000 after buying an additional 433 shares during the period. 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.