Scotiabank Cuts WEC Energy Group (NYSE:WEC) Price Target to $90.00

WEC Energy Group (NYSE:WEC) had its price objective decreased by Scotiabank from $96.00 to $90.00 in a research report released on Monday, Benzinga reports. Scotiabank currently has a sector outperform rating on the utilities provider’s stock.

WEC has been the topic of a number of other research reports. StockNews.com downgraded shares of WEC Energy Group from a hold rating to a sell rating in a report on Saturday, January 13th. Barclays dropped their price objective on shares of WEC Energy Group from $79.00 to $75.00 and set an underweight rating on the stock in a report on Thursday, February 8th. Bank of America reissued an underperform rating and issued a $78.00 price objective (down previously from $84.00) on shares of WEC Energy Group in a report on Thursday, January 4th. Royal Bank of Canada dropped their price objective on shares of WEC Energy Group from $95.00 to $90.00 and set a sector perform rating on the stock in a report on Thursday, February 8th. Finally, The Goldman Sachs Group initiated coverage on shares of WEC Energy Group in a report on Wednesday, April 10th. They issued a neutral rating and a $88.00 price objective on the stock. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Hold and an average price target of $86.64.

WEC Energy Group Stock Performance

Shares of WEC stock opened at $82.63 on Monday. The company has a 50 day moving average price of $80.09 and a 200-day moving average price of $81.42. WEC Energy Group has a 52 week low of $75.13 and a 52 week high of $98.80. The firm has a market capitalization of $26.06 billion, a PE ratio of 19.58, a P/E/G ratio of 2.83 and a beta of 0.40. The company has a quick ratio of 0.40, a current ratio of 0.55 and a debt-to-equity ratio of 1.29.

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

WEC Energy Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Tuesday, May 14th will be issued a $0.835 dividend. This represents a $3.34 annualized dividend and a dividend yield of 4.04%. The ex-dividend date is Monday, May 13th. WEC Energy Group’s dividend payout ratio (DPR) is presently 79.15%.

Insider Transactions at WEC Energy Group

In other news, CEO Scott J. Lauber sold 2,830 shares of the business’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $78.89, for a total value of $223,258.70. Following the transaction, the chief executive officer now owns 43,125 shares of the company’s stock, valued at $3,402,131.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Chairman Gale E. Klappa sold 37,180 shares of the business’s stock in a transaction on Thursday, February 29th. The shares were 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 $21,622,595.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Scott J. Lauber sold 2,830 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was 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 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

Large investors have recently bought and sold shares of the business. Northwest Bank & Trust Co bought a new stake in WEC Energy Group in the fourth quarter worth $25,000. Opal Wealth Advisors LLC bought a new stake in WEC Energy Group in the first quarter worth $25,000. Tennessee Valley Asset Management Partners bought a new stake in WEC Energy Group in the fourth quarter worth $26,000. Valued Wealth Advisors LLC bought a new stake in WEC Energy Group in the fourth quarter worth $28,000. Finally, First United Bank & Trust bought a new stake in WEC Energy Group in the fourth quarter worth $30,000. Institutional investors 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.