WEC Energy Group (NYSE:WEC) Updates 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 guidance of $4.80-4.90 for the period, compared to the consensus earnings per share estimate of $4.87. WEC Energy Group also updated its FY 2024 guidance to 4.800-4.900 EPS.

Analysts Set New Price Targets

Several equities research analysts recently commented on WEC shares. KeyCorp boosted their target price on WEC Energy Group from $94.00 to $95.00 and gave the stock an overweight rating in a research report on Thursday, January 4th. Mizuho lowered their price objective on shares of WEC Energy Group from $88.00 to $86.00 and set a buy rating on the stock in a research report on Monday, December 18th. JPMorgan Chase & Co. downgraded shares of WEC Energy Group from a neutral rating to an underweight rating and cut their target price for the stock from $90.00 to $84.00 in a research report on Friday, February 2nd. Wells Fargo & Company lowered 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. Finally, Barclays cut 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. Four research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Hold and an average price target of $86.17.

WEC Energy Group Stock Performance

Shares of WEC opened at $82.12 on Friday. The business has a 50-day simple moving average of $79.42 and a two-hundred day simple moving average of $81.74. 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 has a 52 week low of $75.13 and a 52 week high of $99.26. The stock has a market cap of $25.90 billion, a price-to-earnings ratio of 19.46, a PEG ratio of 2.83 and a beta of 0.40.

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 firm had revenue of $2.22 billion for 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%. The company’s revenue was down 13.3% on a year-over-year basis. During the same period last year, the firm earned $0.80 EPS. On average, analysts expect that WEC Energy Group will post 4.88 EPS for the current year.

Insider Transactions at WEC Energy Group

In related news, CEO Scott J. Lauber sold 2,830 shares of the firm’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 completion of the transaction, the chief executive officer now directly 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 SEC, which is available at the SEC website. In other WEC Energy Group news, CEO Scott J. Lauber sold 2,830 shares of the stock in a transaction 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 transaction, the chief executive officer now owns 43,125 shares in the company, valued at $3,402,131.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Gale E. Klappa sold 37,180 shares of the business’s stock in a transaction that occurred 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 sale, the chairman now directly owns 274,782 shares in the company, valued at $21,622,595.58. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On WEC Energy Group

Large investors have recently made changes to their positions in the business. Quilter Plc acquired a new position in WEC Energy Group during the 1st quarter valued at about $234,348,000. Achmea Investment Management B.V. purchased a new position in shares of WEC Energy Group in the 1st quarter valued at approximately $27,000. First Manhattan Co. boosted its stake 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 purchasing an additional 153 shares in the last quarter. Sunbelt Securities Inc. purchased a new stake in WEC Energy Group during the 1st quarter worth approximately $44,000. Finally, Quarry LP raised its holdings in shares of WEC Energy Group by 373.3% in the second quarter. Quarry LP now owns 549 shares of the utilities provider’s stock worth $48,000 after buying an additional 433 shares during the last quarter. 77.20% of the stock is owned by institutional investors and hedge funds.

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.