WEC Energy Group, Inc. (NYSE:WEC) to Post Q2 2024 Earnings of $0.93 Per Share, Zacks Research Forecasts

WEC Energy Group, Inc. (NYSE:WEC) – Zacks Research lowered their Q2 2024 earnings per share estimates for WEC Energy Group in a research report issued on Thursday, April 25th. Zacks Research analyst R. Department now forecasts that the utilities provider will post earnings per share of $0.93 for the quarter, down from their prior estimate of $0.96. The consensus estimate for WEC Energy Group’s current full-year earnings is $4.88 per share. Zacks Research also issued estimates for WEC Energy Group’s Q3 2024 earnings at $1.03 EPS, Q4 2024 earnings at $1.06 EPS, FY2024 earnings at $4.86 EPS, Q1 2025 earnings at $2.04 EPS, Q4 2025 earnings at $1.41 EPS, FY2025 earnings at $5.22 EPS, Q1 2026 earnings at $2.01 EPS and FY2026 earnings at $5.60 EPS.

Several other research analysts have also recently issued reports on WEC. Royal Bank of Canada cut 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 report on Thursday, February 8th. Wells Fargo & Company cut their target price on 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. KeyCorp lifted their target price on WEC Energy Group from $95.00 to $96.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. JPMorgan Chase & Co. cut WEC Energy Group from a “neutral” rating to an “underweight” rating and cut their target price for the company from $90.00 to $84.00 in a research report on Friday, February 2nd. Finally, Scotiabank cut their target price on WEC Energy Group from $96.00 to $90.00 and set a “sector outperform” rating on the stock in a research report on Monday. Four equities research 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. Based on data from MarketBeat.com, WEC Energy Group currently has an average rating of “Hold” and a consensus price target of $86.64.

WEC Energy Group Trading Up 0.2 %

Shares of WEC Energy Group stock opened at $82.81 on Friday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.40 and a current ratio of 0.55. WEC Energy Group has a 52 week low of $75.13 and a 52 week high of $97.78. The stock has a 50 day moving average price of $80.18 and a two-hundred day moving average price of $81.43. The stock has a market capitalization of $26.12 billion, a PE ratio of 19.62, a price-to-earnings-growth ratio of 2.86 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 analysts’ consensus estimates of $1.08 by $0.02. WEC Energy Group had a return on equity of 12.17% and a net margin of 14.98%. The firm had revenue of $2.22 billion during the quarter, compared to analysts’ expectations of $2.82 billion. During the same quarter last year, the firm posted $0.80 earnings per share. The company’s revenue for the quarter was down 13.3% compared to the same quarter last year.

WEC Energy Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Tuesday, May 14th will be paid a $0.835 dividend. The ex-dividend date of this dividend is Monday, May 13th. This represents a $3.34 annualized dividend and a dividend yield of 4.03%. WEC Energy Group’s payout ratio is presently 79.15%.

Insider Buying and Selling at WEC Energy Group

In related news, 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 sale, the chief executive officer now directly owns 43,125 shares in the company, valued at approximately $3,402,131.25. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, 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 sale, the chief executive officer now directly owns 43,125 shares in the company, valued at approximately $3,402,131.25. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On WEC Energy Group

Institutional investors have recently added to or reduced their stakes in the business. Northwest Bank & Trust Co bought a new position in WEC Energy Group during the 4th quarter valued at approximately $25,000. Opal Wealth Advisors LLC bought a new position in WEC Energy Group during the 1st quarter valued at approximately $25,000. Tennessee Valley Asset Management Partners bought a new position in WEC Energy Group during the 4th quarter valued at approximately $26,000. Valued Wealth Advisors LLC bought a new position in WEC Energy Group during the 4th quarter valued at approximately $28,000. Finally, First United Bank & Trust bought a new position in WEC Energy Group during the 4th quarter valued at approximately $30,000. 77.20% of the stock is currently owned by institutional investors.

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.