WEC Energy Group (NYSE:WEC) Coverage Initiated at JPMorgan Chase & Co.

JPMorgan Chase & Co. started coverage on shares of WEC Energy Group (NYSE:WEC) in a research report released on Tuesday, BenzingaRatingsTable reports. The brokerage issued a neutral rating and a $99.00 target price on the utilities provider’s stock.

Several other equities analysts also recently issued reports on the stock. Credit Suisse Group downgraded shares of WEC Energy Group from a neutral rating to an underperform rating and boosted their price target for the company from $84.00 to $85.00 in a report on Tuesday, August 6th. They noted that the move was a valuation call. Guggenheim downgraded shares of WEC Energy Group from a buy rating to a neutral rating in a report on Wednesday, September 4th. They noted that the move was a valuation call. Bank of America downgraded shares of WEC Energy Group from a neutral rating to an underperform rating and boosted their price target for the company from $82.00 to $85.00 in a report on Monday, June 24th. Zacks Investment Research raised shares of WEC Energy Group from a hold rating to a buy rating and set a $97.00 price target for the company in a report on Monday, September 16th. Finally, Wells Fargo & Co boosted their price target on shares of WEC Energy Group from $93.00 to $102.00 and gave the company an outperform rating in a report on Tuesday, August 27th. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company’s stock. WEC Energy Group currently has a consensus rating of Hold and a consensus target price of $85.91.

WEC Energy Group stock opened at $93.81 on Tuesday. The company has a market cap of $29.59 billion, a PE ratio of 28.09, a P/E/G ratio of 4.34 and a beta of 0.03. The company has a fifty day moving average price of $94.15 and a two-hundred day moving average price of $85.51. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.55 and a quick ratio of 0.41. WEC Energy Group has a 12 month low of $66.46 and a 12 month high of $98.19.

WEC Energy Group (NYSE:WEC) last released its quarterly earnings data on Monday, August 5th. The utilities provider reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.04. WEC Energy Group had a net margin of 14.24% and a return on equity of 11.00%. The firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same quarter in the previous year, the company posted $0.73 earnings per share. The firm’s revenue was down 4.9% on a year-over-year basis. Equities research analysts anticipate that WEC Energy Group will post 3.53 earnings per share for the current year.

In related news, Director Barbara L. Bowles sold 1,000 shares of WEC Energy Group stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $89.73, for a total transaction of $89,730.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Scott J. Lauber sold 7,560 shares of WEC Energy Group stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $88.38, for a total transaction of $668,152.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 245,849 shares of company stock valued at $22,963,496. Corporate insiders own 0.75% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of WEC. Magellan Asset Management Ltd raised its stake in shares of WEC Energy Group by 456.9% during the second quarter. Magellan Asset Management Ltd now owns 6,826,069 shares of the utilities provider’s stock valued at $569,089,000 after purchasing an additional 5,600,357 shares in the last quarter. Nuveen Asset Management LLC raised its stake in shares of WEC Energy Group by 35,386.3% during the second quarter. Nuveen Asset Management LLC now owns 3,047,564 shares of the utilities provider’s stock valued at $254,076,000 after purchasing an additional 3,038,976 shares in the last quarter. Scout Investments Inc. raised its stake in shares of WEC Energy Group by 84.9% during the second quarter. Scout Investments Inc. now owns 1,692,263 shares of the utilities provider’s stock valued at $141,084,000 after purchasing an additional 777,086 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of WEC Energy Group by 1.7% during the second quarter. Vanguard Group Inc. now owns 39,434,643 shares of the utilities provider’s stock valued at $3,287,666,000 after purchasing an additional 659,769 shares in the last quarter. Finally, BlackRock Inc. raised its stake in shares of WEC Energy Group by 2.0% during the second quarter. BlackRock Inc. now owns 28,158,196 shares of the utilities provider’s stock valued at $2,347,547,000 after purchasing an additional 550,839 shares in the last quarter. Institutional investors and hedge funds own 76.88% of the company’s stock.

WEC Energy Group Company Profile

WEC Energy Group, Inc, through its subsidiaries, provides regulated natural gas and electricity, and nonregulated renewable energy services in the United States. The company operates through six segments: Wisconsin, Illinois, Other States, Electric Transmission, Non-Utility Energy Infrastructure, and Corporate and Other.

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Analyst Recommendations for WEC Energy Group (NYSE:WEC)

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