WEC Energy Group (NYSE:WEC) Issues FY 2024 Earnings Guidance

WEC Energy Group (NYSE:WEC) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 4.800-4.900 for the period, compared to the consensus estimate of 4.870. The company issued revenue guidance of -. WEC Energy Group also updated its FY24 guidance to $4.80-4.90 EPS.

Analyst Ratings Changes

Several research analysts recently weighed in on WEC shares. KeyCorp boosted their target price on shares of WEC Energy Group from $94.00 to $95.00 and gave the company an overweight rating in a research note on Thursday, January 4th. Mizuho cut their price target on shares of WEC Energy Group from $88.00 to $86.00 and set a buy rating on the stock in a research note on Monday, December 18th. StockNews.com downgraded WEC Energy Group from a hold rating to a sell rating in a report on Saturday, January 13th. Barclays lowered their price target on WEC Energy Group from $79.00 to $75.00 and set an underweight rating for the company in a research report on Thursday, February 8th. Finally, Bank of America restated an underperform rating and set a $78.00 price target (down from $84.00) on shares of WEC Energy Group in a research note on Thursday, January 4th. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, WEC Energy Group presently has a consensus rating of Hold and an average target price of $86.17.

WEC Energy Group Stock Performance

Shares of WEC stock opened at $81.18 on Thursday. 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 has a 12 month low of $75.13 and a 12 month high of $99.26. The company’s fifty day moving average price is $79.42 and its two-hundred day moving average price is $81.74. The firm has a market capitalization of $25.61 billion, a P/E ratio of 19.24, a P/E/G ratio of 2.74 and a beta of 0.40.

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

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 shares were sold at an average price of $78.69, for a total value of $2,925,694.20. Following the completion of the transaction, the chairman now owns 274,782 shares in the company, valued at approximately $21,622,595.58. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CEO Scott J. Lauber sold 2,830 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 43,125 shares of the company’s stock, valued at $3,402,131.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 transaction of $2,925,694.20. Following the completion of 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. 0.34% of the stock is currently owned by corporate insiders.

Institutional Trading of WEC Energy Group

Several institutional investors and hedge funds have recently bought and sold shares of WEC. FIL Ltd increased its position in shares of WEC Energy Group by 9.2% in the fourth quarter. FIL Ltd now owns 470,782 shares of the utilities provider’s stock worth $39,626,000 after acquiring an additional 39,480 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in WEC Energy Group by 7.9% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 327,415 shares of the utilities provider’s stock worth $27,559,000 after purchasing an additional 24,000 shares during the period. SageView Advisory Group LLC acquired a new stake in WEC Energy Group during the 4th quarter valued at $737,000. Sanibel Captiva Trust Company Inc. bought a new stake in shares of WEC Energy Group in the 4th quarter valued at approximately $333,000. Finally, Oarsman Capital Inc. raised its position in WEC Energy Group by 2.7% during the fourth quarter. Oarsman Capital Inc. now owns 5,976 shares of the utilities provider’s stock valued at $503,000 after acquiring an additional 158 shares in the last quarter. Institutional investors and hedge funds 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.