WEC Energy Group (NYSE:WEC) Issues Quarterly Earnings Results

WEC Energy Group (NYSE:WEC) posted its earnings results on Thursday. The utilities provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.12, Briefing.com reports. WEC Energy Group had a return on equity of 12.26% and a net margin of 15.85%. The company had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.93 billion. During the same quarter last year, the firm earned $1.00 earnings per share. The company’s revenue was down 4.8% on a year-over-year basis. WEC Energy Group updated its FY 2024 guidance to 4.800-4.900 EPS and its FY24 guidance to $4.80 to $4.90 EPS.

WEC Energy Group Price Performance

Shares of WEC stock traded up $0.01 on Friday, reaching $95.54. The company had a trading volume of 1,769,856 shares, compared to its average volume of 2,146,646. The stock has a market capitalization of $30.20 billion, a PE ratio of 22.05, a price-to-earnings-growth ratio of 2.47 and a beta of 0.44. The company has a quick ratio of 0.54, a current ratio of 0.74 and a debt-to-equity ratio of 1.37. The business’s 50-day moving average is $95.49 and its 200 day moving average is $87.07. WEC Energy Group has a one year low of $75.13 and a one year high of $100.31.

WEC Energy Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Thursday, November 14th will be paid a dividend of $0.835 per share. This represents a $3.34 annualized dividend and a yield of 3.50%. The ex-dividend date is Thursday, November 14th. WEC Energy Group’s payout ratio is 77.14%.

Analyst Ratings Changes

Several analysts have weighed in on the stock. KeyCorp lifted their price objective on shares of WEC Energy Group from $103.00 to $108.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Jefferies Financial Group started coverage on WEC Energy Group in a research note on Thursday, September 19th. They issued a “hold” rating and a $102.00 price target for the company. Bank of America increased their price target on WEC Energy Group from $88.00 to $90.00 and gave the stock an “underperform” rating in a research report on Thursday, August 29th. Scotiabank lifted their price objective on WEC Energy Group from $90.00 to $103.00 and gave the company a “sector outperform” rating in a report on Tuesday, August 20th. Finally, Barclays increased their target price on WEC Energy Group from $86.00 to $89.00 and gave the stock an “underweight” rating in a report on Monday, October 7th. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $94.45.

Insider Buying and Selling

In other WEC Energy Group news, VP Anthony Reese sold 1,362 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $88.78, for a total value of $120,918.36. Following the sale, the vice president now owns 1,462 shares in the company, valued at $129,796.36. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other WEC Energy Group news, VP Mary Beth Straka sold 3,240 shares of the company’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $93.04, for a total value of $301,449.60. Following the completion of the transaction, the vice president now owns 3,662 shares of the company’s stock, valued at $340,712.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Anthony Reese sold 1,362 shares of WEC Energy Group stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $88.78, for a total value of $120,918.36. Following the sale, the vice president now directly owns 1,462 shares in the company, valued at $129,796.36. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,702 shares of company stock worth $1,078,058 in the last three months. 0.34% of the stock is owned by corporate insiders.

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.