Analysts Expect WEC Energy Group Inc (NYSE:WEC) Will Post Quarterly Sales of $1.68 Billion

Equities research analysts forecast that WEC Energy Group Inc (NYSE:WEC) will report $1.68 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for WEC Energy Group’s earnings, with the lowest sales estimate coming in at $1.66 billion and the highest estimate coming in at $1.70 billion. WEC Energy Group reported sales of $1.61 billion in the same quarter last year, which would suggest a positive year over year growth rate of 4.3%. The company is scheduled to report its next quarterly earnings report on Wednesday, November 4th.

According to Zacks, analysts expect that WEC Energy Group will report full year sales of $7.34 billion for the current financial year, with estimates ranging from $7.32 billion to $7.35 billion. For the next year, analysts forecast that the company will post sales of $7.59 billion, with estimates ranging from $7.49 billion to $7.69 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that follow WEC Energy Group.

WEC Energy Group (NYSE:WEC) last issued its quarterly earnings results on Tuesday, August 4th. The utilities provider reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.07. The business had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.58 billion. WEC Energy Group had a return on equity of 11.36% and a net margin of 16.26%. WEC Energy Group’s revenue for the quarter was down 2.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.74 earnings per share.

A number of research firms have issued reports on WEC. JPMorgan Chase & Co. lowered their target price on WEC Energy Group from $95.00 to $87.00 and set a “neutral” rating for the company in a report on Wednesday, May 27th. Atlantic Securities initiated coverage on shares of WEC Energy Group in a research note on Friday, September 4th. They issued an “overweight” rating and a $112.00 target price for the company. Argus raised their target price on shares of WEC Energy Group from $100.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, September 15th. KeyCorp raised their price objective on shares of WEC Energy Group from $99.00 to $102.00 and gave the stock an “overweight” rating in a research report on Friday, September 11th. Finally, Zacks Investment Research upgraded shares of WEC Energy Group from a “hold” rating to a “buy” rating and set a $97.00 price objective for the company in a research report on Monday, June 1st. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $91.25.

Shares of WEC stock traded down $2.34 during trading hours on Wednesday, reaching $93.06. The company had a trading volume of 1,291,978 shares, compared to its average volume of 1,703,237. The company has a 50 day moving average of $94.19 and a 200 day moving average of $91.74. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.49 and a quick ratio of 0.36. The firm has a market cap of $29.35 billion, a price-to-earnings ratio of 25.15, a P/E/G ratio of 4.34 and a beta of 0.16. WEC Energy Group has a 1-year low of $68.01 and a 1-year high of $109.53.

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th were issued a $0.6325 dividend. This represents a $2.53 annualized dividend and a dividend yield of 2.72%. The ex-dividend date of this dividend was Thursday, August 13th. WEC Energy Group’s dividend payout ratio (DPR) is presently 70.67%.

In other WEC Energy Group news, CEO Charles R. Matthews sold 14,481 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $95.05, for a total transaction of $1,376,419.05. Following the transaction, the chief executive officer now directly owns 16,223 shares in the company, valued at approximately $1,541,996.15. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.31% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. State Street Corp lifted its position in WEC Energy Group by 2.0% during the 1st quarter. State Street Corp now owns 18,076,710 shares of the utilities provider’s stock valued at $1,593,100,000 after acquiring an additional 356,268 shares during the period. Wells Fargo & Company MN raised its position in shares of WEC Energy Group by 1.1% in the 1st quarter. Wells Fargo & Company MN now owns 7,112,215 shares of the utilities provider’s stock valued at $626,800,000 after purchasing an additional 77,226 shares during the last quarter. Nuveen Asset Management LLC raised its position in shares of WEC Energy Group by 1.8% in the 1st quarter. Nuveen Asset Management LLC now owns 2,797,292 shares of the utilities provider’s stock valued at $246,526,000 after purchasing an additional 49,525 shares during the last quarter. Pictet Asset Management Ltd. raised its position in WEC Energy Group by 4.8% during the 1st quarter. Pictet Asset Management Ltd. now owns 2,686,858 shares of the utilities provider’s stock worth $236,792,000 after buying an additional 124,135 shares during the last quarter. Finally, California Public Employees Retirement System raised its position in WEC Energy Group by 2.9% during the 2nd quarter. California Public Employees Retirement System now owns 2,653,993 shares of the utilities provider’s stock worth $232,622,000 after buying an additional 73,925 shares during the last quarter. 73.05% of the stock is owned by institutional investors and hedge funds.

About WEC Energy Group

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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