WEC Energy Group (NYSE:WEC) Issues FY24 Earnings Guidance

WEC Energy Group (NYSE:WEC) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $4.80-4.90 for the period, compared to the consensus EPS estimate of $4.87. WEC Energy Group also updated its FY 2024 guidance to 4.800-4.900 EPS.

WEC Energy Group Stock Up 3.2 %

Shares of WEC stock opened at $81.18 on Thursday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.40 and a current ratio of 0.55. The firm’s 50-day moving average is $79.42 and its 200-day moving average is $81.74. The stock has a market cap of $25.61 billion, a price-to-earnings ratio of 19.24, a PEG ratio of 2.74 and a beta of 0.40. WEC Energy Group has a 52-week low of $75.13 and a 52-week high of $99.26.

WEC Energy Group (NYSE:WEC) last issued 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 analysts’ expectations of $2.82 billion. WEC Energy Group had a net margin of 14.98% and a return on equity of 12.17%. WEC Energy Group’s quarterly revenue was down 13.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.80 EPS. Sell-side analysts predict that WEC Energy Group will post 4.88 EPS for the current year.

Analysts Set New Price Targets

WEC has been the topic of several research analyst reports. KeyCorp increased their price target on shares of WEC Energy Group from $94.00 to $95.00 and gave the company an overweight rating in a report on Thursday, January 4th. JPMorgan Chase & Co. cut shares of WEC Energy Group from a neutral rating to an underweight rating and lowered their price target for the company from $90.00 to $84.00 in a report on Friday, February 2nd. Royal Bank of Canada lowered their price target on shares of WEC Energy Group from $95.00 to $90.00 and set a sector perform rating on the stock in a report on Thursday, February 8th. Mizuho decreased their target price on shares of WEC Energy Group from $88.00 to $86.00 and set a buy rating on the stock in a research report on Monday, December 18th. Finally, Wells Fargo & Company decreased their target price on shares of 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. Four investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, WEC Energy Group has a consensus rating of Hold and an average target price of $86.17.

Insider Activity at WEC Energy Group

In related news, CEO Scott J. Lauber sold 2,830 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $78.89, for a total value 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 approximately $3,402,131.25. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Chairman Gale E. Klappa sold 37,180 shares of the stock in a transaction that occurred 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 completion of the transaction, the chairman now owns 274,782 shares of the company’s stock, valued at approximately $21,622,595.58. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Scott J. Lauber sold 2,830 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were 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 directly owns 43,125 shares of the company’s stock, valued at approximately $3,402,131.25. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.

Hedge Funds Weigh In On WEC Energy Group

Several large investors have recently modified their holdings of the business. FIL Ltd raised its stake in shares of WEC Energy Group by 9.2% during the fourth quarter. FIL Ltd now owns 470,782 shares of the utilities provider’s stock valued at $39,626,000 after acquiring an additional 39,480 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in shares of WEC Energy Group by 7.9% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 327,415 shares of the utilities provider’s stock valued at $27,559,000 after acquiring an additional 24,000 shares during the last quarter. SageView Advisory Group LLC bought a new position in shares of WEC Energy Group during the fourth quarter valued at $737,000. Sanibel Captiva Trust Company Inc. bought a new position in shares of WEC Energy Group during the fourth quarter valued at $333,000. Finally, Oarsman Capital Inc. raised its stake in shares of 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 during the last quarter. Institutional investors own 77.20% of the company’s stock.

WEC Energy Group Company Profile

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.