WEC Energy Group (NYSE:WEC – Get Free Report) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share guidance of $4.80-4.90 for the period, compared to the consensus earnings per share estimate of $4.87.
WEC Energy Group Trading Down 0.1 %
Shares of WEC Energy Group stock opened at $78.89 on Tuesday. The stock has a market capitalization of $24.88 billion, a P/E ratio of 18.69, a price-to-earnings-growth ratio of 2.75 and a beta of 0.40. WEC Energy Group has a 12-month low of $75.13 and a 12-month high of $98.80. The company has a quick ratio of 0.40, a current ratio of 0.55 and a debt-to-equity ratio of 1.29. The company has a 50-day simple moving average of $79.62 and a 200 day simple moving average of $81.35.
WEC Energy Group (NYSE:WEC – Get Free Report) last posted 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 during 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 quarter in the previous year, the company posted $0.80 earnings per share. Research analysts expect that WEC Energy Group will post 4.88 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
View Our Latest Stock Analysis on WEC Energy Group
Insiders Place Their Bets
In other news, CEO Scott J. Lauber sold 2,830 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $78.89, for a total value of $223,258.70. Following the transaction, the chief executive officer now owns 43,125 shares of the company’s stock, valued at $3,402,131.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, 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 value of $2,925,694.20. Following the completion of the sale, the chairman now directly owns 274,782 shares in the company, valued at $21,622,595.58. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Scott J. Lauber sold 2,830 shares of the company’s stock in a transaction 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 sale, the chief executive officer now owns 43,125 shares of the company’s stock, valued at $3,402,131.25. The disclosure for this sale can be found here. Company insiders own 0.44% of the company’s stock.
Hedge Funds Weigh In On WEC Energy Group
Several hedge funds have recently bought and sold shares of WEC. Fairfield Bush & CO. acquired a new stake in shares of WEC Energy Group in the 1st quarter valued at $64,000. Raymond James Trust N.A. grew its position in WEC Energy Group by 19.9% in the first quarter. Raymond James Trust N.A. now owns 6,272 shares of the utilities provider’s stock valued at $626,000 after acquiring an additional 1,040 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of WEC Energy Group by 8.3% in the first quarter. Dimensional Fund Advisors LP now owns 848,405 shares of the utilities provider’s stock worth $84,682,000 after acquiring an additional 65,287 shares during the last quarter. Allianz Asset Management GmbH boosted its stake in shares of WEC Energy Group by 10.2% in the 1st quarter. Allianz Asset Management GmbH now owns 34,679 shares of the utilities provider’s stock valued at $3,461,000 after purchasing an additional 3,224 shares in the last quarter. Finally, Cetera Investment Advisers lifted its stake in WEC Energy Group by 11.8% in the 1st quarter. Cetera Investment Advisers now owns 8,765 shares of the utilities provider’s stock valued at $875,000 after purchasing an additional 923 shares during the last quarter. 77.20% of the stock is owned by institutional investors.
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.
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