WEC Energy Group (NYSE:WEC) Posts Earnings Results

WEC Energy Group (NYSE:WEC) released its quarterly earnings results on Thursday. The utilities provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.12, Briefing.com reports. The business had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.93 billion. WEC Energy Group had a net margin of 15.14% and a return on equity of 11.72%. The business’s revenue was down 4.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.00 EPS. 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

WEC Energy Group stock opened at $95.57 on Friday. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 1.37. The company has a fifty day simple moving average of $95.55 and a 200-day simple moving average of $87.18. The stock has a market cap of $30.21 billion, a P/E ratio of 23.37, a price-to-earnings-growth ratio of 2.46 and a beta of 0.44. WEC Energy Group has a 12-month low of $75.13 and a 12-month high of $100.31.

WEC Energy Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Thursday, November 14th will be issued a $0.835 dividend. The ex-dividend date is Thursday, November 14th. This represents a $3.34 dividend on an annualized basis and a dividend yield of 3.49%. WEC Energy Group’s payout ratio is 81.66%.

Analysts Set New Price Targets

WEC has been the topic of a number of research analyst reports. Jefferies Financial Group began coverage on WEC Energy Group in a research report on Thursday, September 19th. They issued a “hold” rating and a $102.00 target price on the stock. Wells Fargo & Company boosted their price objective on WEC Energy Group from $103.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Scotiabank raised their target price 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. Barclays boosted their price target on shares of WEC Energy Group from $86.00 to $89.00 and gave the stock an “underweight” rating in a research note on Monday, October 7th. Finally, KeyCorp increased their price target on shares of WEC Energy Group from $103.00 to $108.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $94.45.

Insider Activity at WEC Energy Group

In other news, VP Mary Beth Straka sold 3,240 shares of the 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 transaction, the vice president now owns 3,662 shares in the company, valued at approximately $340,712.48. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, VP Mary Beth Straka sold 3,240 shares of the company’s stock in a transaction on Friday, August 30th. The shares were 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 in the company, valued at approximately $340,712.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Ulice Payne, Jr. sold 750 shares of the stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $88.45, for a total transaction of $66,337.50. Following the completion of the transaction, the director now directly owns 21,876 shares in the company, valued at $1,934,932.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 11,702 shares of company stock valued at $1,078,058 over the last quarter. 0.34% of the stock is owned by 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.