WEC Energy Group (NYSE:WEC) Releases Quarterly Earnings Results, Beats Estimates By $0.13 EPS

WEC Energy Group (NYSE:WEC – Get Rating) posted its quarterly earnings data on Monday. The utilities provider reported $1.79 EPS for the quarter, topping the consensus estimate of $1.66 by $0.13, MarketWatch Earnings reports. The firm had revenue of $2.91 billion during the quarter, compared to analyst estimates of $2.83 billion. WEC Energy Group had a return on equity of 11.80% and a net margin of 15.64%. WEC Energy Group’s revenue was up 8.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.61 EPS. WEC Energy Group updated its FY22 guidance to $4.34-4.38 EPS.

Shares of WEC traded up $0.60 during mid-day trading on Monday, hitting $100.65. 27,963 shares of the stock were exchanged, compared to its average volume of 1,520,298. The firm has a 50-day moving average of $97.97 and a two-hundred day moving average of $94.71. WEC Energy Group has a 52-week low of $86.84 and a 52-week high of $106.82. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.54 and a current ratio of 0.71. The company has a market cap of $31.75 billion, a PE ratio of 24.34, a price-to-earnings-growth ratio of 3.83 and a beta of 0.29.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 1st. Shareholders of record on Friday, May 13th will be paid a $0.7275 dividend. This represents a $2.91 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date is Thursday, May 12th. WEC Energy Group’s payout ratio is 70.80%.

Several equities analysts have weighed in on WEC shares. Credit Suisse Group assumed coverage on shares of WEC Energy Group in a report on Monday, April 25th. They set a “neutral” rating and a $108.00 price target on the stock. Evercore ISI reaffirmed a “hold” rating and issued a $97.00 target price on shares of WEC Energy Group in a report on Friday, February 4th. The Goldman Sachs Group raised WEC Energy Group from a “sell” rating to a “neutral” rating and set a $99.00 price target on the stock in a report on Thursday, January 13th. BMO Capital Markets reaffirmed a “hold” rating and issued a $98.00 price objective on shares of WEC Energy Group in a research note on Friday, February 4th. Finally, StockNews.com began coverage on WEC Energy Group in a research report on Thursday, March 31st. They set a “hold” rating for the company. Eight research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $101.00.

A number of hedge funds have recently added to or reduced their stakes in the business. Integrated Wealth Concepts LLC raised its position in WEC Energy Group by 4.7% during the fourth quarter. Integrated Wealth Concepts LLC now owns 3,003 shares of the utilities provider’s stock valued at $292,000 after purchasing an additional 136 shares during the period. Ulland Investment Advisors LLC purchased a new stake in WEC Energy Group during the 4th quarter valued at $32,000. Zullo Investment Group Inc. purchased a new position in WEC Energy Group during the fourth quarter worth $36,000. Zacks Investment Management boosted its stake in WEC Energy Group by 8.5% during the fourth quarter. Zacks Investment Management now owns 4,664 shares of the utilities provider’s stock worth $453,000 after buying an additional 367 shares during the period. Finally, First Community Trust NA purchased a new position in WEC Energy Group during the fourth quarter worth $42,000. Institutional investors and hedge funds own 73.36% of the company’s stock.

About WEC Energy Group (Get Rating)

WEC Energy Group, Inc, through its subsidiaries, provides regulated natural gas and electricity, and renewable 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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