WEC Energy Group, Inc. (NYSE:WEC – Get Rating) – Equities researchers at KeyCorp reduced their Q2 2022 earnings per share estimates for shares of WEC Energy Group in a note issued to investors on Wednesday, June 8th. KeyCorp analyst S. Karp now anticipates that the utilities provider will earn $0.82 per share for the quarter, down from their prior forecast of $0.85. KeyCorp also issued estimates for WEC Energy Group’s Q3 2022 earnings at $0.96 EPS, Q4 2022 earnings at $0.80 EPS, FY2022 earnings at $4.37 EPS and FY2026 earnings at $5.39 EPS.
WEC Energy Group (NYSE:WEC – Get Rating) last issued its quarterly earnings results on Monday, May 2nd. The utilities provider reported $1.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.66 by $0.13. The firm had revenue of $2.91 billion for the quarter, compared to the consensus estimate of $2.83 billion. WEC Energy Group had a net margin of 15.90% and a return on equity of 12.17%. The company’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.61 EPS.
Shares of NYSE WEC opened at $102.95 on Thursday. The company has a market capitalization of $32.47 billion, a P/E ratio of 24.00, a price-to-earnings-growth ratio of 3.97 and a beta of 0.27. WEC Energy Group has a 52-week low of $86.84 and a 52-week high of $108.39. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.67 and a current ratio of 0.79. The company’s 50 day moving average price is $103.19 and its 200-day moving average price is $97.20.
A number of institutional investors and hedge funds have recently made changes to their positions in WEC. BlackRock Inc. raised its stake in WEC Energy Group by 26.0% in the fourth quarter. BlackRock Inc. now owns 33,040,366 shares of the utilities provider’s stock valued at $3,207,228,000 after purchasing an additional 6,810,208 shares in the last quarter. Nuveen Asset Management LLC raised its stake in WEC Energy Group by 56.3% in the fourth quarter. Nuveen Asset Management LLC now owns 5,250,516 shares of the utilities provider’s stock valued at $509,668,000 after purchasing an additional 1,890,747 shares in the last quarter. Cohen & Steers Inc. grew its position in WEC Energy Group by 7,382.2% during the first quarter. Cohen & Steers Inc. now owns 1,408,300 shares of the utilities provider’s stock valued at $140,562,000 after acquiring an additional 1,389,478 shares during the last quarter. State Street Corp grew its position in WEC Energy Group by 7.2% during the first quarter. State Street Corp now owns 18,466,413 shares of the utilities provider’s stock valued at $1,843,133,000 after acquiring an additional 1,232,877 shares during the last quarter. Finally, Renaissance Technologies LLC grew its position in WEC Energy Group by 563.3% during the first quarter. Renaissance Technologies LLC now owns 1,320,077 shares of the utilities provider’s stock valued at $131,757,000 after acquiring an additional 1,121,075 shares during the last quarter. 73.36% of the stock is currently owned by institutional investors and hedge funds.
In other WEC Energy Group news, EVP Robert M. Garvin sold 31,480 shares of the company’s stock in a transaction dated Friday, June 3rd. The shares were sold at an average price of $104.21, for a total transaction of $3,280,530.80. Following the sale, the executive vice president now directly owns 11,062 shares of the company’s stock, valued at $1,152,771.02. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Charles R. Matthews sold 10,666 shares of the company’s stock in a transaction dated Wednesday, June 1st. The shares were sold at an average price of $104.63, for a total transaction of $1,115,983.58. Following the sale, the chief executive officer now directly owns 2,146 shares in the company, valued at $224,535.98. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 49,821 shares of company stock valued at $5,189,283. 0.34% of the stock is owned by company insiders.
The business also recently declared a quarterly dividend, which was paid on Wednesday, June 1st. Investors of record on Friday, May 13th were given a dividend of $0.7275 per share. The ex-dividend date was Thursday, May 12th. This represents a $2.91 annualized dividend and a yield of 2.83%. WEC Energy Group’s payout ratio is currently 67.83%.
WEC Energy Group Company Profile (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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