WEC Energy Group (NYSE:WEC) Downgraded by Credit Suisse Group to Underperform

Credit Suisse Group lowered shares of WEC Energy Group (NYSE:WECGet Rating) from a neutral rating to an underperform rating in a report released on Wednesday, Marketbeat reports. They currently have $98.00 price objective on the utilities provider’s stock, down from their previous price objective of $108.00.

Several other analysts have also issued reports on the stock. Mizuho dropped their price target on shares of WEC Energy Group from $107.00 to $93.00 and set a neutral rating on the stock in a research report on Friday, June 17th. Barclays dropped their price target on shares of WEC Energy Group from $108.00 to $104.00 and set an equal weight rating on the stock in a research report on Monday, July 18th. Bank of America raised shares of WEC Energy Group from a neutral rating to a buy rating and set a $109.00 price target on the stock in a research report on Friday, May 13th. Finally, StockNews.com assumed coverage on shares of WEC Energy Group in a report on Thursday, March 31st. They issued a hold rating on the stock. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Hold and an average price target of $101.60.

WEC Energy Group Stock Performance

Shares of WEC stock opened at $97.86 on Wednesday. The company’s fifty day simple moving average is $100.10 and its 200-day simple moving average is $98.09. The company has a quick ratio of 0.67, a current ratio of 0.79 and a debt-to-equity ratio of 1.18. The firm has a market cap of $30.87 billion, a PE ratio of 22.81, a P/E/G ratio of 3.62 and a beta of 0.29. WEC Energy Group has a 12 month low of $86.84 and a 12 month high of $108.39.

WEC Energy Group (NYSE:WECGet Rating) last posted its quarterly earnings results on Monday, May 2nd. The utilities provider reported $1.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.66 by $0.13. WEC Energy Group had a net margin of 15.90% and a return on equity of 12.17%. The firm had revenue of $2.91 billion for the quarter, compared to analyst estimates of $2.83 billion. During the same period in the prior year, the firm posted $1.61 earnings per share. The company’s quarterly revenue was up 8.1% compared to the same quarter last year. Equities research analysts expect that WEC Energy Group will post 4.37 EPS for the current fiscal year.

WEC Energy Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 1st. Investors of record on Friday, August 12th will be paid a $0.7275 dividend. The ex-dividend date of this dividend is Thursday, August 11th. This represents a $2.91 annualized dividend and a dividend yield of 2.97%. WEC Energy Group’s dividend payout ratio (DPR) is presently 67.83%.

Insider Activity at WEC Energy Group

In related 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 value of $3,280,530.80. Following the transaction, the executive vice president now directly owns 11,062 shares in the company, valued at $1,152,771.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, VP Anthony Reese sold 1,325 shares of the company’s stock in a transaction dated Tuesday, May 10th. The shares were sold at an average price of $102.47, for a total value of $135,772.75. Following the transaction, the vice president now directly owns 905 shares in the company, valued at $92,735.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 completion of the transaction, the executive vice president now owns 11,062 shares in the company, valued at $1,152,771.02. The disclosure for this sale can be found here. Over the last three months, insiders have sold 49,821 shares of company stock worth $5,189,283. Corporate insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On WEC Energy Group

Several institutional investors and hedge funds have recently modified their holdings of WEC. Princeton Global Asset Management LLC lifted its position in WEC Energy Group by 150.0% during the first quarter. Princeton Global Asset Management LLC now owns 250 shares of the utilities provider’s stock worth $25,000 after purchasing an additional 150 shares during the period. Achmea Investment Management B.V. bought a new stake in WEC Energy Group during the first quarter worth about $27,000. Lumature Wealth Partners LLC lifted its position in WEC Energy Group by 66.3% during the fourth quarter. Lumature Wealth Partners LLC now owns 316 shares of the utilities provider’s stock worth $31,000 after purchasing an additional 126 shares during the period. Charter Oak Capital Management LLC bought a new stake in WEC Energy Group during the second quarter worth about $33,000. Finally, Riverview Trust Co bought a new stake in WEC Energy Group during the first quarter worth about $34,000. 73.36% of the stock is currently owned by institutional investors and hedge funds.

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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