WEC Energy Group, Inc. (NYSE:WEC) Expected to Post Q4 2023 Earnings of $1.05 Per Share

WEC Energy Group, Inc. (NYSE:WEC) – Zacks Research increased their Q4 2023 EPS estimates for WEC Energy Group in a research note issued on Monday, September 4th. Zacks Research analyst J. Saha now forecasts that the utilities provider will post earnings per share of $1.05 for the quarter, up from their prior estimate of $1.04. The consensus estimate for WEC Energy Group’s current full-year earnings is $4.61 per share. Zacks Research also issued estimates for WEC Energy Group’s Q3 2024 earnings at $1.27 EPS, FY2024 earnings at $4.91 EPS, Q2 2025 earnings at $1.06 EPS and FY2025 earnings at $5.25 EPS.

WEC Energy Group (NYSE:WEC) last released its earnings results on Tuesday, August 1st. The utilities provider reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.07. WEC Energy Group had a return on equity of 11.48% and a net margin of 14.57%. The firm had revenue of $1.83 billion for the quarter, compared to the consensus estimate of $2.05 billion. During the same period in the prior year, the firm earned $0.91 EPS. The firm’s revenue was down 14.0% on a year-over-year basis.

WEC has been the topic of a number of other research reports. StockNews.com initiated coverage on WEC Energy Group in a research report on Friday, August 18th. They issued a “sell” rating on the stock. Wells Fargo & Company reduced their target price on shares of WEC Energy Group from $106.00 to $104.00 and set an “overweight” rating for the company in a report on Wednesday, August 2nd. KeyCorp reduced their target price on shares of WEC Energy Group from $103.00 to $102.00 and set an “overweight” rating for the company in a research note on Wednesday, July 19th. Mizuho reiterated a “buy” rating and issued a $98.00 price target on shares of WEC Energy Group in a report on Friday, June 30th. Finally, JPMorgan Chase & Co. upped their price objective on WEC Energy Group from $98.00 to $99.00 and gave the company a “neutral” rating in a research report on Wednesday, August 16th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, WEC Energy Group currently has a consensus rating of “Hold” and a consensus target price of $96.82.

WEC Energy Group Stock Performance

NYSE:WEC opened at $83.63 on Thursday. The company has a current ratio of 0.60, a quick ratio of 0.45 and a debt-to-equity ratio of 1.30. The company has a market cap of $26.38 billion, a P/E ratio of 19.49, a P/E/G ratio of 3.09 and a beta of 0.41. The company’s 50-day moving average price is $87.65 and its 200-day moving average price is $90.57. WEC Energy Group has a twelve month low of $80.82 and a twelve month high of $107.60.

Institutional Trading of WEC Energy Group

A number of institutional investors have recently bought and sold shares of WEC. ST Germain D J Co. Inc. purchased a new position in WEC Energy Group in the second quarter valued at about $139,000. Portside Wealth Group LLC bought a new stake in shares of WEC Energy Group in the 2nd quarter worth approximately $904,000. Alberta Investment Management Corp grew its stake in shares of WEC Energy Group by 35.4% in the second quarter. Alberta Investment Management Corp now owns 10,967 shares of the utilities provider’s stock worth $968,000 after acquiring an additional 2,867 shares during the period. Stonebridge Capital Advisors LLC boosted its stake in shares of WEC Energy Group by 34.6% during the 2nd quarter. Stonebridge Capital Advisors LLC now owns 1,178 shares of the utilities provider’s stock worth $104,000 after acquiring an additional 303 shares during the last quarter. Finally, Virginia Retirement Systems ET AL bought a new stake in WEC Energy Group during the 2nd quarter valued at approximately $42,678,000. Institutional investors own 75.75% of the company’s stock.

WEC Energy Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Monday, August 14th were issued a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 3.73%. The ex-dividend date of this dividend was Friday, August 11th. WEC Energy Group’s payout ratio is 72.73%.

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. The company operates through six segments: Wisconsin, Illinois, Other States, Electric Transmission, Non-Utility Energy Infrastructure, and Corporate and Other.