WEC Energy Group, Inc. to Post Q2 2024 Earnings of $0.93 Per Share, Zacks Research Forecasts (NYSE:WEC)

WEC Energy Group, Inc. (NYSE:WEC) – Investment analysts at Zacks Research cut their Q2 2024 earnings per share estimates for WEC Energy Group in a research report issued on Thursday, April 25th. Zacks Research analyst R. Department now expects that the utilities provider will post earnings of $0.93 per share for the quarter, down from their previous estimate of $0.96. The consensus estimate for WEC Energy Group’s current full-year earnings is $4.88 per share. Zacks Research also issued estimates for WEC Energy Group’s Q3 2024 earnings at $1.03 EPS, Q4 2024 earnings at $1.06 EPS, FY2024 earnings at $4.86 EPS, Q1 2025 earnings at $2.04 EPS, Q4 2025 earnings at $1.41 EPS, FY2025 earnings at $5.22 EPS, Q1 2026 earnings at $2.01 EPS and FY2026 earnings at $5.60 EPS.

WEC has been the subject of several other reports. Bank of America reiterated an “underperform” rating and issued a $78.00 target price (down from $84.00) on shares of WEC Energy Group in a research report on Thursday, January 4th. The Goldman Sachs Group assumed coverage on shares of WEC Energy Group in a research report on Wednesday, April 10th. They set a “neutral” rating and a $88.00 target price on the stock. KeyCorp upped their price target on shares of WEC Energy Group from $95.00 to $96.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. Wells Fargo & Company dropped their price target on shares of WEC Energy Group from $93.00 to $91.00 and set an “overweight” rating for the company in a research note on Friday, February 2nd. Finally, Barclays reduced their price objective on shares of WEC Energy Group from $79.00 to $75.00 and set an “underweight” rating on the stock in a research note on Thursday, February 8th. Four analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, WEC Energy Group has a consensus rating of “Hold” and an average target price of $86.64.

WEC Energy Group Stock Down 1.6 %

Shares of WEC opened at $81.50 on Friday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.40 and a current ratio of 0.55. WEC Energy Group has a 52 week low of $75.13 and a 52 week high of $97.34. The stock has a market capitalization of $25.71 billion, a price-to-earnings ratio of 19.31, a PEG ratio of 2.86 and a beta of 0.40. The stock has a fifty day moving average of $80.25 and a 200-day moving average of $81.43.

WEC Energy Group (NYSE:WEC) last released its quarterly earnings data on Thursday, February 1st. The utilities provider reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.02. WEC Energy Group had a net margin of 14.98% and a return on equity of 12.17%. The business had revenue of $2.22 billion during the quarter, compared to analysts’ expectations of $2.82 billion. The firm’s quarterly revenue was down 13.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.80 EPS.

Institutional Trading of WEC Energy Group

Large investors have recently made changes to their positions in the company. Confluence Investment Management LLC acquired a new stake in WEC Energy Group in the first quarter valued at approximately $127,945,000. American Century Companies Inc. lifted its holdings in shares of WEC Energy Group by 5,257.7% in the 3rd quarter. American Century Companies Inc. now owns 1,465,114 shares of the utilities provider’s stock worth $118,015,000 after purchasing an additional 1,437,768 shares in the last quarter. Clearbridge Investments LLC grew its position in WEC Energy Group by 763.5% in the 4th quarter. Clearbridge Investments LLC now owns 1,332,587 shares of the utilities provider’s stock valued at $112,164,000 after purchasing an additional 1,178,270 shares during the period. Envestnet Asset Management Inc. increased its stake in WEC Energy Group by 93.3% during the 4th quarter. Envestnet Asset Management Inc. now owns 1,665,038 shares of the utilities provider’s stock valued at $140,146,000 after purchasing an additional 803,718 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. raised its holdings in WEC Energy Group by 2,122.2% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 441,603 shares of the utilities provider’s stock worth $37,170,000 after buying an additional 421,731 shares during the last quarter. 77.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at WEC Energy Group

In related news, Chairman Gale E. Klappa sold 37,180 shares of the company’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $78.69, for a total transaction of $2,925,694.20. Following the sale, the chairman now owns 274,782 shares in the company, valued at approximately $21,622,595.58. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Chairman Gale E. Klappa sold 37,180 shares of WEC Energy Group stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $78.69, for a total value of $2,925,694.20. Following the completion of the sale, the chairman now owns 274,782 shares in the company, valued at approximately $21,622,595.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Scott J. Lauber sold 2,830 shares of the stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $78.89, for a total transaction of $223,258.70. Following the transaction, the chief executive officer now directly owns 43,125 shares in the company, valued at $3,402,131.25. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

WEC Energy Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Tuesday, May 14th will be issued a dividend of $0.835 per share. The ex-dividend date is Monday, May 13th. This represents a $3.34 dividend on an annualized basis and a yield of 4.10%. WEC Energy Group’s payout ratio is currently 79.15%.

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. It operates through Wisconsin, Illinois, Other States, Electric Transmission, and Non-Utility Energy Infrastructure segments.