Short Interest in WEC Energy Group, Inc. (NYSE:WEC) Drops By 15.4%

WEC Energy Group, Inc. (NYSE:WEC) was the target of a significant decline in short interest during the month of April. As of April 15th, there was short interest totalling 6,810,000 shares, a decline of 15.4% from the March 31st total of 8,050,000 shares. Based on an average daily trading volume, of 2,100,000 shares, the short-interest ratio is presently 3.2 days. Approximately 2.2% of the company’s stock are short sold.

WEC Energy Group Stock Performance

WEC stock opened at $81.49 on Monday. The company has a market capitalization of $25.70 billion, a P/E ratio of 19.31, a PEG ratio of 2.82 and a beta of 0.40. The company has a 50-day simple moving average of $80.25 and a 200 day simple moving average of $81.41. WEC Energy Group has a fifty-two week low of $75.13 and a fifty-two week high of $97.34. The company has a quick ratio of 0.40, a current ratio of 0.55 and a debt-to-equity ratio of 1.29.

WEC Energy Group (NYSE:WEC) last posted its quarterly earnings data on Thursday, February 1st. The utilities provider reported $1.10 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $2.82 billion. During the same quarter in the prior year, the company posted $0.80 earnings per share. The company’s quarterly revenue was down 13.3% compared to the same quarter last year. Sell-side analysts predict that WEC Energy Group will post 4.87 earnings per share for the current fiscal year.

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 $0.835 dividend. This represents a $3.34 dividend on an annualized basis and a yield of 4.10%. The ex-dividend date is Monday, May 13th. WEC Energy Group’s payout ratio is 79.15%.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Wells Fargo & Company lowered their target price 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. StockNews.com lowered shares of WEC Energy Group from a “hold” rating to a “sell” rating in a research report on Saturday, January 13th. The Goldman Sachs Group began coverage on shares of WEC Energy Group in a research report on Wednesday, April 10th. They set a “neutral” rating and a $88.00 price target for the company. Barclays lowered their price target on shares of WEC Energy Group from $79.00 to $75.00 and set an “underweight” rating for the company in a research report on Thursday, February 8th. Finally, Scotiabank lowered their price target on shares of WEC Energy Group from $96.00 to $90.00 and set a “sector outperform” rating for the company in a research report on Monday, April 22nd. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $86.64.

Insider Buying and Selling

In related 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 $21,622,595.58. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other WEC Energy Group news, CEO Scott J. Lauber sold 2,830 shares of the business’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $78.89, for a total transaction of $223,258.70. Following the completion of the sale, the chief executive officer now owns 43,125 shares in the company, valued at $3,402,131.25. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Gale E. Klappa sold 37,180 shares of the business’s stock in a transaction on Thursday, February 29th. The shares were 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 of the company’s stock, valued at approximately $21,622,595.58. The disclosure for this sale can be found here. Insiders own 0.44% of the company’s stock.

Institutional Investors Weigh In On WEC Energy Group

A number of institutional investors and hedge funds have recently bought and sold shares of WEC. Confluence Investment Management LLC acquired a new stake in WEC Energy Group in the 1st quarter valued at about $127,945,000. American Century Companies Inc. lifted its stake in WEC Energy Group by 5,257.7% during the third quarter. American Century Companies Inc. now owns 1,465,114 shares of the utilities provider’s stock valued at $118,015,000 after buying an additional 1,437,768 shares in the last quarter. Clearbridge Investments LLC lifted its stake in WEC Energy Group by 763.5% during the fourth quarter. Clearbridge Investments LLC now owns 1,332,587 shares of the utilities provider’s stock valued at $112,164,000 after buying an additional 1,178,270 shares in the last quarter. Envestnet Asset Management Inc. lifted its stake in WEC Energy Group by 93.3% during the fourth quarter. Envestnet Asset Management Inc. now owns 1,665,038 shares of the utilities provider’s stock valued at $140,146,000 after buying an additional 803,718 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. lifted its stake 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 valued at $37,170,000 after buying an additional 421,731 shares in the last quarter. 77.20% of the stock is owned by institutional investors and hedge funds.

About WEC Energy Group

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.