Equities Analysts Set Expectations for WEC Energy Group, Inc.’s Q3 2024 Earnings (NYSE:WEC)

WEC Energy Group, Inc. (NYSE:WEC) – Zacks Research upped their Q3 2024 EPS estimates for shares of WEC Energy Group in a research note issued to investors on Wednesday, May 29th. Zacks Research analyst R. Department now expects that the utilities provider will post earnings per share of $1.18 for the quarter, up from their previous estimate of $1.16. The consensus estimate for WEC Energy Group’s current full-year earnings is $4.86 per share.

WEC Energy Group (NYSE:WEC) last issued its quarterly earnings results on Wednesday, May 1st. The utilities provider reported $1.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.90 by $0.07. WEC Energy Group had a return on equity of 13.01% and a net margin of 16.67%. The company had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.92 billion. During the same quarter last year, the company posted $1.61 EPS. The company’s revenue for the quarter was down 7.2% compared to the same quarter last year.

Several other equities analysts also recently commented on the stock. KeyCorp increased their price objective on shares of WEC Energy Group from $95.00 to $96.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. Scotiabank cut their price objective on WEC Energy Group from $96.00 to $90.00 and set a “sector outperform” rating on the stock in a report on Monday, April 22nd. StockNews.com raised WEC Energy Group from a “sell” rating to a “hold” rating in a report on Thursday, May 9th. BMO Capital Markets lifted their price target on WEC Energy Group from $89.00 to $90.00 and gave the company a “market perform” rating in a research note on Thursday, May 2nd. Finally, Barclays reduced their price target on WEC Energy Group from $79.00 to $75.00 and set an “underweight” rating on the stock in a report on Thursday, February 8th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $86.29.

WEC Energy Group Trading Up 2.2 %

WEC opened at $81.03 on Friday. The company has a market cap of $25.59 billion, a P/E ratio of 17.69, a PEG ratio of 2.05 and a beta of 0.40. The company has a current ratio of 0.55, a quick ratio of 0.42 and a debt-to-equity ratio of 1.24. The company’s 50 day moving average is $81.91 and its 200-day moving average is $81.59. WEC Energy Group has a 1-year low of $75.13 and a 1-year high of $93.37.

WEC Energy Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Saturday, June 1st. Stockholders of record on Tuesday, May 14th were given a $0.835 dividend. The ex-dividend date was Monday, May 13th. This represents a $3.34 dividend on an annualized basis and a dividend yield of 4.12%. WEC Energy Group’s dividend payout ratio (DPR) is currently 72.93%.

Hedge Funds Weigh In On WEC Energy Group

Several hedge funds and other institutional investors have recently bought and sold shares of WEC. Cetera Advisors LLC lifted its stake in WEC Energy Group by 76.7% in the first quarter. Cetera Advisors LLC now owns 28,740 shares of the utilities provider’s stock valued at $2,360,000 after buying an additional 12,471 shares during the period. Cetera Investment Advisers grew its holdings in WEC Energy Group by 359.5% in the first quarter. Cetera Investment Advisers now owns 115,116 shares of the utilities provider’s stock worth $9,453,000 after purchasing an additional 90,062 shares during the period. KLCM Advisors Inc. grew its stake in shares of WEC Energy Group by 4.7% in the 1st quarter. KLCM Advisors Inc. now owns 35,942 shares of the utilities provider’s stock valued at $2,952,000 after buying an additional 1,611 shares during the period. Comerica Bank raised its stake in WEC Energy Group by 1.1% during the 1st quarter. Comerica Bank now owns 98,183 shares of the utilities provider’s stock worth $8,063,000 after buying an additional 1,093 shares during the period. Finally, B. Riley Wealth Advisors Inc. boosted its holdings in WEC Energy Group by 2.1% in the first quarter. B. Riley Wealth Advisors Inc. now owns 6,876 shares of the utilities provider’s stock worth $554,000 after acquiring an additional 142 shares in the last quarter. Institutional investors and hedge funds own 77.20% of the company’s stock.

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.