WEC Energy Group (NYSE:WEC) Issues FY 2024 Earnings Guidance

WEC Energy Group (NYSE:WEC) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 4.800-4.900 for the period, compared to the consensus estimate of 4.860. The company issued revenue guidance of -. WEC Energy Group also updated its FY24 guidance to $4.80 to $4.90 EPS.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on WEC shares. Bank of America raised their price target on shares of WEC Energy Group from $88.00 to $90.00 and gave the stock an “underperform” rating in a research report on Thursday, August 29th. StockNews.com upgraded shares of WEC Energy Group from a “sell” rating to a “hold” rating in a research report on Friday. KeyCorp increased their price target on WEC Energy Group from $103.00 to $108.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd. Scotiabank lifted their price objective on WEC Energy Group from $90.00 to $103.00 and gave the company a “sector outperform” rating in a report on Tuesday, August 20th. Finally, BMO Capital Markets increased their target price on WEC Energy Group from $91.00 to $93.00 and gave the stock a “market perform” rating in a report on Friday, August 23rd. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, WEC Energy Group has an average rating of “Hold” and a consensus price target of $94.45.

WEC Energy Group Price Performance

NYSE WEC traded up $0.04 during trading on Friday, hitting $95.57. 3,176,919 shares of the company’s stock were exchanged, compared to its average volume of 2,074,579. The company has a market cap of $30.21 billion, a PE ratio of 23.37, a P/E/G ratio of 2.46 and a beta of 0.44. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 1.37. WEC Energy Group has a fifty-two week low of $75.13 and a fifty-two week high of $100.31. The stock’s 50 day moving average price is $95.55 and its two-hundred day moving average price is $87.18.

WEC Energy Group (NYSE:WEC) last released its quarterly earnings data on Thursday, October 31st. The utilities provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.12. The business had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.93 billion. WEC Energy Group had a net margin of 15.14% and a return on equity of 11.72%. The firm’s quarterly revenue was down 4.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.00 EPS. Research analysts expect that WEC Energy Group will post 4.87 EPS for the current year.

WEC Energy Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Thursday, November 14th will be given a dividend of $0.835 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $3.34 dividend on an annualized basis and a yield of 3.49%. WEC Energy Group’s dividend payout ratio is currently 81.66%.

Insiders Place Their Bets

In other news, Director Ulice Payne, Jr. sold 750 shares of the business’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $88.45, for a total transaction of $66,337.50. Following the sale, the director now directly owns 21,876 shares in the company, valued at approximately $1,934,932.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Ulice Payne, Jr. sold 750 shares of WEC Energy Group stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $88.45, for a total transaction of $66,337.50. Following the transaction, the director now owns 21,876 shares in the company, valued at approximately $1,934,932.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Mary Beth Straka sold 3,240 shares of the stock in a transaction on Friday, August 30th. The shares were sold at an average price of $93.04, for a total value of $301,449.60. Following the completion of the sale, the vice president now owns 3,662 shares of the company’s stock, valued at $340,712.48. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,702 shares of company stock valued at $1,078,058 in the last 90 days. Corporate insiders own 0.34% of the company’s stock.

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.