WEC Energy Group (NYSE:WEC) Issues FY24 Earnings Guidance

WEC Energy Group (NYSE:WEC) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $4.80 to $4.90 for the period, compared to the consensus earnings per share estimate of $4.86. WEC Energy Group also updated its FY 2024 guidance to 4.800-4.900 EPS.

WEC Energy Group Trading Up 0.0 %

WEC stock traded up $0.04 during mid-day trading on Friday, reaching $95.57. The company’s stock had a trading volume of 3,176,919 shares, compared to its average volume of 2,074,579. WEC Energy Group has a 12 month low of $75.13 and a 12 month high of $100.31. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 1.37. The business’s 50 day moving average price is $95.55 and its 200 day moving average price is $87.25. The company has a market cap of $30.21 billion, a price-to-earnings ratio of 23.37, a price-to-earnings-growth ratio of 2.46 and a beta of 0.44.

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

WEC Energy Group Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on WEC. KeyCorp increased their price target on WEC Energy Group from $103.00 to $108.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. Barclays lifted their target price on WEC Energy Group from $86.00 to $89.00 and gave the stock an “underweight” rating in a research note on Monday, October 7th. Wells Fargo & Company increased their price target on shares of WEC Energy Group from $103.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Scotiabank lifted their price objective on shares of WEC Energy Group from $90.00 to $103.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, August 20th. Finally, Jefferies Financial Group initiated coverage on shares of WEC Energy Group in a research note on Thursday, September 19th. They issued a “hold” rating and a $102.00 target price on the stock. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $94.45.

Insider Buying and Selling

In other WEC Energy Group news, VP Anthony Reese sold 1,362 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $88.78, for a total transaction of $120,918.36. Following the sale, the vice president now owns 1,462 shares in the company, valued at $129,796.36. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other WEC Energy Group news, VP Anthony Reese sold 1,362 shares of WEC Energy Group stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $88.78, for a total transaction of $120,918.36. Following the completion of the transaction, the vice president now owns 1,462 shares of the company’s stock, valued at $129,796.36. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Ulice Payne, Jr. sold 750 shares of the company’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $88.45, for a total value of $66,337.50. Following the sale, the director now owns 21,876 shares in the company, valued at approximately $1,934,932.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,702 shares of company stock valued at $1,078,058. Company insiders own 0.34% 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.