WEC Energy Group (NYSE:WEC) Releases 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.

WEC Energy Group Price Performance

WEC traded up $0.04 during midday trading on Friday, hitting $95.57. 3,176,919 shares of the company traded hands, compared to its average volume of 2,074,579. 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 company has a market capitalization of $30.21 billion, a price-to-earnings ratio of 23.37, a PEG ratio of 2.46 and a beta of 0.44. WEC Energy Group has a 52-week low of $75.13 and a 52-week high of $100.31. The business has a 50 day simple moving average of $95.55 and a two-hundred day simple moving average of $87.18.

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

WEC Energy Group Dividend Announcement

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

Wall Street Analyst Weigh In

Several research firms have recently weighed in on WEC. 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 note on Thursday, August 29th. KeyCorp raised their price target on shares of WEC Energy Group from $103.00 to $108.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Barclays raised their price target on shares of WEC Energy Group from $86.00 to $89.00 and gave the stock an “underweight” rating in a research note on Monday, October 7th. Scotiabank raised their price target on shares of WEC Energy Group from $90.00 to $103.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, August 20th. Finally, StockNews.com raised shares of WEC Energy Group from a “sell” rating to a “hold” rating in a research note on Friday. Three equities 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, the company presently has an average rating of “Hold” and a consensus target price of $94.45.

Insider Activity at WEC Energy Group

In related news, Director Ulice Payne, Jr. sold 750 shares of WEC Energy Group stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $88.45, for a total value of $66,337.50. Following the completion of the transaction, the director now owns 21,876 shares in the company, valued at $1,934,932.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, VP William J. Guc sold 6,000 shares of WEC Energy Group stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $92.99, for a total value of $557,940.00. Following the completion of the transaction, the vice president now owns 7,702 shares in the company, valued at $716,208.98. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ulice Payne, Jr. sold 750 shares of WEC Energy Group stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $88.45, for a total transaction of $66,337.50. Following the completion of the transaction, the director now owns 21,876 shares of the company’s stock, valued at $1,934,932.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 11,702 shares of company stock worth $1,078,058. 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.