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

WEC Energy Group (NYSE:WEC) issued an update on its FY24 earnings guidance on Thursday morning. 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.

Analyst Upgrades and Downgrades

Several analysts have recently commented on WEC shares. Wells Fargo & Company upped their price objective on shares of WEC Energy Group from $103.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Barclays upped their price target on shares of WEC Energy Group from $86.00 to $89.00 and gave the company an “underweight” rating in a report on Monday, October 7th. BMO Capital Markets lifted their price objective on WEC Energy Group from $91.00 to $93.00 and gave the company a “market perform” rating in a research note on Friday, August 23rd. Scotiabank upped their target price on 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 WEC Energy Group from a “sell” rating to a “hold” rating in a report on Friday. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $94.45.

WEC Energy Group Price Performance

Shares of WEC stock traded up $0.04 during trading hours 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 firm has a market cap of $30.21 billion, a P/E ratio of 23.37, a P/E/G ratio of 2.46 and a beta of 0.44. The firm has a 50 day moving average of $95.55 and a two-hundred day moving average of $87.25. The company has a quick ratio of 0.54, a current ratio of 0.65 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.

WEC Energy Group (NYSE:WEC) last announced its earnings results 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 analyst estimates 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 for the quarter was down 4.8% compared to the same quarter last year. During the same quarter last year, the business earned $1.00 earnings per share. Sell-side analysts forecast that WEC Energy Group will post 4.87 EPS for the current year.

WEC Energy Group Announces Dividend

The company also recently announced 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. The ex-dividend date is Thursday, November 14th. This represents a $3.34 dividend on an annualized basis and a dividend yield of 3.49%. WEC Energy Group’s payout ratio is currently 81.66%.

Insider Transactions at WEC Energy Group

In other WEC Energy Group news, VP Anthony Reese sold 1,362 shares of WEC Energy Group stock in a transaction on Wednesday, August 7th. The shares were 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 of the company’s stock, valued at $129,796.36. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, VP William J. Guc sold 6,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $92.99, for a total value of $557,940.00. Following the completion of the sale, the vice president now owns 7,702 shares of the company’s stock, valued at approximately $716,208.98. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Anthony Reese sold 1,362 shares of WEC Energy Group stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $88.78, for a total value of $120,918.36. Following the transaction, the vice president now owns 1,462 shares in the company, valued at approximately $129,796.36. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 11,702 shares of company stock valued at $1,078,058 over the last ninety days. 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.