WEC Energy Group (NYSE:WEC) Issues 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 (EPS) guidance of $4.80 to $4.90 for the period, compared to the consensus estimate of $4.86. WEC Energy Group also updated its FY 2024 guidance to 4.800-4.900 EPS.

WEC Energy Group Stock Up 0.0 %

WEC stock traded up $0.04 during midday 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 stock has a market capitalization 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. 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 firm has a 50 day moving average price of $95.55 and a 200-day moving average price of $87.25. WEC Energy Group has a 12-month low of $75.13 and a 12-month high of $100.31.

WEC Energy Group (NYSE:WEC) last announced 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 firm had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.93 billion. WEC Energy Group had a return on equity of 11.72% and a net margin of 15.14%. WEC Energy Group’s revenue for the quarter was down 4.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.00 earnings per share. On average, analysts anticipate that WEC Energy Group will post 4.87 EPS for the current year.

WEC Energy Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Thursday, November 14th will be issued 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 dividend yield of 3.49%. WEC Energy Group’s dividend payout ratio (DPR) is presently 81.66%.

Wall Street Analyst Weigh In

WEC has been the subject of a number of research analyst reports. Scotiabank upped 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. Wells Fargo & Company upped their target price on WEC Energy Group from $103.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Jefferies Financial Group assumed coverage on WEC Energy Group in a research note on Thursday, September 19th. They issued a “hold” rating and a $102.00 price objective on the stock. StockNews.com raised WEC Energy Group from a “sell” rating to a “hold” rating in a research note on Friday. Finally, Barclays boosted 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 report on Monday, October 7th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $94.45.

Insider Activity at WEC Energy Group

In related news, VP William J. Guc sold 6,000 shares of the business’s 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 directly owns 7,702 shares in the company, valued at approximately $716,208.98. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, VP William J. Guc sold 6,000 shares of WEC Energy Group stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $92.99, for a total value of $557,940.00. Following the transaction, the vice president now directly owns 7,702 shares in the company, valued at approximately $716,208.98. 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 this hyperlink. Also, VP Anthony Reese sold 1,362 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $88.78, for a total value of $120,918.36. Following the completion of the sale, the vice president now directly owns 1,462 shares in the company, valued at $129,796.36. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 11,702 shares of company stock valued at $1,078,058. 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.