WEC Energy Group (NYSE:WEC – Get Free Report) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $4.80-4.90 for the period, compared to the consensus EPS estimate of $4.87. WEC Energy Group also updated its FY 2024 guidance to 4.800-4.900 EPS.
Analysts Set New Price Targets
A number of equities analysts have weighed in on WEC shares. The Goldman Sachs Group initiated coverage on WEC Energy Group in a research note on Wednesday, April 10th. They set a neutral rating and a $88.00 price objective on the stock. Scotiabank lowered their price target on shares of WEC Energy Group from $96.00 to $90.00 and set a sector outperform rating on the stock in a research report on Monday, April 22nd. Barclays raised their price objective on shares of WEC Energy Group from $78.00 to $80.00 and gave the stock an underweight rating in a research report on Monday, July 22nd. StockNews.com raised shares of WEC Energy Group from a sell rating to a hold rating in a research note on Thursday. Finally, BMO Capital Markets raised their price target on shares of WEC Energy Group from $87.00 to $91.00 and gave the stock a market perform rating in a report on Thursday. Three research analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, WEC Energy Group currently has a consensus rating of Hold and a consensus target price of $86.85.
Read Our Latest Report on WEC Energy Group
WEC Energy Group Trading Up 1.6 %
WEC Energy Group (NYSE:WEC – Get Free Report) last posted its earnings results on Wednesday, July 31st. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.04. The firm had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.87 billion. WEC Energy Group had a return on equity of 12.26% and a net margin of 15.85%. WEC Energy Group’s revenue was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.92 EPS. As a group, sell-side analysts forecast that WEC Energy Group will post 4.88 EPS for the current fiscal year.
WEC Energy Group Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Wednesday, August 14th will be paid a dividend of $0.835 per share. This represents a $3.34 annualized dividend and a yield of 3.70%. The ex-dividend date of this dividend is Wednesday, August 14th. WEC Energy Group’s payout ratio is currently 72.93%.
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.
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