WEC Energy Group (NYSE:WEC) Issues 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.

Analysts Set New Price Targets

A number of research firms have issued reports on WEC. StockNews.com upgraded WEC Energy Group from a “sell” rating to a “hold” rating in a report on Friday. BMO Capital Markets increased their target price on shares of WEC Energy Group from $91.00 to $93.00 and gave the stock a “market perform” rating in a research note on Friday, August 23rd. 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 report on Tuesday, October 22nd. 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. Finally, Scotiabank raised their target price on WEC Energy Group from $90.00 to $103.00 and gave the company a “sector outperform” rating in a research note on Tuesday, August 20th. Three 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. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $94.45.

WEC Energy Group Stock Up 0.0 %

WEC stock traded up $0.04 during mid-day trading on Friday, reaching $95.57. 3,176,919 shares of the company traded hands, compared to its average volume of 2,074,579. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 1.37. The firm’s 50 day moving average price is $95.55 and its 200 day moving average price is $87.18. The stock has a market cap of $30.21 billion, a price-to-earnings ratio of 23.37, a P/E/G ratio of 2.46 and a beta of 0.44. 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 quarterly earnings results on Thursday, October 31st. The utilities provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.12. The business had revenue of $1.86 billion during the quarter, compared to the consensus estimate 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 was down 4.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.00 earnings per share. As a group, equities research analysts predict that WEC Energy Group will post 4.87 EPS for the current fiscal year.

WEC Energy Group Announces Dividend

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%.

Insider Buying and Selling

In other WEC Energy Group news, VP Mary Beth Straka sold 3,240 shares of the stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $93.04, for a total value of $301,449.60. Following the completion of the sale, the vice president now owns 3,662 shares in the company, valued at approximately $340,712.48. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other WEC Energy Group news, VP Mary Beth Straka sold 3,240 shares of the company’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $93.04, for a total value of $301,449.60. Following the completion of the transaction, the vice president now owns 3,662 shares in the company, valued at $340,712.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ulice Payne, Jr. sold 750 shares of WEC Energy Group stock in a transaction on Thursday, August 8th. The stock was 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 $1,934,932.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 11,702 shares of company stock worth $1,078,058. 0.34% of the stock is owned by insiders.

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.