WEC Energy Group (NYSE:WEC) Hits New 12-Month High – Here’s Why

WEC Energy Group, Inc. (NYSE:WEC)’s share price hit a new 52-week high on Tuesday . The company traded as high as $105.29 and last traded at $104.89, with a volume of 2480352 shares. The stock had previously closed at $104.05.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on WEC shares. StockNews.com cut WEC Energy Group from a “hold” rating to a “sell” rating in a report on Thursday, February 6th. KeyCorp lifted their price target on WEC Energy Group from $108.00 to $109.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Wells Fargo & Company upped their price objective on shares of WEC Energy Group from $112.00 to $115.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Bank of America upgraded shares of WEC Energy Group from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $90.00 to $98.00 in a report on Thursday, December 12th. Finally, BMO Capital Markets increased their price target on shares of WEC Energy Group from $95.00 to $100.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $101.88.

WEC Energy Group Price Performance

The stock has a market cap of $33.18 billion, a PE ratio of 21.72, a price-to-earnings-growth ratio of 2.60 and a beta of 0.49. The company has a quick ratio of 0.43, a current ratio of 0.60 and a debt-to-equity ratio of 1.37. The company’s fifty day moving average is $97.96 and its 200 day moving average is $96.56.

WEC Energy Group (NYSE:WEC) last issued its earnings results on Tuesday, February 4th. The utilities provider reported $1.43 EPS for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.06). WEC Energy Group had a net margin of 17.75% and a return on equity of 12.39%. The business had revenue of $2.28 billion during the quarter, compared to analysts’ expectations of $2.50 billion. During the same period in the prior year, the business posted $1.10 EPS. The business’s revenue was up 3.0% on a year-over-year basis. As a group, sell-side analysts anticipate that WEC Energy Group, Inc. will post 5.23 earnings per share for the current fiscal year.

WEC Energy Group Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Friday, February 14th will be given a $0.835 dividend. This represents a $3.34 annualized dividend and a dividend yield of 3.18%. The ex-dividend date of this dividend is Friday, February 14th. WEC Energy Group’s payout ratio is 73.91%.

Institutional Investors Weigh In On WEC Energy Group

Hedge funds have recently modified their holdings of the stock. International Assets Investment Management LLC raised its stake in shares of WEC Energy Group by 10,220.1% during the third quarter. International Assets Investment Management LLC now owns 303,515 shares of the utilities provider’s stock valued at $29,192,000 after purchasing an additional 300,574 shares during the period. Ballentine Partners LLC grew its holdings in WEC Energy Group by 17.3% during the 3rd quarter. Ballentine Partners LLC now owns 5,497 shares of the utilities provider’s stock valued at $529,000 after purchasing an additional 812 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in WEC Energy Group by 45.9% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 20,209 shares of the utilities provider’s stock worth $1,925,000 after buying an additional 6,355 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in WEC Energy Group by 28.3% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 198,346 shares of the utilities provider’s stock worth $19,077,000 after buying an additional 43,799 shares in the last quarter. Finally, TCV Trust & Wealth Management Inc. purchased a new position in WEC Energy Group in the 3rd quarter valued at about $201,000. 77.20% of the stock is currently owned by hedge funds and other institutional investors.

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.