KeyCorp Lowers WEC Energy Group (NYSE:WEC) Price Target to $95.00

WEC Energy Group (NYSE:WEC) had its price target lowered by KeyCorp from $96.00 to $95.00 in a report published on Monday morning, Benzinga reports. KeyCorp currently has an overweight rating on the utilities provider’s stock. KeyCorp also issued estimates for WEC Energy Group’s Q2 2024 earnings at $0.64 EPS, Q3 2024 earnings at $1.11 EPS, Q4 2024 earnings at $1.16 EPS and FY2028 earnings at $6.26 EPS.

WEC has been the subject of several other reports. StockNews.com upgraded WEC Energy Group from a sell rating to a hold rating in a research report on Thursday, May 9th. The Goldman Sachs Group began coverage on WEC Energy Group in a research note on Wednesday, April 10th. They issued a neutral rating and a $88.00 target price on the stock. Barclays boosted their target price on WEC Energy Group from $78.00 to $80.00 and gave the company an underweight rating in a research note on Monday. Scotiabank dropped their price objective on WEC Energy Group from $96.00 to $90.00 and set a sector outperform rating on the stock in a research note on Monday, April 22nd. Finally, BMO Capital Markets dropped their price objective on WEC Energy Group from $90.00 to $87.00 and set a market perform rating on the stock in a research note on Monday. Four 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 stock. According to MarketBeat.com, the stock currently has an average rating of Hold and an average price target of $86.00.

WEC Energy Group Trading Up 2.2 %

Shares of WEC Energy Group stock opened at $83.57 on Monday. The company’s fifty day simple moving average is $80.13 and its 200-day simple moving average is $80.54. The company has a market cap of $26.39 billion, a price-to-earnings ratio of 18.25, a PEG ratio of 2.12 and a beta of 0.41. The company has a current ratio of 0.55, a quick ratio of 0.42 and a debt-to-equity ratio of 1.24. WEC Energy Group has a 1 year low of $75.13 and a 1 year high of $93.37.

WEC Energy Group (NYSE:WEC) last issued its quarterly earnings data on Wednesday, May 1st. The utilities provider reported $1.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.90 by $0.07. WEC Energy Group had a return on equity of 13.01% and a net margin of 16.67%. The company had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.92 billion. During the same period last year, the business earned $1.61 earnings per share. The business’s revenue was down 7.2% on a year-over-year basis. As a group, sell-side analysts expect that WEC Energy Group will post 4.88 EPS for the current year.

WEC Energy Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Wednesday, August 14th will be given a $0.835 dividend. The ex-dividend date of this dividend is Wednesday, August 14th. This represents a $3.34 annualized dividend and a yield of 4.00%. WEC Energy Group’s dividend payout ratio is currently 72.93%.

Institutional Trading of WEC Energy Group

A number of institutional investors have recently added to or reduced their stakes in the stock. Northern Trust Corp increased its position in shares of WEC Energy Group by 2.9% during the 4th quarter. Northern Trust Corp now owns 4,071,148 shares of the utilities provider’s stock valued at $342,669,000 after purchasing an additional 116,219 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of WEC Energy Group by 3.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,777,770 shares of the utilities provider’s stock valued at $149,635,000 after purchasing an additional 51,540 shares during the period. Earnest Partners LLC lifted its stake in shares of WEC Energy Group by 36.0% in the 1st quarter. Earnest Partners LLC now owns 1,748,141 shares of the utilities provider’s stock valued at $143,557,000 after purchasing an additional 462,646 shares during the period. Envestnet Asset Management Inc. lifted its stake in shares of WEC Energy Group by 93.3% in the 4th quarter. Envestnet Asset Management Inc. now owns 1,665,038 shares of the utilities provider’s stock valued at $140,146,000 after purchasing an additional 803,718 shares during the period. Finally, Confluence Investment Management LLC purchased a new position in shares of WEC Energy Group in the 1st quarter valued at approximately $127,945,000. Hedge funds and other institutional investors own 77.20% 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.