WEC Energy Group (NYSE:WEC) Updates FY24 Earnings Guidance

WEC Energy Group (NYSE:WEC) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $4.80-4.90 for the period, compared to the consensus estimate of $4.87. WEC Energy Group also updated its FY 2024 guidance to 4.800-4.900 EPS.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on WEC. Barclays boosted their target price on shares of WEC Energy Group from $78.00 to $80.00 and gave the company an underweight rating in a research report on Monday, July 22nd. BMO Capital Markets dropped their target price on shares of WEC Energy Group from $90.00 to $87.00 and set a market perform rating for the company in a research report on Monday, July 22nd. KeyCorp dropped their target price on shares of WEC Energy Group from $96.00 to $95.00 and set an overweight rating for the company in a research report on Monday, July 22nd. StockNews.com cut shares of WEC Energy Group from a hold rating to a sell rating in a research report on Wednesday, July 24th. Finally, Scotiabank lowered their price objective on shares of WEC Energy Group from $96.00 to $90.00 and set a sector outperform rating for the company in a research report on Monday, April 22nd. Four analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of Hold and an average price target of $86.00.

WEC Energy Group Trading Up 1.8 %

Shares of NYSE WEC opened at $85.60 on Wednesday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.42 and a current ratio of 0.55. WEC Energy Group has a 52-week low of $75.13 and a 52-week high of $91.44. The firm has a 50 day moving average price of $80.06 and a two-hundred day moving average price of $80.51. The stock has a market cap of $27.03 billion, a P/E ratio of 18.69, a price-to-earnings-growth ratio of 2.17 and a beta of 0.41.

WEC Energy Group (NYSE:WEC) last announced its quarterly earnings results on Wednesday, July 31st. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.04. WEC Energy Group had a net margin of 16.67% and a return on equity of 13.01%. The firm had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.87 billion. During the same period in the prior year, the company posted $0.92 EPS. The company’s revenue was down 3.2% on a year-over-year basis. As a group, equities analysts forecast that WEC Energy Group will post 4.88 EPS for the current year.

WEC Energy Group Dividend Announcement

The firm also recently declared 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. This represents a $3.34 annualized dividend and a yield of 3.90%. The ex-dividend date is Wednesday, August 14th. WEC Energy Group’s dividend payout ratio (DPR) 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.