WEC Energy Group (NYSE:WEC) Updates FY 2024 Earnings Guidance

WEC Energy Group (NYSE:WEC) issued an update on its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 4.800-4.900 for the period, compared to the consensus earnings per share 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.

WEC Energy Group Stock Performance

WEC traded up $0.04 during trading hours on Friday, hitting $95.57. The stock had a trading volume of 3,176,919 shares, compared to its average volume of 2,074,579. The stock has a market cap of $30.21 billion, a PE ratio of 23.37, a price-to-earnings-growth ratio of 2.46 and a beta of 0.44. WEC Energy Group has a 1 year low of $75.13 and a 1 year high of $100.31. 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 company’s fifty day simple moving average is $95.55 and its 200 day simple moving average is $87.18.

WEC Energy Group (NYSE:WEC) last announced its quarterly earnings results on Thursday, October 31st. The utilities provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.12. WEC Energy Group had a net margin of 15.14% and a return on equity of 11.72%. The company had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.93 billion. During the same period in the prior year, the company posted $1.00 EPS. WEC Energy Group’s revenue was down 4.8% compared to the same quarter last year. Equities analysts anticipate that WEC Energy Group will post 4.87 earnings per share for the current year.

WEC Energy Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Thursday, November 14th will be paid a $0.835 dividend. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $3.34 annualized dividend and a yield of 3.49%. WEC Energy Group’s dividend payout ratio is currently 81.66%.

Analysts Set New Price Targets

Several brokerages have commented on WEC. Jefferies Financial Group started coverage on shares of WEC Energy Group in a report on Thursday, September 19th. They issued a “hold” rating and a $102.00 price target for the company. Barclays raised their price objective on shares of WEC Energy Group from $86.00 to $89.00 and gave the company an “underweight” rating in a research report on Monday, October 7th. Scotiabank upped their target price on shares of WEC Energy Group from $90.00 to $103.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, August 20th. StockNews.com upgraded WEC Energy Group from a “sell” rating to a “hold” rating in a research report on Friday. Finally, KeyCorp upped their price objective on WEC Energy Group from $103.00 to $108.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. Three research analysts have rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $94.45.

Insiders Place Their Bets

In other news, VP Joshua M. Erickson sold 350 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $89.75, for a total value of $31,412.50. Following the transaction, the vice president now owns 2,377 shares in the company, valued at approximately $213,335.75. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other 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 transaction of $301,449.60. Following the completion of the sale, the vice president now directly owns 3,662 shares in the company, valued at approximately $340,712.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Joshua M. Erickson sold 350 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $89.75, for a total value of $31,412.50. Following the transaction, the vice president now owns 2,377 shares in the company, valued at approximately $213,335.75. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 11,702 shares of company stock valued at $1,078,058 in the last ninety days. Company insiders own 0.34% 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.