FY2024 EPS Estimates for WEC Energy Group Cut by Scotiabank

WEC Energy Group, Inc. (NYSE:WEC) – Research analysts at Scotiabank reduced their FY2024 EPS estimates for WEC Energy Group in a research note issued to investors on Wednesday, January 8th. Scotiabank analyst A. Weisel now forecasts that the utilities provider will earn $4.87 per share for the year, down from their previous estimate of $4.90. Scotiabank currently has a “Sector Outperform” rating and a $110.00 target price on the stock. The consensus estimate for WEC Energy Group’s current full-year earnings is $4.89 per share. Scotiabank also issued estimates for WEC Energy Group’s FY2026 earnings at $5.59 EPS.

WEC Energy Group (NYSE:WEC) last announced its earnings results on Thursday, October 31st. The utilities provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.12. WEC Energy Group had a return on equity of 11.72% and a net margin of 15.14%. The company had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.93 billion. During the same period last year, the firm earned $1.00 earnings per share. The company’s revenue was down 4.8% on a year-over-year basis.

A number of other analysts also recently weighed in on WEC. KeyCorp raised their price target on shares of WEC Energy Group from $108.00 to $109.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Jefferies Financial Group assumed coverage on shares of WEC Energy Group in a report on Thursday, September 19th. They set a “hold” rating and a $102.00 price objective for the company. Barclays upgraded shares of WEC Energy Group from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $89.00 to $93.00 in a research note on Thursday, January 2nd. Wells Fargo & Company lifted their price target on WEC Energy Group from $103.00 to $106.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Finally, BMO Capital Markets boosted their price objective on WEC Energy Group from $97.00 to $104.00 and gave the company a “market perform” rating in a report on Monday, December 2nd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $98.40.

WEC Energy Group Price Performance

WEC stock opened at $94.78 on Friday. The stock’s 50 day moving average is $96.66 and its two-hundred day moving average is $92.32. WEC Energy Group has a 52-week low of $75.13 and a 52-week high of $102.79. The company has a market capitalization of $29.98 billion, a PE ratio of 23.17, a P/E/G ratio of 2.59 and a beta of 0.48. The company has a quick ratio of 0.46, a current ratio of 0.65 and a debt-to-equity ratio of 1.37.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of WEC. Coastline Trust Co bought a new stake in WEC Energy Group during the third quarter worth approximately $29,000. William B. Walkup & Associates Inc. acquired a new position in shares of WEC Energy Group during the 2nd quarter valued at $31,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of WEC Energy Group in the 2nd quarter worth $38,000. Ashton Thomas Securities LLC acquired a new stake in shares of WEC Energy Group in the third quarter valued at $45,000. Finally, Friedenthal Financial acquired a new stake in shares of WEC Energy Group in the third quarter valued at $50,000. 77.20% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at WEC Energy Group

In related news, CEO Scott J. Lauber sold 6,720 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $100.89, for a total value of $677,980.80. Following the completion of the transaction, the chief executive officer now directly owns 45,709 shares of the company’s stock, valued at $4,611,581.01. This represents a 12.82 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Gale E. Klappa sold 40,269 shares of WEC Energy Group stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $99.56, for a total value of $4,009,181.64. Following the sale, the director now directly owns 273,248 shares in the company, valued at $27,204,570.88. The trade was a 12.84 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 48,794 shares of company stock worth $4,866,579. 0.34% of the stock is currently owned by company insiders.

WEC Energy Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Friday, February 14th will be given a dividend of $0.8925 per share. This represents a $3.57 dividend on an annualized basis and a dividend yield of 3.77%. This is a boost from WEC Energy Group’s previous quarterly dividend of $0.84. The ex-dividend date is Friday, February 14th. WEC Energy Group’s dividend payout ratio is presently 87.29%.

WEC Energy Group Company Profile

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.