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

WEC Energy Group (NYSE:WEC) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 4.800-4.900 for the period, compared to the consensus EPS 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 Up 0.0 %

Shares of WEC traded up $0.04 during mid-day trading on Friday, hitting $95.57. The company’s stock had a trading volume of 3,176,919 shares, compared to its average volume of 2,074,579. The company’s 50-day moving average is $95.55 and its 200-day moving average is $87.18. WEC Energy Group has a 52-week low of $75.13 and a 52-week high of $100.31. The firm has a market capitalization of $30.21 billion, a price-to-earnings ratio of 23.37, a PEG ratio of 2.46 and a beta of 0.44. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 1.37.

WEC Energy Group (NYSE:WEC) last announced its quarterly earnings results on Thursday, October 31st. The utilities provider reported $0.82 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.93 billion. During the same quarter in the prior year, the company earned $1.00 EPS. The company’s revenue was down 4.8% compared to the same quarter last year. On average, equities research analysts forecast that WEC Energy Group will post 4.87 EPS for the current fiscal year.

WEC Energy Group Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research firms recently commented on WEC. BMO Capital Markets increased their target price on shares of WEC Energy Group from $91.00 to $93.00 and gave the company a “market perform” rating in a research report on Friday, August 23rd. Wells Fargo & Company increased their target price on shares of WEC Energy Group from $103.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Jefferies Financial Group began coverage on shares of WEC Energy Group in a research report on Thursday, September 19th. They set a “hold” rating and a $102.00 target price for the company. KeyCorp increased their target price on shares of WEC Energy Group from $103.00 to $108.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. Finally, Scotiabank upped their price target on shares of WEC Energy Group from $90.00 to $103.00 and gave the company a “sector outperform” rating in a research note on Tuesday, August 20th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, WEC Energy Group presently has a consensus rating of “Hold” and a consensus target price of $94.45.

Insider Transactions at WEC Energy Group

In other news, VP William J. Guc sold 6,000 shares of the stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $92.99, for a total value of $557,940.00. Following the sale, the vice president now owns 7,702 shares in the company, valued at $716,208.98. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Mary Beth Straka sold 3,240 shares of the stock in a transaction on Friday, August 30th. The shares were sold at an average price of $93.04, for a total transaction of $301,449.60. Following the sale, the vice president now directly owns 3,662 shares of the company’s stock, valued at approximately $340,712.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP William J. Guc sold 6,000 shares of the stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $92.99, for a total transaction of $557,940.00. Following the sale, the vice president now directly owns 7,702 shares in the company, valued at $716,208.98. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 11,702 shares of company stock worth $1,078,058 over the last 90 days. 0.34% of the stock is currently owned by company insiders.

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.