WEC Energy Group (NYSE:WEC) Issues Earnings Results, Beats Estimates By $0.12 EPS

WEC Energy Group (NYSE:WEC) issued its quarterly earnings data on Thursday. The utilities provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.12, Briefing.com reports. WEC Energy Group had a return on equity of 12.26% and a net margin of 15.85%. The firm had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.93 billion. During the same period in the prior year, the business earned $1.00 EPS. The firm’s revenue was down 4.8% on a year-over-year basis. WEC Energy Group updated its FY 2024 guidance to 4.800-4.900 EPS and its FY24 guidance to $4.80 to $4.90 EPS.

WEC Energy Group Trading Up 0.0 %

NYSE WEC traded up $0.04 on Friday, hitting $95.57. 3,176,919 shares of the company were exchanged, compared to its average volume of 2,153,283. WEC Energy Group has a twelve month low of $75.13 and a twelve month high of $100.31. The company’s 50 day moving average price is $95.49 and its 200-day moving average price is $87.07. The firm has a market capitalization of $30.21 billion, a P/E ratio of 22.05, a price-to-earnings-growth ratio of 2.47 and a beta of 0.44. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.74 and a quick ratio of 0.54.

WEC Energy Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Investors 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 dividend on an annualized basis and a yield of 3.49%. WEC Energy Group’s dividend payout ratio is currently 77.14%.

Insider Transactions at WEC Energy Group

In other WEC Energy Group news, VP Mary Beth Straka sold 3,240 shares of WEC Energy Group stock in a transaction that occurred 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 transaction, the vice president now directly owns 3,662 shares in the company, valued at approximately $340,712.48. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other WEC Energy Group news, VP Mary Beth Straka sold 3,240 shares of the firm’s stock in a transaction dated Friday, August 30th. The stock was 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 trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Joshua M. Erickson sold 350 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $89.75, for a total transaction of $31,412.50. Following the completion of the sale, the vice president now directly owns 2,377 shares of the company’s stock, valued at $213,335.75. 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 a total of 11,702 shares of company stock valued at $1,078,058 over the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on WEC shares. Barclays lifted 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. KeyCorp increased 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. StockNews.com lowered WEC Energy Group from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. Scotiabank boosted their price target on 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. Finally, BMO Capital Markets lifted their price objective on shares of WEC Energy Group from $91.00 to $93.00 and gave the company a “market perform” rating in a research note on Friday, August 23rd. Four analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $94.45.

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.