Zacks Research Comments on WEC Energy Group, Inc.’s FY2024 Earnings (NYSE:WEC)

by · The Cerbat Gem

WEC Energy Group, Inc. (NYSE:WEC – Free Report) – Investment analysts at Zacks Research boosted their FY2024 earnings estimates for shares of WEC Energy Group in a research note issued to investors on Tuesday, October 1st. Zacks Research analyst R. Department now anticipates that the utilities provider will post earnings per share of $4.87 for the year, up from their previous forecast of $4.86. The consensus estimate for WEC Energy Group’s current full-year earnings is $4.87 per share. Zacks Research also issued estimates for WEC Energy Group’s Q4 2024 earnings at $1.28 EPS, Q1 2025 earnings at $2.15 EPS, Q3 2025 earnings at $1.07 EPS, Q1 2026 earnings at $2.20 EPS and Q3 2026 earnings at $1.17 EPS.

WEC Energy Group (NYSE:WEC – Get Free Report) last posted its quarterly earnings data on Wednesday, July 31st. The utilities provider reported $0.67 EPS for the quarter, topping the consensus estimate of $0.63 by $0.04. WEC Energy Group had a net margin of 15.85% and a return on equity of 12.26%. The business had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same period in the previous year, the firm posted $0.92 earnings per share. The business’s revenue for the quarter was down 3.2% compared to the same quarter last year.

A number of other research firms have also recently commented on WEC. KeyCorp raised their price target on WEC Energy Group from $98.00 to $103.00 and gave the stock an “overweight” rating in a research report on Monday, September 30th. Barclays raised their target price on shares of WEC Energy Group from $80.00 to $86.00 and gave the company an “underweight” rating in a report on Tuesday, August 6th. Bank of America lifted their price objective on WEC Energy Group from $88.00 to $90.00 and gave the company an “underperform” rating in a research report on Thursday, August 29th. Scotiabank lifted their price objective on 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. Finally, StockNews.com lowered WEC Energy Group from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. Four research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $92.67.

View Our Latest Stock Analysis on WEC Energy Group

WEC Energy Group Trading Down 0.9 %

WEC opened at $95.48 on Thursday. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.74 and a quick ratio of 0.54. The firm has a market capitalization of $30.18 billion, a price-to-earnings ratio of 20.85, a price-to-earnings-growth ratio of 2.48 and a beta of 0.44. The company’s 50 day simple moving average is $92.45 and its two-hundred day simple moving average is $84.93. WEC Energy Group has a 1-year low of $75.13 and a 1-year high of $97.08.

Institutional Investors Weigh In On WEC Energy Group

A number of large investors have recently added to or reduced their stakes in WEC. Opal Wealth Advisors LLC purchased a new position in shares of WEC Energy Group during the first quarter valued at about $25,000. Northwest Bank & Trust Co purchased a new stake in shares of WEC Energy Group in the 4th quarter worth approximately $25,000. Global X Japan Co. Ltd. lifted its holdings in WEC Energy Group by 58.1% during the second quarter. Global X Japan Co. Ltd. now owns 321 shares of the utilities provider’s stock worth $25,000 after buying an additional 118 shares during the period. Olistico Wealth LLC purchased a new position in shares of WEC Energy Group in the 2nd quarter valued at $29,000. Finally, YHB Investment Advisors Inc. bought a new position in WEC Energy Group in the first quarter worth about $32,000. Institutional investors own 77.20% of the company’s stock.

Insider Buying and Selling

In related news, VP Joshua M. Erickson sold 350 shares of the company’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 sale, the vice president now owns 2,377 shares in the company, valued at $213,335.75. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, VP Joshua M. Erickson sold 350 shares of WEC Energy Group 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 completion of the transaction, the vice president now directly owns 2,377 shares in the company, valued at approximately $213,335.75. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Anthony Reese sold 1,362 shares of the stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $88.78, for a total transaction of $120,918.36. Following the completion of the sale, the vice president now directly owns 1,462 shares in the company, valued at approximately $129,796.36. The trade was 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 in the last 90 days. Insiders own 0.34% of the company’s stock.

WEC Energy Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Wednesday, August 14th were issued a $0.835 dividend. The ex-dividend date of this dividend was Wednesday, August 14th. This represents a $3.34 dividend on an annualized basis and a dividend yield of 3.50%. WEC Energy Group’s dividend payout ratio (DPR) is currently 72.93%.

WEC Energy Group Company Profile

(Get Free Report)

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.

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