Research Analysts Issue Forecasts for WEC Energy Group Inc.’s Q3 2016 Earnings (WEC)
WEC Energy Group Inc. (NYSE:WEC) – Stock analysts at KeyCorp issued their Q3 2016 earnings estimates for shares of WEC Energy Group in a report issued on Monday. KeyCorp analyst P. Ridzon anticipates that the firm will post earnings per share of $0.62 for the quarter. KeyCorp also issued estimates for WEC Energy Group’s FY2016 earnings at $2.95 EPS.
Other equities research analysts have also issued reports about the company. Zacks Investment Research lowered WEC Energy Group from a “hold” rating to a “sell” rating in a research note on Friday, September 16th. Argus reaffirmed a “buy” rating and issued a $70.00 price objective (up from $65.00) on shares of WEC Energy Group in a research note on Tuesday, August 2nd. Seven analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $58.25.
Shares of WEC Energy Group (NYSE:WEC) traded down 0.10% during midday trading on Wednesday, reaching $58.24. The company had a trading volume of 569,881 shares. The firm’s 50 day moving average price is $59.78 and its 200-day moving average price is $60.98. The stock has a market capitalization of $18.38 billion, a price-to-earnings ratio of 20.79 and a beta of 0.08. WEC Energy Group has a 1-year low of $47.98 and a 1-year high of $66.10.
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WEC Energy Group (NYSE:WEC) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.57 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.01. The company had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $2.03 billion. WEC Energy Group had a return on equity of 10.52% and a net margin of 12.13%. The firm’s revenue for the quarter was up 61.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.58 earnings per share.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WEC. NN Investment Partners Holdings N.V. purchased a new position in WEC Energy Group during the first quarter valued at approximately $109,000. M&T Bank Corp increased its position in WEC Energy Group by 1.6% in the first quarter. M&T Bank Corp now owns 33,078 shares of the company’s stock valued at $1,987,000 after buying an additional 529 shares during the last quarter. ING Groep NV purchased a new position in WEC Energy Group during the first quarter valued at approximately $433,000. Credit Agricole S A increased its position in WEC Energy Group by 1.0% in the first quarter. Credit Agricole S A now owns 76,861 shares of the company’s stock valued at $4,617,000 after buying an additional 755 shares during the last quarter. Finally, BB&T Securities LLC increased its position in WEC Energy Group by 6.9% in the first quarter. BB&T Securities LLC now owns 17,429 shares of the company’s stock valued at $1,046,000 after buying an additional 1,123 shares during the last quarter. Institutional investors own 70.65% of the company’s stock.
In other WEC Energy Group news, VP Susan H. Martin sold 40,000 shares of the firm’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $65.05, for a total transaction of $2,602,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Robert M. Garvin sold 19,225 shares of the firm’s stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $61.62, for a total value of $1,184,644.50. Following the transaction, the executive vice president now owns 27,710 shares in the company, valued at $1,707,490.20. The disclosure for this sale can be found here. Company insiders own 0.81% of the company’s stock.
About WEC Energy Group
WEC Energy Group, Inc, formerly Wisconsin Energy Corporation, is a holding company, which has electric and natural gas utility operations. The Company’s segments are Wisconsin, Illinois, other states, electric transmission, We Power, and corporate and other. The Company’s Wisconsin segment includes the electric and natural gas utility, and non-utility operations of Wisconsin Electric Power Company (Wisconsin Electric), Wisconsin Gas LLC (Wisconsin Gas) and Wisconsin Public Service Corporation (WPS), including Wisconsin Electric’s electric and WPS’s electric and natural gas operations in the state of Michigan.
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