WEC Energy Group, Inc. (WEC) Stock Rating Upgraded by Zacks Investment Research
WEC Energy Group, Inc. (NYSE:WEC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Friday. The brokerage currently has a $75.00 price target on the utilities provider’s stock. Zacks Investment Research‘s target price suggests a potential upside of 10.55% from the company’s current price.
According to Zacks, “Shares of WEC Energy have outperformed the industry in the last 12 months. Its third-quarter earnings were higher than the Zacks Consensus Estimate but total revenues lagged it. The company is gaining from its cost control initiatives. Thanks to ongoing improvement in economic conditions in its service territories, WEC Energy at present is serving more customers than the year-ago level. Its investments in infrastructure projects will help it meet increasing customer demand and improve service reliability. However, in first nine months of 2017, electricity delivered to residential customers and large commercial and industrial customers declined from the year-ago period due to less favorable weather. Regulatory compliance and any delay in the completion of ongoing capital projects could increase expenses and reduce profitability.”
A number of other equities analysts also recently commented on the stock. BidaskClub upgraded shares of WEC Energy Group from a “hold” rating to a “buy” rating in a report on Tuesday, August 22nd. KeyCorp reiterated a “hold” rating on shares of WEC Energy Group in a report on Friday, October 20th. Finally, Bank of America Corporation assumed coverage on shares of WEC Energy Group in a research report on Tuesday. They set a “neutral” rating and a $67.00 price objective for the company. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the stock. WEC Energy Group presently has an average rating of “Hold” and a consensus target price of $64.63.
Shares of WEC Energy Group (NYSE:WEC) traded up 0.83% during trading on Friday, hitting $67.84. The stock had a trading volume of 1,288,346 shares. The company has a market cap of $21.41 billion, a PE ratio of 22.24 and a beta of 0.12. The firm’s 50 day moving average is $65.14 and its 200 day moving average is $63.25. WEC Energy Group has a 1-year low of $53.66 and a 1-year high of $68.03.
WEC Energy Group (NYSE:WEC) last released its quarterly earnings results on Thursday, October 26th. The utilities provider reported $0.68 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.01. The company had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.68 billion. WEC Energy Group had a net margin of 12.79% and a return on equity of 10.62%. The firm’s revenue was down 3.2% on a year-over-year basis. During the same quarter last year, the business earned $0.69 earnings per share. Equities research analysts anticipate that WEC Energy Group will post $3.10 EPS for the current fiscal year.
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In other news, VP Scott J. Lauber sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $65.00, for a total transaction of $97,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Tom Metcalfe sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $64.44, for a total transaction of $644,400.00. Following the sale, the vice president now directly owns 16,059 shares of the company’s stock, valued at approximately $1,034,841.96. The disclosure for this sale can be found here. Insiders sold 192,190 shares of company stock valued at $12,435,484 in the last ninety days. 0.97% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. Baillie Gifford & Co. lifted its stake in WEC Energy Group by 1.6% in the third quarter. Baillie Gifford & Co. now owns 206,537 shares of the utilities provider’s stock valued at $12,966,000 after buying an additional 3,231 shares during the last quarter. Reilly Financial Advisors LLC lifted its stake in WEC Energy Group by 3.4% in the third quarter. Reilly Financial Advisors LLC now owns 24,941 shares of the utilities provider’s stock valued at $1,566,000 after buying an additional 810 shares during the last quarter. Cable Hill Partners LLC lifted its stake in WEC Energy Group by 3,307.8% in the third quarter. Cable Hill Partners LLC now owns 1,738 shares of the utilities provider’s stock valued at $109,000 after buying an additional 1,687 shares during the last quarter. Parametrica Management Ltd bought a new stake in WEC Energy Group in the third quarter valued at $234,000. Finally, Crossmark Global Holdings Inc. bought a new stake in WEC Energy Group in the third quarter valued at $7,172,000. 70.29% of the stock is owned by hedge funds and other institutional investors.
WEC Energy Group Company Profile
WEC Energy Group, Inc was a diversified holding company with natural gas and electric utility operations, an approximately 60% equity ownership interest in American Transmission Company LLC, and non-utility electric operations through its We Power business, as of December 31, 2016. Its segments include Wisconsin; Illinois; Other States; Electric Transmission; We Power, and Corporate and Other.
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