WEC Energy Group (WEC) Upgraded by Zacks Investment Research to Buy
WEC Energy Group (NYSE:WEC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Saturday. The firm presently has a $74.00 price objective on the utilities provider’s stock. Zacks Investment Research‘s target price indicates a potential upside of 14.07% from the stock’s current price.
According to Zacks, “Shares of WEC Energy have outperformed the industry in the last 12 months. 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 long-term 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.”
Other equities research analysts have also issued reports about the stock. Guggenheim reissued a “buy” rating and set a $73.00 target price on shares of WEC Energy Group in a report on Wednesday. KeyCorp restated a “hold” rating on shares of WEC Energy Group in a research report on Friday, October 20th. Credit Suisse Group started coverage on shares of WEC Energy Group in a research report on Thursday, December 7th. They issued a “neutral” rating and a $70.00 price target on the stock. Finally, Bank of America boosted their price target on shares of WEC Energy Group from $69.00 to $71.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 15th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $66.67.
WEC Energy Group (NYSE:WEC) last posted its earnings results on Thursday, October 26th. The utilities provider reported $0.68 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.01. WEC Energy Group had a net margin of 12.79% and a return on equity of 10.62%. The firm had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same period in the previous year, the firm posted $0.69 EPS. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. research analysts expect that WEC Energy Group will post 3.09 EPS for the current fiscal year.
In other news, VP Scott J. Lauber sold 1,240 shares of the business’s stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $70.00, for a total value of $86,800.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Gale E. Klappa sold 52,722 shares of the business’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $69.40, for a total transaction of $3,658,906.80. The disclosure for this sale can be found here. 0.97% of the stock is currently owned by insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Oakworth Capital Inc. lifted its position in shares of WEC Energy Group by 8.8% during the 2nd quarter. Oakworth Capital Inc. now owns 1,632 shares of the utilities provider’s stock valued at $100,000 after acquiring an additional 132 shares during the period. Northwest Quadrant Wealth Management LLC acquired a new position in shares of WEC Energy Group during the 4th quarter valued at $103,000. Trust Co. of Vermont lifted its position in shares of WEC Energy Group by 12.1% during the 1st quarter. Trust Co. of Vermont now owns 1,737 shares of the utilities provider’s stock valued at $106,000 after acquiring an additional 187 shares during the period. NN Investment Partners Holdings N.V. acquired a new position in shares of WEC Energy Group during the 1st quarter valued at $109,000. Finally, Cable Hill Partners LLC lifted its position in shares of WEC Energy Group by 3,307.8% during the 3rd quarter. Cable Hill Partners LLC now owns 1,738 shares of the utilities provider’s stock valued at $109,000 after acquiring an additional 1,687 shares during the period. Institutional investors own 72.59% of the company’s stock.
TRADEMARK VIOLATION WARNING: “WEC Energy Group (WEC) Upgraded by Zacks Investment Research to Buy” was reported by American Banking News and is the property of of American Banking News. If you are accessing this story on another domain, it was illegally stolen and republished in violation of U.S. and international trademark and copyright laws. The legal version of this story can be read at https://www.americanbankingnews.com/2018/01/06/wec-energy-group-wec-upgraded-by-zacks-investment-research-to-buy.html.
About WEC Energy Group
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for WEC Energy Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for WEC Energy Group and related companies with MarketBeat.com's FREE daily email newsletter.