WEC Energy Group Inc to Post FY2022 Earnings of $4.30 Per Share, Gabelli Forecasts (WEC)

WEC Energy Group Inc (NYSE:WEC) – Investment analysts at Gabelli issued their FY2022 earnings estimates for shares of WEC Energy Group in a report issued on Thursday. Gabelli analyst T. Winter forecasts that the utilities provider will earn $4.30 per share for the year.

WEC Energy Group (NYSE:WEC) last posted its quarterly earnings data on Wednesday, January 31st. The utilities provider reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.03. WEC Energy Group had a return on equity of 10.81% and a net margin of 15.75%. The firm had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $1.94 billion. During the same quarter in the prior year, the business earned $0.61 EPS. The business’s revenue for the quarter was up 4.7% compared to the same quarter last year.

Several other research analysts also recently issued reports on WEC. KeyCorp reaffirmed a “hold” rating on shares of WEC Energy Group in a report on Friday, October 20th. Bank of America started coverage on WEC Energy Group in a report on Tuesday, October 24th. They set a “neutral” rating and a $67.00 price objective on the stock. Zacks Investment Research raised WEC Energy Group from a “hold” rating to a “buy” rating and set a $75.00 price objective on the stock in a report on Friday, October 27th. Credit Suisse Group started coverage on WEC Energy Group in a report on Thursday, December 7th. They set a “neutral” rating and a $70.00 price objective on the stock. Finally, Guggenheim reaffirmed a “buy” rating and set a $73.00 price objective on shares of WEC Energy Group in a report on Wednesday, January 3rd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $67.40.

WEC Energy Group (NYSE WEC) opened at $62.01 on Monday. WEC Energy Group has a 1-year low of $56.63 and a 1-year high of $70.09. The company has a current ratio of 0.57, a quick ratio of 0.43 and a debt-to-equity ratio of 0.92. The stock has a market capitalization of $19,568.78, a price-to-earnings ratio of 16.36, a price-to-earnings-growth ratio of 4.45 and a beta of 0.05.

Institutional investors have recently modified their holdings of the business. Thrivent Financial For Lutherans increased its position in shares of WEC Energy Group by 6.7% in the 2nd quarter. Thrivent Financial For Lutherans now owns 13,660 shares of the utilities provider’s stock valued at $839,000 after buying an additional 853 shares in the last quarter. FMR LLC increased its position in shares of WEC Energy Group by 189.3% in the 2nd quarter. FMR LLC now owns 536,408 shares of the utilities provider’s stock valued at $32,925,000 after buying an additional 351,003 shares in the last quarter. Virtu KCG Holdings LLC bought a new stake in shares of WEC Energy Group in the 2nd quarter valued at $235,000. Dimensional Fund Advisors LP increased its position in shares of WEC Energy Group by 1.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 717,360 shares of the utilities provider’s stock valued at $44,032,000 after buying an additional 7,741 shares in the last quarter. Finally, Royal Bank of Canada increased its position in shares of WEC Energy Group by 9.0% in the 2nd quarter. Royal Bank of Canada now owns 293,464 shares of the utilities provider’s stock valued at $18,014,000 after buying an additional 24,162 shares in the last quarter. Institutional investors own 73.13% of the company’s stock.

In other WEC Energy Group news, Chairman Gale E. Klappa sold 52,722 shares of the company’s stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $69.40, for a total transaction of $3,658,906.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Scott J. Lauber sold 1,240 shares of the company’s stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $70.00, for a total transaction of $86,800.00. The disclosure for this sale can be found here. Insiders own 0.97% of the company’s stock.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Wednesday, February 14th will be given a dividend of $0.5525 per share. This is a boost from WEC Energy Group’s previous quarterly dividend of $0.52. The ex-dividend date is Tuesday, February 13th. This represents a $2.21 annualized dividend and a dividend yield of 3.56%. WEC Energy Group’s payout ratio is presently 54.88%.

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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.

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