Analysts Offer Predictions for WEC Energy Group, Inc.’s FY2023 Earnings (NYSE:WEC)

WEC Energy Group, Inc. (NYSE:WEC – Get Rating) – Equities researchers at KeyCorp upped their FY2023 earnings per share (EPS) estimates for shares of WEC Energy Group in a research report issued on Tuesday, May 23rd. KeyCorp analyst S. Karp now anticipates that the utilities provider will earn $4.62 per share for the year, up from their prior forecast of $4.60. The consensus estimate for WEC Energy Group’s current full-year earnings is $4.60 per share.

Several other brokerages have also issued reports on WEC. Bank of America reduced their target price on WEC Energy Group from $106.00 to $103.00 in a research report on Wednesday, May 3rd. Mizuho raised WEC Energy Group from a “neutral” rating to a “buy” rating and set a $98.00 price objective on the stock in a report on Thursday, May 18th. StockNews.com started coverage on WEC Energy Group in a report on Thursday, May 18th. They set a “sell” rating on the stock. Wells Fargo & Company dropped their target price on WEC Energy Group from $109.00 to $106.00 and set an “overweight” rating on the stock in a report on Friday, February 3rd. Finally, 888 reaffirmed a “maintains” rating on shares of WEC Energy Group in a report on Wednesday, May 3rd. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $100.10.

WEC Energy Group Trading Down 1.6 %

Shares of NYSE WEC opened at $86.71 on Thursday. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.75 and a quick ratio of 0.61. The stock has a market capitalization of $27.35 billion, a P/E ratio of 20.26, a price-to-earnings-growth ratio of 3.36 and a beta of 0.40. WEC Energy Group has a 1-year low of $80.82 and a 1-year high of $108.20. The business has a fifty day moving average price of $94.40 and a 200 day moving average price of $93.98.

WEC Energy Group (NYSE:WEC – Get Rating) last issued its quarterly earnings data on Monday, May 1st. The utilities provider reported $1.61 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.03. The firm had revenue of $2.89 billion during the quarter, compared to analysts’ expectations of $2.90 billion. WEC Energy Group had a return on equity of 11.60% and a net margin of 14.10%. The firm’s quarterly revenue was down .7% on a year-over-year basis. During the same period in the prior year, the business posted $1.79 EPS.

WEC Energy Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 1st. Stockholders of record on Friday, May 12th will be given a $0.78 dividend. The ex-dividend date of this dividend is Thursday, May 11th. This represents a $3.12 annualized dividend and a dividend yield of 3.60%. WEC Energy Group’s dividend payout ratio (DPR) is presently 72.90%.

Insider Activity

In related news, Director Ulice Payne, Jr. sold 1,500 shares of WEC Energy Group stock in a transaction that occurred on Tuesday, May 9th. The stock was sold at an average price of $94.36, for a total transaction of $141,540.00. Following the transaction, the director now owns 21,503 shares in the company, valued at $2,029,023.08. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On WEC Energy Group

A number of institutional investors have recently added to or reduced their stakes in WEC. Caisse DE Depot ET Placement DU Quebec acquired a new stake in WEC Energy Group during the fourth quarter worth $132,755,000. Renaissance Technologies LLC boosted its position in shares of WEC Energy Group by 563.3% in the 1st quarter. Renaissance Technologies LLC now owns 1,320,077 shares of the utilities provider’s stock valued at $131,757,000 after purchasing an additional 1,121,075 shares during the period. Bessemer Group Inc. boosted its position in shares of WEC Energy Group by 16,625.5% in the 4th quarter. Bessemer Group Inc. now owns 1,010,552 shares of the utilities provider’s stock valued at $94,749,000 after purchasing an additional 1,004,510 shares during the period. Vanguard Group Inc. lifted its position in WEC Energy Group by 2.0% during the 3rd quarter. Vanguard Group Inc. now owns 41,460,137 shares of the utilities provider’s stock worth $3,707,780,000 after acquiring an additional 820,031 shares during the period. Finally, Balyasny Asset Management LLC lifted its position in WEC Energy Group by 3,144.1% during the 3rd quarter. Balyasny Asset Management LLC now owns 683,315 shares of the utilities provider’s stock worth $61,109,000 after acquiring an additional 662,252 shares during the period. Hedge funds and other institutional investors own 74.05% of the company’s stock.

WEC Energy Group Company Profile

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WEC Energy Group, Inc is a holding company, which engages in the generation and distribution of electricity and natural gas. It operates through the following segments: Wisconsin, Illinois, Other States, Electric Transmission, Non-Utility Energy Infrastructure and Corporate & Other. The Wisconsin segment refers to the electric and gas utility operations.