WEC Energy Group, Inc. Expected to Post Q2 2023 Earnings of $0.84 Per Share (NYSE:WEC)

WEC Energy Group, Inc. (NYSE:WEC – Get Rating) – Stock analysts at KeyCorp reduced their Q2 2023 EPS estimates for WEC Energy Group in a research note issued on Tuesday, May 23rd. KeyCorp analyst S. Karp now forecasts that the utilities provider will earn $0.84 per share for the quarter, down from their prior forecast of $1.04. The consensus estimate for WEC Energy Group’s current full-year earnings is $4.60 per share. KeyCorp also issued estimates for WEC Energy Group’s Q3 2023 earnings at $1.14 EPS, Q4 2023 earnings at $1.02 EPS, FY2024 earnings at $4.92 EPS, FY2025 earnings at $5.28 EPS and FY2026 earnings at $5.63 EPS.

Other equities analysts also recently issued reports about the company. JPMorgan Chase & Co. boosted their price objective on WEC Energy Group from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 19th. Bank of America lowered their price objective on WEC Energy Group from $106.00 to $103.00 in a research report on Wednesday, May 3rd. Wells Fargo & Company lowered their price objective on WEC Energy Group from $109.00 to $106.00 and set an “overweight” rating for the company in a research report on Friday, February 3rd. StockNews.com started coverage on WEC Energy Group in a research report on Thursday, May 18th. They set a “sell” rating for the company. Finally, 888 reissued a “maintains” rating on shares of WEC Energy Group in a research report on Wednesday, May 3rd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $100.10.

WEC Energy Group Stock Down 1.6 %

Shares of NYSE:WEC opened at $86.71 on Wednesday. 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 firm has a market capitalization of $27.35 billion, a PE ratio of 20.26, a price-to-earnings-growth ratio of 3.36 and a beta of 0.40. The firm’s 50-day moving average is $94.40 and its two-hundred day moving average is $93.98. WEC Energy Group has a 1 year low of $80.82 and a 1 year high of $108.20.

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

WEC Energy Group Announces Dividend

The firm 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 dividend of $0.78 per share. The ex-dividend date of this dividend is Thursday, May 11th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.60%. WEC Energy Group’s dividend payout ratio (DPR) is presently 72.90%.

Insider Transactions at WEC Energy Group

In other news, Director Ulice Payne, Jr. sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 9th. The shares were sold at an average price of $94.36, for a total transaction of $141,540.00. Following the transaction, the director now directly owns 21,503 shares in the company, valued at $2,029,023.08. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On WEC Energy Group

Hedge funds have recently modified their holdings of the business. Glassy Mountain Advisors Inc. acquired a new stake in shares of WEC Energy Group during the fourth quarter worth $26,000. Asset Dedication LLC acquired a new stake in WEC Energy Group in the fourth quarter valued at $27,000. Achmea Investment Management B.V. acquired a new stake in WEC Energy Group in the first quarter valued at $27,000. First Manhattan Co. lifted its holdings in WEC Energy Group by 102.0% in the fourth quarter. First Manhattan Co. now owns 303 shares of the utilities provider’s stock valued at $28,000 after acquiring an additional 153 shares during the period. Finally, Cowa LLC acquired a new stake in WEC Energy Group in the third quarter valued at $30,000. 74.05% of the stock is currently owned by hedge funds and other institutional investors.

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.