Bank of America Has Lowered Expectations for WEC Energy Group (NYSE:WEC) Stock Price

WEC Energy Group (NYSE:WEC) had its price objective decreased by research analysts at Bank of America from $122.00 to $116.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the utilities provider’s stock. Bank of America‘s price objective indicates a potential upside of 9.93% from the company’s current price.

Other equities analysts also recently issued research reports about the stock. Wells Fargo & Company started coverage on shares of WEC Energy Group in a research note on Monday, October 27th. They set an “overweight” rating and a $124.00 price objective on the stock. Cowen assumed coverage on WEC Energy Group in a report on Wednesday, October 15th. They issued a “hold” rating for the company. Mizuho set a $125.00 price objective on WEC Energy Group in a report on Monday, October 27th. BTIG Research raised WEC Energy Group to a “strong-buy” rating in a research report on Wednesday, October 22nd. Finally, UBS Group set a $116.00 target price on WEC Energy Group in a research report on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $120.64.

WEC Energy Group Stock Performance

WEC Energy Group stock opened at $105.52 on Wednesday. WEC Energy Group has a fifty-two week low of $91.94 and a fifty-two week high of $118.18. The company has a market capitalization of $34.32 billion, a price-to-earnings ratio of 19.95, a PEG ratio of 2.66 and a beta of 0.58. The stock has a fifty day moving average of $108.97 and a two-hundred day moving average of $109.04. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.33 and a current ratio of 0.50.

WEC Energy Group (NYSE:WEC) last posted its quarterly earnings data on Tuesday, September 2nd. The utilities provider reported $1.43 EPS for the quarter. WEC Energy Group had a return on equity of 12.60% and a net margin of 17.75%.The business had revenue of $2.28 billion for the quarter. On average, analysts anticipate that WEC Energy Group will post 5.23 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Nova Wealth Management Inc. purchased a new stake in WEC Energy Group during the 1st quarter worth $26,000. Bayforest Capital Ltd purchased a new stake in shares of WEC Energy Group during the second quarter worth about $26,000. CoreFirst Bank & Trust acquired a new position in shares of WEC Energy Group in the second quarter worth about $26,000. Osterweis Capital Management Inc. acquired a new position in shares of WEC Energy Group in the second quarter worth about $27,000. Finally, New England Capital Financial Advisors LLC boosted its holdings in WEC Energy Group by 265.8% in the second quarter. New England Capital Financial Advisors LLC now owns 278 shares of the utilities provider’s stock valued at $29,000 after purchasing an additional 202 shares during the last quarter. 77.20% of the stock is currently owned by hedge funds and other institutional investors.

About WEC Energy Group

WEC Energy Group is a Milwaukee, Wisconsin–based regulated energy holding company whose primary businesses are the generation, transmission and distribution of electricity and the distribution of natural gas. The company operates through a set of utility subsidiaries that provide bundled energy service, customer billing and energy-related programs to residential, commercial and industrial customers. As a regulated utility group, WEC’s operations focus on delivering reliable service while managing infrastructure investment and compliance with state and federal utility regulation.

Its utility subsidiaries include well-known regional operators such as We Energies and Wisconsin Public Service, along with Chicago-area natural gas utilities that were part of the Integrys Energy Group acquisition.