WEC Energy Group, Inc. (NYSE:WEC) Forecasted to Post Q2 2024 Earnings of $0.93 Per Share

WEC Energy Group, Inc. (NYSE:WEC) – Investment analysts at Zacks Research reduced their Q2 2024 EPS estimates for shares of WEC Energy Group in a note issued to investors on Thursday, April 25th. Zacks Research analyst R. Department now expects that the utilities provider will post earnings of $0.93 per share for the quarter, down from their previous estimate of $0.96. The consensus estimate for WEC Energy Group’s current full-year earnings is $4.88 per share. Zacks Research also issued estimates for WEC Energy Group’s Q3 2024 earnings at $1.03 EPS, Q4 2024 earnings at $1.06 EPS, FY2024 earnings at $4.86 EPS, Q1 2025 earnings at $2.04 EPS, Q4 2025 earnings at $1.41 EPS, FY2025 earnings at $5.22 EPS, Q1 2026 earnings at $2.01 EPS and FY2026 earnings at $5.60 EPS.

WEC Energy Group (NYSE:WEC) last issued its earnings results on Thursday, February 1st. The utilities provider reported $1.10 EPS for the quarter, topping the consensus estimate of $1.08 by $0.02. The business had revenue of $2.22 billion during the quarter, compared to analysts’ expectations of $2.82 billion. WEC Energy Group had a return on equity of 12.17% and a net margin of 14.98%. WEC Energy Group’s revenue was down 13.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.80 earnings per share.

A number of other brokerages also recently commented on WEC. Scotiabank lowered their price objective on shares of WEC Energy Group from $96.00 to $90.00 and set a “sector outperform” rating on the stock in a research report on Monday, April 22nd. The Goldman Sachs Group initiated coverage on WEC Energy Group in a research report on Wednesday, April 10th. They set a “neutral” rating and a $88.00 price objective for the company. Bank of America reaffirmed an “underperform” rating and set a $78.00 price target (down from $84.00) on shares of WEC Energy Group in a research note on Thursday, January 4th. Wells Fargo & Company lowered their price target on WEC Energy Group from $93.00 to $91.00 and set an “overweight” rating for the company in a research note on Friday, February 2nd. Finally, StockNews.com downgraded WEC Energy Group from a “hold” rating to a “sell” rating in a report on Saturday, January 13th. Four analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, WEC Energy Group presently has a consensus rating of “Hold” and an average target price of $86.64.

WEC Energy Group Trading Down 1.6 %

NYSE:WEC opened at $81.50 on Friday. The stock has a market cap of $25.71 billion, a PE ratio of 19.31, a price-to-earnings-growth ratio of 2.86 and a beta of 0.40. WEC Energy Group has a fifty-two week low of $75.13 and a fifty-two week high of $97.34. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.55 and a quick ratio of 0.40. The stock’s 50-day moving average is $80.25 and its two-hundred day moving average is $81.43.

Institutional Investors Weigh In On WEC Energy Group

Several hedge funds have recently made changes to their positions in WEC. Dearborn Partners LLC increased its holdings in WEC Energy Group by 29.2% in the 4th quarter. Dearborn Partners LLC now owns 582,421 shares of the utilities provider’s stock valued at $49,022,000 after buying an additional 131,797 shares during the period. Vaughan David Investments LLC IL increased its stake in WEC Energy Group by 3.4% in the fourth quarter. Vaughan David Investments LLC IL now owns 428,408 shares of the utilities provider’s stock valued at $36,059,000 after acquiring an additional 14,084 shares during the period. Annex Advisory Services LLC raised its position in WEC Energy Group by 13.8% in the third quarter. Annex Advisory Services LLC now owns 205,489 shares of the utilities provider’s stock worth $16,552,000 after purchasing an additional 24,892 shares in the last quarter. Great Lakes Advisors LLC lifted its stake in WEC Energy Group by 2.3% during the third quarter. Great Lakes Advisors LLC now owns 44,471 shares of the utilities provider’s stock worth $3,582,000 after purchasing an additional 1,010 shares during the period. Finally, BKM Wealth Management LLC acquired a new stake in WEC Energy Group during the fourth quarter valued at approximately $1,855,000. Institutional investors own 77.20% of the company’s stock.

Insider Buying and Selling

In related news, Chairman Gale E. Klappa sold 37,180 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $78.69, for a total transaction of $2,925,694.20. Following the completion of the transaction, the chairman now owns 274,782 shares of the company’s stock, valued at approximately $21,622,595.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Chairman Gale E. Klappa sold 37,180 shares of the firm’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $78.69, for a total value of $2,925,694.20. Following the sale, the chairman now owns 274,782 shares in the company, valued at $21,622,595.58. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Scott J. Lauber sold 2,830 shares of the company’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $78.89, for a total transaction of $223,258.70. Following the transaction, the chief executive officer now owns 43,125 shares of the company’s stock, valued at $3,402,131.25. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

WEC Energy Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Tuesday, May 14th will be paid a $0.835 dividend. The ex-dividend date is Monday, May 13th. This represents a $3.34 dividend on an annualized basis and a yield of 4.10%. WEC Energy Group’s payout ratio is presently 79.15%.

WEC Energy Group Company Profile

WEC Energy Group, Inc, through its subsidiaries, provides regulated natural gas and electricity, and renewable and nonregulated renewable energy services in the United States. It operates through Wisconsin, Illinois, Other States, Electric Transmission, and Non-Utility Energy Infrastructure segments.