Q2 2024 EPS Estimates for WEC Energy Group, Inc. Cut by Zacks Research (NYSE:WEC)

WEC Energy Group, Inc. (NYSE:WEC) – Analysts at Zacks Research dropped their Q2 2024 earnings per share estimates for WEC Energy Group in a report issued on Wednesday, May 22nd. Zacks Research analyst R. Department now forecasts that the utilities provider will post earnings of $0.64 per share for the quarter, down from their previous estimate of $0.93. The consensus estimate for WEC Energy Group’s current full-year earnings is $4.86 per share. Zacks Research also issued estimates for WEC Energy Group’s Q3 2024 earnings at $1.16 EPS, Q1 2025 earnings at $2.08 EPS, Q3 2025 earnings at $1.28 EPS, Q4 2025 earnings at $1.07 EPS and Q1 2026 earnings at $2.21 EPS.

WEC Energy Group (NYSE:WEC) last released its quarterly earnings results on Wednesday, May 1st. The utilities provider reported $1.97 earnings per share for the quarter, topping analysts’ consensus estimates of $1.90 by $0.07. WEC Energy Group had a return on equity of 13.01% and a net margin of 16.67%. The company had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.92 billion. During the same period in the previous year, the firm posted $1.61 earnings per share. The business’s revenue for the quarter was down 7.2% compared to the same quarter last year.

WEC has been the subject of several other reports. BMO Capital Markets upped their target price on WEC Energy Group from $89.00 to $90.00 and gave the company a “market perform” rating in a research note on Thursday, May 2nd. Wells Fargo & Company dropped their target price 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. The Goldman Sachs Group began coverage on WEC Energy Group in a research note on Wednesday, April 10th. They issued a “neutral” rating and a $88.00 target price for the company. KeyCorp upped their target price on WEC Energy Group from $95.00 to $96.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. Finally, Scotiabank dropped their target price on WEC Energy Group from $96.00 to $90.00 and set a “sector outperform” rating for the company in a research note on Monday, April 22nd. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $86.29.

WEC Energy Group Stock Performance

NYSE WEC opened at $80.70 on Friday. WEC Energy Group has a fifty-two week low of $75.13 and a fifty-two week high of $93.37. The stock has a market cap of $25.49 billion, a price-to-earnings ratio of 17.62, a price-to-earnings-growth ratio of 2.09 and a beta of 0.40. The business has a fifty day moving average of $81.96 and a 200-day moving average of $81.61. The company has a quick ratio of 0.42, a current ratio of 0.55 and a debt-to-equity ratio of 1.24.

WEC Energy Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Tuesday, May 14th will be issued a $0.835 dividend. The ex-dividend date is Monday, May 13th. This represents a $3.34 annualized dividend and a yield of 4.14%. WEC Energy Group’s dividend payout ratio is currently 72.93%.

Insider Buying and Selling at WEC Energy Group

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of WEC. Cetera Advisors LLC grew its holdings in WEC Energy Group by 76.7% during the 1st quarter. Cetera Advisors LLC now owns 28,740 shares of the utilities provider’s stock worth $2,360,000 after acquiring an additional 12,471 shares in the last quarter. Cetera Investment Advisers lifted its position in shares of WEC Energy Group by 359.5% during the first quarter. Cetera Investment Advisers now owns 115,116 shares of the utilities provider’s stock worth $9,453,000 after purchasing an additional 90,062 shares during the last quarter. KLCM Advisors Inc. grew its stake in WEC Energy Group by 4.7% in the first quarter. KLCM Advisors Inc. now owns 35,942 shares of the utilities provider’s stock worth $2,952,000 after purchasing an additional 1,611 shares in the last quarter. Comerica Bank increased its holdings in WEC Energy Group by 1.1% in the first quarter. Comerica Bank now owns 98,183 shares of the utilities provider’s stock valued at $8,063,000 after buying an additional 1,093 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. raised its stake in WEC Energy Group by 2.1% during the first quarter. B. Riley Wealth Advisors Inc. now owns 6,876 shares of the utilities provider’s stock valued at $554,000 after buying an additional 142 shares in the last quarter. Hedge funds and other institutional investors own 77.20% of the company’s stock.

About WEC Energy Group

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.