WEC Energy Group (NYSE:WEC) Updates Q3 2024 Earnings Guidance

WEC Energy Group (NYSE:WEC) updated its third quarter 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 0.680-0.700 for the period, compared to the consensus earnings per share estimate of 1.080. The company issued revenue guidance of -. WEC Energy Group also updated its FY 2024 guidance to 4.800-4.900 EPS.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Barclays lifted their price objective on WEC Energy Group from $78.00 to $80.00 and gave the company an underweight rating in a report on Monday, July 22nd. BMO Capital Markets cut their price objective on WEC Energy Group from $90.00 to $87.00 and set a market perform rating for the company in a report on Monday, July 22nd. The Goldman Sachs Group began coverage on WEC Energy Group in a report on Wednesday, April 10th. They issued a neutral rating and a $88.00 price target for the company. Scotiabank cut their price target on WEC Energy Group from $96.00 to $90.00 and set a sector outperform rating for the company in a report on Monday, April 22nd. Finally, KeyCorp cut their price target on WEC Energy Group from $96.00 to $95.00 and set an overweight rating for the company in a report on Monday, July 22nd. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, WEC Energy Group currently has a consensus rating of Hold and a consensus target price of $86.00.

WEC Energy Group Trading Up 0.5 %

NYSE:WEC traded up $0.46 on Wednesday, hitting $86.06. 4,517,192 shares of the stock were exchanged, compared to its average volume of 2,122,767. The stock has a market capitalization of $27.18 billion, a price-to-earnings ratio of 18.79, a P/E/G ratio of 2.17 and a beta of 0.41. WEC Energy Group has a 52 week low of $75.13 and a 52 week high of $91.44. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.42 and a current ratio of 0.55. The company’s 50-day moving average price is $80.14 and its 200 day moving average price is $80.55.

WEC Energy Group (NYSE:WEC) last announced its quarterly earnings data on Wednesday, July 31st. The utilities provider reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.04. The firm had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.87 billion. WEC Energy Group had a return on equity of 13.01% and a net margin of 16.67%. The company’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.92 EPS. On average, equities research analysts forecast that WEC Energy Group will post 4.88 earnings per share for the current year.

WEC Energy Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Wednesday, August 14th will be given a dividend of $0.835 per share. The ex-dividend date of this dividend is Wednesday, August 14th. This represents a $3.34 annualized dividend and a dividend yield of 3.88%. WEC Energy Group’s payout ratio is currently 72.93%.

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.