FY2024 EPS Estimates for WEC Energy Group, Inc. (NYSE:WEC) Lifted by Zacks Research

WEC Energy Group, Inc. (NYSE:WEC) – Analysts at Zacks Research boosted their FY2024 EPS estimates for shares of WEC Energy Group in a research report issued on Tuesday, October 1st. Zacks Research analyst R. Department now expects that the utilities provider will post earnings of $4.87 per share for the year, up from their prior forecast of $4.86. The consensus estimate for WEC Energy Group’s current full-year earnings is $4.87 per share. Zacks Research also issued estimates for WEC Energy Group’s Q4 2024 earnings at $1.28 EPS, Q1 2025 earnings at $2.15 EPS, Q3 2025 earnings at $1.07 EPS, Q1 2026 earnings at $2.20 EPS and Q3 2026 earnings at $1.17 EPS.

WEC Energy Group (NYSE:WEC) last released its earnings results on Wednesday, July 31st. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.04. The company had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.87 billion. WEC Energy Group had a return on equity of 12.26% and a net margin of 15.85%. The firm’s quarterly revenue was down 3.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.92 EPS.

Several other equities analysts also recently weighed in on the company. Barclays increased their target price on WEC Energy Group from $80.00 to $86.00 and gave the stock an “underweight” rating in a research report on Tuesday, August 6th. Jefferies Financial Group assumed coverage on shares of WEC Energy Group in a research note on Thursday, September 19th. They issued a “hold” rating and a $102.00 target price on the stock. StockNews.com downgraded shares of WEC Energy Group from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. Bank of America upped their target price on shares of WEC Energy Group from $88.00 to $90.00 and gave the company an “underperform” rating in a research note on Thursday, August 29th. Finally, Wells Fargo & Company increased their target price on shares of WEC Energy Group from $98.00 to $103.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Four investment analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $92.67.

WEC Energy Group Price Performance

NYSE:WEC opened at $95.48 on Thursday. The firm has a market cap of $30.18 billion, a price-to-earnings ratio of 20.85, a price-to-earnings-growth ratio of 2.48 and a beta of 0.44. WEC Energy Group has a 12-month low of $75.13 and a 12-month high of $97.08. The company has a current ratio of 0.74, a quick ratio of 0.54 and a debt-to-equity ratio of 1.37. The company’s 50-day moving average is $92.45 and its two-hundred day moving average is $84.93.

Institutional Trading of WEC Energy Group

A number of hedge funds and other institutional investors have recently modified their holdings of WEC. Thrive Wealth Management LLC boosted its position in WEC Energy Group by 3.1% in the 3rd quarter. Thrive Wealth Management LLC now owns 5,552 shares of the utilities provider’s stock valued at $534,000 after buying an additional 165 shares during the period. Rockland Trust Co. lifted its position in WEC Energy Group by 1.0% during the third quarter. Rockland Trust Co. now owns 114,712 shares of the utilities provider’s stock valued at $11,033,000 after purchasing an additional 1,150 shares during the period. Czech National Bank boosted its position in WEC Energy Group by 7.0% in the 3rd quarter. Czech National Bank now owns 64,388 shares of the utilities provider’s stock worth $6,193,000 after purchasing an additional 4,205 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its position in shares of WEC Energy Group by 5.2% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 2,248 shares of the utilities provider’s stock valued at $216,000 after buying an additional 111 shares in the last quarter. Finally, Park National Corp OH raised its position in shares of WEC Energy Group by 3.4% in the third quarter. Park National Corp OH now owns 3,964 shares of the utilities provider’s stock valued at $381,000 after buying an additional 130 shares during the last quarter. 77.20% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Ulice Payne, Jr. sold 750 shares of the stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $88.45, for a total value of $66,337.50. Following the completion of the sale, the director now owns 21,876 shares in the company, valued at $1,934,932.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other WEC Energy Group news, Director Ulice Payne, Jr. sold 750 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $88.45, for a total transaction of $66,337.50. Following the sale, the director now owns 21,876 shares in the company, valued at $1,934,932.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Mary Beth Straka sold 3,240 shares of WEC Energy Group stock in a transaction on Friday, August 30th. The stock was sold at an average price of $93.04, for a total transaction of $301,449.60. Following the completion of the transaction, the vice president now directly owns 3,662 shares in the company, valued at approximately $340,712.48. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,702 shares of company stock valued at $1,078,058 in the last 90 days. Corporate insiders own 0.34% of the company’s stock.

WEC Energy Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Wednesday, August 14th were paid a dividend of $0.835 per share. The ex-dividend date of this dividend was Wednesday, August 14th. This represents a $3.34 dividend on an annualized basis and a yield of 3.50%. WEC Energy Group’s payout ratio is 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.