WEC Energy Group (NYSE:WEC) Releases Quarterly Earnings Results, Beats Expectations By $0.12 EPS

WEC Energy Group (NYSE:WEC) posted its earnings results on Thursday. The utilities provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.12, Briefing.com reports. The business had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.93 billion. WEC Energy Group had a net margin of 15.14% and a return on equity of 11.72%. WEC Energy Group’s revenue was down 4.8% compared to the same quarter last year. During the same period last year, the business posted $1.00 EPS. WEC Energy Group updated its FY 2024 guidance to 4.800-4.900 EPS and its FY24 guidance to $4.80 to $4.90 EPS.

WEC Energy Group Stock Up 0.0 %

NYSE WEC opened at $95.57 on Friday. WEC Energy Group has a 1-year low of $75.13 and a 1-year high of $100.31. The company has a market capitalization of $30.21 billion, a price-to-earnings ratio of 23.37, a PEG ratio of 2.46 and a beta of 0.44. The stock’s 50 day moving average is $95.55 and its two-hundred day moving average is $87.25. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 1.37.

WEC Energy Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Thursday, November 14th will be paid a dividend of $0.835 per share. This represents a $3.34 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date is Thursday, November 14th. WEC Energy Group’s dividend payout ratio is 81.66%.

Insider Transactions at WEC Energy Group

In other WEC Energy Group news, Director Ulice Payne, Jr. sold 750 shares of the company’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $88.45, for a total value of $66,337.50. Following the sale, the director now directly 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 legal filing with the SEC, which is available at this hyperlink. In other news, VP William J. Guc sold 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $92.99, for a total transaction of $557,940.00. Following the completion of the sale, the vice president now owns 7,702 shares of the company’s stock, valued at approximately $716,208.98. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Ulice Payne, Jr. sold 750 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $88.45, for a total value of $66,337.50. Following the completion of the transaction, the director now directly owns 21,876 shares in the company, valued at $1,934,932.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,702 shares of company stock valued at $1,078,058. Corporate insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on WEC shares. Wells Fargo & Company lifted their price objective on WEC Energy Group from $103.00 to $106.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. StockNews.com raised WEC Energy Group from a “sell” rating to a “hold” rating in a research report on Friday. Scotiabank raised their price objective on shares of WEC Energy Group from $90.00 to $103.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, August 20th. 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, BMO Capital Markets raised their price target on shares of WEC Energy Group from $91.00 to $93.00 and gave the stock a “market perform” rating in a research report on Friday, August 23rd. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $94.45.

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.