WEC Energy Group (NYSE:WEC) Price Target Cut to $122.00 by Analysts at Royal Bank Of Canada

Key Points

• Royal Bank of Canada lowered WEC Energy Group’s price target to $122 from $124 while maintaining a “sector perform” rating, implying approximately 10.27% upside from the stock’s $110.64 price.
• Analyst sentiment remains broadly neutral: WEC has an average “Hold” rating and a consensus target price of $117.11, based on eight Buy, nine Hold, and one Sell recommendation.
• WEC’s latest quarterly results exceeded expectations, with earnings per share of $0.91 versus the $0.80 consensus estimate, although revenue of $2.06 billion fell short of analysts’ $2.11 billion forecast.

WEC Energy Group (NYSE:WEC - Get Free Report) had its price objective reduced by equities researchers at Royal Bank Of Canada from $124.00 to $122.00 in a report released on Monday. The brokerage currently has a "sector perform" rating on the utilities provider's stock. Royal Bank Of Canada's price objective would indicate a potential upside of 10.27% from the stock's current price.

WEC has been the subject of a number of other reports. JPMorgan Chase & Co. increased their price objective on shares of WEC Energy Group from $120.00 to $124.00 and gave the stock a "neutral" rating in a research note on Thursday, July 16th. BMO Capital Markets reaffirmed a "market perform" rating and issued a $117.00 target price (down from $120.00) on shares of WEC Energy Group in a research report on Friday, October 16th. Barclays dropped their target price on WEC Energy Group from $117.00 to $108.00 and set an "equal weight" rating on the stock in a report on Monday, October 19th. Wall Street Zen raised WEC Energy Group from a "sell" rating to a "hold" rating in a research report on Tuesday, September 22nd. Finally, KeyCorp decreased their price target on WEC Energy Group from $117.00 to $111.00 and set an "overweight" rating for the company in a research note on Tuesday, October 13th. Eight research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $117.11.

WEC Energy Group Stock Down 0.7%

Shares of NYSE WEC traded down $0.79 during midday trading on Monday, reaching $110.64. The company's stock had a trading volume of 2,235,359 shares, compared to its average volume of 2,254,351. The company has a current ratio of 0.53, a quick ratio of 0.39 and a debt-to-equity ratio of 1.35. WEC Energy Group has a fifty-two week low of $99.80 and a fifty-two week high of $119.91. The stock has a market capitalization of $36.05 billion, a price-to-earnings ratio of 21.44, a PEG ratio of 2.29 and a beta of 0.45. The stock has a 50 day simple moving average of $105.60 and a 200-day simple moving average of $111.30.

WEC Energy Group (NYSE:WEC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The utilities provider reported $0.91 EPS for the quarter, topping analysts' consensus estimates of $0.80 by $0.11. The business had revenue of $2.06 billion for the quarter, compared to analyst estimates of $2.11 billion. WEC Energy Group had a net margin of 16.69% and a return on equity of 12.90%. The firm's revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.76 earnings per share. Equities research analysts predict that WEC Energy Group will post 5.60 earnings per share for the current year.

Insider Activity at WEC Energy Group

In other news, Director Ulice Payne, Jr. sold 980 shares of WEC Energy Group stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $105.58, for a total value of $103,468.40. Following the completion of the transaction, the director owned 19,588 shares of the company's stock, valued at $2,068,101.04. This trade represents a 4.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.46% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of WEC. Envestnet Asset Management Inc. grew its holdings in WEC Energy Group by 3.1% during the second quarter. Envestnet Asset Management Inc. now owns 3,734,979 shares of the utilities provider's stock worth $436,133,000 after purchasing an additional 111,057 shares during the period. PNC Financial Services Group Inc. raised its stake in WEC Energy Group by 0.3% in the first quarter. PNC Financial Services Group Inc. now owns 2,571,015 shares of the utilities provider's stock valued at $297,646,000 after buying an additional 7,206 shares during the period. Legal & General Group Plc bought a new stake in WEC Energy Group in the second quarter valued at approximately $299,100,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in WEC Energy Group by 5.0% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,644,319 shares of the utilities provider's stock valued at $192,007,000 after buying an additional 78,168 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in shares of WEC Energy Group by 3.4% in the first quarter. Dimensional Fund Advisors LP now owns 1,286,276 shares of the utilities provider's stock valued at $148,906,000 after buying an additional 42,403 shares during the last quarter. 77.20% of the stock is currently owned by institutional investors and hedge funds.

About WEC Energy Group

WEC Energy Group, Inc is an energy holding company headquartered in Milwaukee, Wisconsin. Through its operating companies, the company generates and delivers electricity and provides natural gas distribution, storage and related energy services to residential, commercial and industrial customers.

WEC Energy's principal utility businesses include We Energies and Wisconsin Public Service in Wisconsin, Michigan Gas Utilities, Minnesota Energy Resources, Upper Michigan Energy Resources and North Dakota utility operations.

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