Q2 2024 EPS Estimates for WEC Energy Group, Inc. (NYSE:WEC) Reduced by Analyst

WEC Energy Group, Inc. (NYSE:WEC - Free Report) - Analysts at Zacks Research lowered their Q2 2024 earnings estimates for shares of WEC Energy Group in a note issued to investors on Thursday, April 25th. Zacks Research analyst R. Department now anticipates that the utilities provider will post earnings per share of $0.93 for the quarter, down from their previous forecast of $0.96. The consensus estimate for WEC Energy Group's current full-year earnings is $4.88 per share. Zacks Research also issued estimates for WEC Energy Group's Q3 2024 earnings at $1.03 EPS, Q4 2024 earnings at $1.06 EPS, FY2024 earnings at $4.86 EPS, Q1 2025 earnings at $2.04 EPS, Q4 2025 earnings at $1.41 EPS, FY2025 earnings at $5.22 EPS, Q1 2026 earnings at $2.01 EPS and FY2026 earnings at $5.60 EPS.

WEC Energy Group (NYSE:WEC - Get Free Report) last issued its quarterly earnings results on Thursday, February 1st. The utilities provider reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.02. WEC Energy Group had a net margin of 14.98% and a return on equity of 12.17%. The firm had revenue of $2.22 billion for the quarter, compared to analyst estimates of $2.82 billion. During the same period in the previous year, the business earned $0.80 EPS. The company's revenue was down 13.3% compared to the same quarter last year.

Several other research analysts have also weighed in on the company. JPMorgan Chase & Co. lowered WEC Energy Group from a "neutral" rating to an "underweight" rating and lowered their price target for the stock from $90.00 to $84.00 in a research report on Friday, February 2nd. Wells Fargo & Company dropped their price target on shares of WEC Energy Group from $93.00 to $91.00 and set an "overweight" rating on the stock in a research report on Friday, February 2nd. Royal Bank of Canada decreased their price objective on shares of WEC Energy Group from $95.00 to $90.00 and set a "sector perform" rating for the company in a research report on Thursday, February 8th. KeyCorp upped their target price on shares of WEC Energy Group from $95.00 to $96.00 and gave the company an "overweight" rating in a report on Friday, April 19th. Finally, Scotiabank reduced 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. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, WEC Energy Group currently has a consensus rating of "Hold" and an average target price of $86.64.

WEC Energy Group Stock Down 1.6 %

Shares of NYSE:WEC traded down $1.31 during midday trading on Friday, reaching $81.50. The company had a trading volume of 1,945,636 shares, compared to its average volume of 2,126,661. WEC Energy Group has a 1-year low of $75.13 and a 1-year high of $97.34. The stock has a market cap of $25.71 billion, a PE ratio of 19.31, a P/E/G ratio of 2.86 and a beta of 0.40. The company has a quick ratio of 0.40, a current ratio of 0.55 and a debt-to-equity ratio of 1.29. The business's 50 day moving average price is $80.25 and its 200 day moving average price is $81.43.

Institutional Investors Weigh In On WEC Energy Group

Institutional investors and hedge funds have recently bought and sold shares of the company. Highview Capital Management LLC DE raised its position in WEC Energy Group by 79.3% during the first quarter. Highview Capital Management LLC DE now owns 14,680 shares of the utilities provider's stock valued at $1,206,000 after purchasing an additional 6,491 shares in the last quarter. YHB Investment Advisors Inc. acquired a new position in shares of WEC Energy Group during the 1st quarter worth $32,000. Mitchell & Pahl Private Wealth LLC lifted its position in shares of WEC Energy Group by 5.1% during the 1st quarter. Mitchell & Pahl Private Wealth LLC now owns 24,761 shares of the utilities provider's stock worth $2,033,000 after buying an additional 1,204 shares during the last quarter. Mesirow Financial Investment Management Inc. bought a new stake in shares of WEC Energy Group during the 1st quarter worth $2,010,000. Finally, Petredis Investment Advisors LLC boosted its stake in WEC Energy Group by 2.3% in the first quarter. Petredis Investment Advisors LLC now owns 44,728 shares of the utilities provider's stock valued at $3,673,000 after buying an additional 1,024 shares in the last quarter. Institutional investors own 77.20% of the company's stock.

Insider Buying and Selling at WEC Energy Group

In related news, CEO Scott J. Lauber sold 2,830 shares of the firm's stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $78.89, for a total transaction of $223,258.70. Following the transaction, the chief executive officer now directly owns 43,125 shares of the company's stock, valued at $3,402,131.25. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other WEC Energy Group news, Chairman Gale E. Klappa sold 37,180 shares of WEC Energy Group stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $78.69, for a total value of $2,925,694.20. Following the completion of the transaction, the chairman now directly owns 274,782 shares of the company's stock, valued at approximately $21,622,595.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Scott J. Lauber sold 2,830 shares of the company's stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $78.89, for a total value of $223,258.70. Following the sale, the chief executive officer now owns 43,125 shares of the company's stock, valued at $3,402,131.25. The disclosure for this sale can be found here. Insiders own 0.34% of the company's stock.

WEC Energy Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Tuesday, May 14th will be paid a $0.835 dividend. The ex-dividend date is Monday, May 13th. This represents a $3.34 annualized dividend and a yield of 4.10%. WEC Energy Group's dividend payout ratio (DPR) is presently 79.15%.

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.