Q2 2024 Earnings Forecast for WEC Energy Group, Inc. (NYSE:WEC) Issued By Zacks Research

WEC Energy Group, Inc. (NYSE:WEC - Free Report) - Equities research analysts at Zacks Research reduced their Q2 2024 earnings per share (EPS) estimates for shares of WEC Energy Group in a report issued on Wednesday, May 22nd. Zacks Research analyst R. Department now forecasts that the utilities provider will earn $0.64 per share for the quarter, down from their prior forecast of $0.93. The consensus estimate for WEC Energy Group's current full-year earnings is $4.86 per share. Zacks Research also issued estimates for WEC Energy Group's Q3 2024 earnings at $1.16 EPS, Q1 2025 earnings at $2.08 EPS, Q3 2025 earnings at $1.28 EPS, Q4 2025 earnings at $1.07 EPS and Q1 2026 earnings at $2.21 EPS.

WEC Energy Group (NYSE:WEC - Get Free Report) last released its quarterly earnings results on Wednesday, May 1st. The utilities provider reported $1.97 earnings per share for the quarter, topping analysts' consensus estimates of $1.90 by $0.07. The firm had revenue of $2.68 billion during the quarter, compared to analysts' expectations of $2.92 billion. WEC Energy Group had a return on equity of 13.01% and a net margin of 16.67%. WEC Energy Group's quarterly revenue was down 7.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.61 EPS.

Several other equities analysts have also recently issued reports on the company. StockNews.com upgraded WEC Energy Group from a "sell" rating to a "hold" rating in a research note on Thursday, May 9th. Wells Fargo & Company decreased their price objective on shares of WEC Energy Group from $93.00 to $91.00 and set an "overweight" rating for the company in a report on Friday, February 2nd. The Goldman Sachs Group assumed coverage on shares of WEC Energy Group in a report on Wednesday, April 10th. They set a "neutral" rating and a $88.00 price target for the company. Royal Bank of Canada reduced their price target on shares of WEC Energy Group from $95.00 to $90.00 and set a "sector perform" rating for the company in a report on Thursday, February 8th. Finally, Barclays reduced their price target on shares of WEC Energy Group from $79.00 to $75.00 and set an "underweight" rating for the company in a report on Thursday, February 8th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, WEC Energy Group currently has an average rating of "Hold" and an average target price of $86.29.

WEC Energy Group Stock Up 0.0 %

Shares of WEC traded up $0.03 during trading on Friday, reaching $80.70. The company's stock had a trading volume of 2,221,260 shares, compared to its average volume of 2,137,898. The company has a fifty day moving average of $81.97 and a two-hundred day moving average of $81.63. WEC Energy Group has a twelve month low of $75.13 and a twelve month high of $93.37. The company has a market cap of $25.49 billion, a price-to-earnings ratio of 17.61, a P/E/G ratio of 2.13 and a beta of 0.40. The company has a quick ratio of 0.42, a current ratio of 0.55 and a debt-to-equity ratio of 1.24.

Hedge Funds Weigh In On WEC Energy Group

Institutional investors and hedge funds have recently bought and sold shares of the business. Deutsche Bank AG grew its stake in shares of WEC Energy Group by 3.0% in the 3rd quarter. Deutsche Bank AG now owns 5,495,925 shares of the utilities provider's stock valued at $442,697,000 after buying an additional 158,652 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of WEC Energy Group by 3.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,295,729 shares of the utilities provider's stock valued at $346,021,000 after buying an additional 142,412 shares in the last quarter. Invesco Ltd. grew its stake in shares of WEC Energy Group by 3.8% in the 3rd quarter. Invesco Ltd. now owns 4,216,264 shares of the utilities provider's stock valued at $339,620,000 after buying an additional 155,437 shares in the last quarter. Northern Trust Corp boosted its position in WEC Energy Group by 2.9% during the fourth quarter. Northern Trust Corp now owns 4,071,148 shares of the utilities provider's stock worth $342,669,000 after purchasing an additional 116,219 shares during the period. Finally, Morgan Stanley boosted its position in WEC Energy Group by 1.4% during the third quarter. Morgan Stanley now owns 3,354,181 shares of the utilities provider's stock worth $270,179,000 after purchasing an additional 44,797 shares during the period. Hedge funds and other institutional investors own 77.20% of the company's stock.

Insiders Place Their Bets

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

WEC Energy Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Tuesday, May 14th will be given a $0.835 dividend. This represents a $3.34 annualized dividend and a yield of 4.14%. The ex-dividend date of this dividend is Monday, May 13th. WEC Energy Group's dividend payout ratio (DPR) is presently 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.