WEC Energy Group (NYSE:WEC) Issues FY24 Earnings Guidance

WEC Energy Group (NYSE:WEC - Get Free Report) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $4.80-4.90 for the period, compared to the consensus estimate of $4.87.

WEC Energy Group Stock Performance

Shares of WEC stock traded down $0.08 during trading on Monday, reaching $78.89. The company had a trading volume of 1,773,447 shares, compared to its average volume of 2,179,016. The firm's 50 day simple moving average is $79.61 and its two-hundred day simple moving average is $81.36. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.55 and a quick ratio of 0.40. WEC Energy Group has a one year low of $75.13 and a one year high of $98.80. The company has a market capitalization of $24.88 billion, a PE ratio of 18.75, a PEG ratio of 2.75 and a beta of 0.40.

WEC Energy Group (NYSE:WEC - Get Free Report) last issued its quarterly earnings data on Thursday, February 1st. The utilities provider reported $1.10 earnings per share for the quarter, beating analysts' consensus estimates of $1.08 by $0.02. WEC Energy Group had a return on equity of 12.17% and a net margin of 14.98%. The business had revenue of $2.22 billion for the quarter, compared to the consensus estimate of $2.82 billion. During the same period last year, the business earned $0.80 EPS. The firm's revenue was down 13.3% compared to the same quarter last year. Sell-side analysts forecast that WEC Energy Group will post 4.88 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on WEC shares. StockNews.com downgraded WEC Energy Group from a hold rating to a sell rating in a research note on Saturday, January 13th. Royal Bank of Canada dropped their price target on WEC Energy Group from $95.00 to $90.00 and set a sector perform rating on the stock in a research report on Thursday, February 8th. Mizuho dropped their price target on WEC Energy Group from $88.00 to $86.00 and set a buy rating on the stock in a research report on Monday, December 18th. JPMorgan Chase & Co. downgraded WEC Energy Group from a neutral rating to an underweight rating and dropped their price target for the stock from $90.00 to $84.00 in a research report on Friday, February 2nd. Finally, KeyCorp lifted their price target on WEC Energy Group from $94.00 to $95.00 and gave the stock an overweight rating in a research report on Thursday, January 4th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $86.31.

Insider Transactions at WEC Energy Group

In related news, CEO Scott J. Lauber sold 2,830 shares of the business's stock in a transaction on Thursday, February 29th. The stock was 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 approximately $3,402,131.25. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, Chairman Gale E. Klappa sold 37,180 shares of the business's 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 sale, the chairman now 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 SEC, which is available through this link. Also, CEO Scott J. Lauber sold 2,830 shares of the business's stock in a transaction on Thursday, February 29th. The stock was 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 approximately $3,402,131.25. The disclosure for this sale can be found here. 0.44% of the stock is owned by insiders.

Institutional Investors Weigh In On WEC Energy Group

A number of institutional investors and hedge funds have recently made changes to their positions in WEC. Renaissance Technologies LLC increased its holdings in WEC Energy Group by 563.3% in the first quarter. Renaissance Technologies LLC now owns 1,320,077 shares of the utilities provider's stock valued at $131,757,000 after purchasing an additional 1,121,075 shares during the last quarter. Royal Bank of Canada lifted its stake in WEC Energy Group by 146.0% in the fourth quarter. Royal Bank of Canada now owns 1,257,505 shares of the utilities provider's stock valued at $105,843,000 after buying an additional 746,385 shares during the period. Legal & General Group Plc lifted its stake in WEC Energy Group by 17.4% in the fourth quarter. Legal & General Group Plc now owns 3,623,530 shares of the utilities provider's stock valued at $304,993,000 after buying an additional 536,684 shares during the period. The Manufacturers Life Insurance Company lifted its stake in WEC Energy Group by 153.0% in the first quarter. The Manufacturers Life Insurance Company now owns 678,057 shares of the utilities provider's stock valued at $67,677,000 after buying an additional 410,082 shares during the period. Finally, Morgan Stanley lifted its stake in WEC Energy Group by 9.4% in the fourth quarter. Morgan Stanley now owns 3,236,416 shares of the utilities provider's stock valued at $303,446,000 after buying an additional 277,337 shares during the period. Institutional investors own 77.20% of the company's stock.

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.