WEC Energy Group, Inc. (NYSE:WEC) Short Interest Update

Key Points

• WEC Energy Group saw a dramatic 30,392.2% increase in short interest in July, totaling 11,770,000 shares as of July 15th, with a days-to-cover ratio of 5.7 days based on an average volume of 2,050,000 shares.
• The company's recent quarterly earnings report showed an EPS of $0.76, which exceeded expectations and represented a 13.4% increase in revenue compared to the previous year.
• Despite the earnings beat, WEC Energy Group's dividend has been cut, and current analysts show a consensus rating of "Hold" with an average price target of $106.40.

WEC Energy Group, Inc. (NYSE:WEC - Get Free Report) was the recipient of a significant growth in short interest in the month of July. As of July 15th, there was short interest totaling 11,770,000 shares, agrowthof30,392.2% from the June 30th total of 38,600 shares. Based on an average daily volume of 2,050,000 shares, the days-to-cover ratio is currently 5.7 days. Based on an average daily volume of 2,050,000 shares, the days-to-cover ratio is currently 5.7 days.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Wells Fargo & Company raised their target price on shares of WEC Energy Group from $115.00 to $124.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Wall Street Zen downgraded shares of WEC Energy Group from a "hold" rating to a "sell" rating in a research note on Saturday, July 12th. Barclays lifted their price target on shares of WEC Energy Group from $99.00 to $101.00 and gave the stock an "equal weight" rating in a research note on Tuesday, April 29th. The Goldman Sachs Group downgraded shares of WEC Energy Group from a "neutral" rating to a "sell" rating and decreased their price target for the stock from $106.00 to $100.00 in a research note on Wednesday, June 25th. Finally, JPMorgan Chase & Co. raised shares of WEC Energy Group from an "underweight" rating to a "neutral" rating and lifted their price target for the stock from $106.00 to $108.00 in a research note on Tuesday, April 8th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $106.40.

WEC Energy Group Price Performance

WEC traded up $1.28 during trading on Friday, reaching $110.36. 2,501,570 shares of the company traded hands, compared to its average volume of 2,220,073. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.40 and a current ratio of 0.55. WEC Energy Group has a 12-month low of $86.76 and a 12-month high of $111.07. The firm has a fifty day simple moving average of $105.88 and a 200 day simple moving average of $105.18. The company has a market cap of $35.22 billion, a P/E ratio of 21.14, a PEG ratio of 2.98 and a beta of 0.44.

WEC Energy Group (NYSE:WEC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The utilities provider reported $0.76 EPS for the quarter, topping the consensus estimate of $0.71 by $0.05. WEC Energy Group had a net margin of 17.87% and a return on equity of 12.90%. The company had revenue of $2.01 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same period in the previous year, the firm earned $0.67 earnings per share. WEC Energy Group's quarterly revenue was up 13.4% compared to the same quarter last year. On average, equities analysts forecast that WEC Energy Group will post 5.23 EPS for the current year.

WEC Energy Group Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Thursday, August 14th will be issued a $0.8925 dividend. The ex-dividend date is Thursday, August 14th. This represents a $3.57 dividend on an annualized basis and a yield of 3.2%. WEC Energy Group's payout ratio is currently 68.39%.

Insiders Place Their Bets

In other news, VP Joshua M. Erickson sold 2,155 shares of the stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $107.77, for a total value of $232,244.35. Following the sale, the vice president directly owned 2,686 shares of the company's stock, valued at approximately $289,470.22. This represents a 44.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On WEC Energy Group

A number of large investors have recently modified their holdings of WEC. Truvestments Capital LLC purchased a new stake in shares of WEC Energy Group during the first quarter worth about $25,000. Nova Wealth Management Inc. acquired a new position in WEC Energy Group in the first quarter valued at approximately $26,000. Bayforest Capital Ltd acquired a new position in shares of WEC Energy Group during the 2nd quarter worth approximately $26,000. Hughes Financial Services LLC acquired a new position in shares of WEC Energy Group during the 1st quarter worth approximately $28,000. Finally, Opal Wealth Advisors LLC acquired a new position in WEC Energy Group in the 1st quarter valued at $32,000. Hedge funds and other institutional investors own 77.20% of the company's stock.

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.

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