Brokers Issue Forecasts for WEC Energy Group, Inc.’s Q3 2024 Earnings (NYSE:WEC)
WEC Energy Group, Inc. (NYSE:WEC – Free Report) – Investment analysts at Zacks Research reduced their Q3 2024 EPS estimates for WEC Energy Group in a research report issued to clients and investors on Tuesday, March 26th. Zacks Research analyst R. Department now anticipates that the utilities provider will earn $1.06 per share for the quarter, down from their previous estimate of $1.07. 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 FY2024 earnings at $4.88 EPS, Q3 2025 earnings at $0.89 EPS and FY2025 earnings at $5.23 EPS.
Several other analysts have also issued reports on WEC. 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. KeyCorp upped their price objective on shares of WEC Energy Group from $94.00 to $95.00 and gave the company an “overweight” rating in a report on Thursday, January 4th. JPMorgan Chase & Co. downgraded shares of WEC Energy Group from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $90.00 to $84.00 in a 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 on the stock in a report on Thursday, February 8th. Finally, Bank of America reiterated an “underperform” rating and issued a $78.00 price objective (down from $84.00) on shares of WEC Energy Group in a report on Thursday, January 4th. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, WEC Energy Group currently has an average rating of “Hold” and a consensus price target of $86.17.
Check Out Our Latest Report on WEC
WEC Energy Group Stock Performance
NYSE WEC opened at $78.65 on Wednesday. The company has a current ratio of 0.55, a quick ratio of 0.40 and a debt-to-equity ratio of 1.29. The firm’s fifty day moving average price is $79.50 and its two-hundred day moving average price is $81.78. WEC Energy Group has a 1 year low of $75.13 and a 1 year high of $99.26. The firm has a market capitalization of $24.81 billion, a P/E ratio of 18.64, a price-to-earnings-growth ratio of 2.78 and a beta of 0.40.
WEC Energy Group (NYSE:WEC – Get Free Report) last posted its quarterly earnings results on Thursday, February 1st. The utilities provider reported $1.10 earnings per share (EPS) for the quarter, topping 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 prior year, the firm posted $0.80 earnings per share. The company’s quarterly revenue was down 13.3% compared to the same quarter last year.
Insider Activity at WEC Energy Group
In related news, Chairman Gale E. Klappa sold 37,180 shares of the company’s 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 $21,622,595.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other WEC Energy Group news, Chairman Gale E. Klappa sold 37,180 shares of the firm’s 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 of the company’s stock, valued at approximately $21,622,595.58. The transaction 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 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 completion of the transaction, the chief executive officer now directly owns 43,125 shares in the company, valued at $3,402,131.25. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On WEC Energy Group
Several hedge funds have recently bought and sold shares of WEC. American Century Companies Inc. increased its holdings in WEC Energy Group by 5,257.7% in the 3rd quarter. American Century Companies Inc. now owns 1,465,114 shares of the utilities provider’s stock valued at $118,015,000 after buying an additional 1,437,768 shares during the period. Clearbridge Investments LLC grew its holdings in shares of WEC Energy Group by 763.5% during the 4th quarter. Clearbridge Investments LLC now owns 1,332,587 shares of the utilities provider’s stock valued at $112,164,000 after purchasing an additional 1,178,270 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of WEC Energy Group by 563.3% during the 1st 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. Envestnet Asset Management Inc. grew its holdings in shares of WEC Energy Group by 93.3% during the 4th quarter. Envestnet Asset Management Inc. now owns 1,665,038 shares of the utilities provider’s stock valued at $140,146,000 after purchasing an additional 803,718 shares during the last quarter. Finally, Royal Bank of Canada grew its holdings in shares of WEC Energy Group by 146.0% during the 4th quarter. Royal Bank of Canada now owns 1,257,505 shares of the utilities provider’s stock valued at $105,843,000 after purchasing an additional 746,385 shares during the last quarter. 77.20% of the stock is owned by institutional investors.
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.
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