WEC Energy Group (NYSE:WEC) Posts Quarterly Earnings Results, Beats Estimates By $0.12 EPS

WEC Energy Group (NYSE:WEC - Get Free Report) issued its quarterly earnings results on Thursday. The utilities provider reported $0.82 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.12, Briefing.com reports. WEC Energy Group had a return on equity of 12.26% and a net margin of 15.85%. The firm had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.93 billion. During the same period last year, the business posted $1.00 EPS. The business's revenue was down 4.8% compared to the same quarter last year. WEC Energy Group updated its FY 2024 guidance to 4.800-4.900 EPS and its FY24 guidance to $4.80 to $4.90 EPS.

WEC Energy Group Stock Performance

Shares of WEC Energy Group stock traded up $0.04 during mid-day trading on Friday, hitting $95.57. 3,176,919 shares of the stock were exchanged, compared to its average volume of 2,153,283. WEC Energy Group has a 12 month low of $75.13 and a 12 month high of $100.31. The company has a 50-day simple moving average of $95.55 and a 200 day simple moving average of $87.18. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.54 and a current ratio of 0.74. The company has a market capitalization of $30.21 billion, a P/E ratio of 22.07, a P/E/G ratio of 2.47 and a beta of 0.44.

WEC Energy Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Thursday, November 14th will be given a dividend of $0.835 per share. The ex-dividend date is Thursday, November 14th. This represents a $3.34 annualized dividend and a dividend yield of 3.49%. WEC Energy Group's dividend payout ratio is currently 77.14%.

Analyst Upgrades and Downgrades

WEC has been the topic of a number of research analyst reports. KeyCorp increased their price objective on shares of WEC Energy Group from $103.00 to $108.00 and gave the stock an "overweight" rating in a research report on Tuesday, October 22nd. Bank of America increased their price objective on shares of WEC Energy Group from $88.00 to $90.00 and gave the stock an "underperform" rating in a research report on Thursday, August 29th. Wells Fargo & Company increased their price objective on shares of WEC Energy Group from $103.00 to $106.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 16th. Scotiabank increased their price objective on shares of WEC Energy Group from $90.00 to $103.00 and gave the stock a "sector outperform" rating in a research report on Tuesday, August 20th. Finally, Barclays raised their price target on shares of WEC Energy Group from $86.00 to $89.00 and gave the company an "underweight" rating in a research report on Monday, October 7th. Three analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $94.45.

Insiders Place Their Bets

In other WEC Energy Group news, VP Mary Beth Straka sold 3,240 shares of WEC Energy Group stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $93.04, for a total transaction of $301,449.60. Following the transaction, the vice president now owns 3,662 shares of the company's stock, valued at $340,712.48. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Joshua M. Erickson sold 350 shares of the firm's stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $89.75, for a total transaction of $31,412.50. Following the completion of the sale, the vice president now owns 2,377 shares in the company, valued at $213,335.75. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Mary Beth Straka sold 3,240 shares of the firm's stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $93.04, for a total transaction of $301,449.60. Following the sale, the vice president now owns 3,662 shares of the company's stock, valued at approximately $340,712.48. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 11,702 shares of company stock valued at $1,078,058 in the last 90 days. 0.34% of the stock is currently owned by corporate insiders.

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.