WEC Energy Group (NYSE:WEC) Hits New 12-Month High With Analyst Update

VaselineAugust 24, 2024

0 4 minutes read

Shares of WEC Energy Group, Inc. (NYSE:WEC – Get Free Report ) hit a new 52-week high on Thursday after Wells Fargo & Company upped their target price for the stock from $98.00 to $103.00. Wells Fargo & Company currently has an overweight rating on the stock. WEC Energy Group traded as high as $92.49 and last traded at $92.44 with a volume of 606682 shares. Shares previously closed at $91.75.

A number of other equities research analysts have also weighed in on WEC. Scotiabank upped their target price on shares of WEC Energy Group from $90.00 to $103.00 and gave the company a “sector outperform” rating in a report on Tuesday. StockNews.com lowered shares of WEC Energy Group from a “hold” rating to a “sell” rating in a report on Friday, August 9th. Barclays boosted their target price on shares of WEC Energy Group from $80.00 to $86.00 and gave the company an “underweight” rating in a report on Tuesday, August 6th. BMO Capital Markets boosted their target price on shares of WEC Energy Group from $87.00 to $91.00 and gave the company a “market perform” rating in a report on Thursday, August 1st. Finally, KeyCorp cut their price objective on shares of WEC Energy Group from $96.00 to $95.00 and set an “overweight” rating for the company in a report on Monday, July 22nd. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, WEC Energy Group has an average rating of “Hold” and an average target price of $88.69.

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In other news, Director Ulice Payne, Jr. sold 750 shares of the business’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $88.45, for a total value of $66,337.50. Following the transaction, the director now directly owns 21,876 shares in the company, valued at approximately $1,934,932.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, VP Joshua M. Erickson sold 350 shares of WEC Energy Group stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $89.75, for a total value of $31,412.50. Following the sale, the vice president now directly owns 2,377 shares in the company, valued at approximately $213,335.75. The sale was disclosed in a legal filing with the SEC, which is available on the SEC’s website. Also, Director Ulice Payne, Jr. sold 750 shares of WEC Energy Group stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $88.45, for a total transaction of $66,337.50. Following the completion of the sale, the director now owns 21,876 shares in the company, valued at $1,934,932.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,462 shares of company stock worth $218,668. 0.34% of shares are currently owned by insiders.

WEC Energy Group Institutional Trading

Hedge funds have recently bought and sold shares of the company. Principal Securities Inc. bought a new stake in WEC Energy Group in the 4th quarter valued at approximately $983,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in WEC Energy Group by 6.7% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 316,255 shares of the utilities provider’s stock valued at $27,391,000 after purchasing an additional 19,867 shares in the last quarter. Alley Investment Management Company LLC grew its position in shares of WEC Energy Group by 324.5% during the 4th quarter. Alley Investment Management Company LLC now owns 39,256 shares of the utilities provider’s stock worth $3,304,000 after bought an additional 30,009 shares in the last quarter. Advisory Services Network LLC raised its position in shares of WEC Energy Group by 34.0% during the 4th quarter. Advisory Services Network LLC now owns 37,561 shares of the utilities provider’s stock worth $3,162,000 after buying another 9,526 shares in the last quarter. Finally, abrdn plc increased its position in shares of WEC Energy Group by 72.6% during the 4th quarter. abrdn plc now owns 129,890 shares of the utilities provider’s stock worth $10,933,000 after bought an additional 54,623 shares in the last quarter. 77.20% of shares are currently owned by institutional investors.

WEC Energy Group price performance

The company has a market cap of $29.36 billion, a P/E ratio of 20.30, a P/E/G ratio of 2.31 and a beta of 0.41. The company’s 50-day simple moving average is $83.14, and its 200-day simple moving average is $81.55. The company has a current ratio of 0.74, a quick ratio of 0.54, and a debt-to-equity ratio of 1.37.

WEC Energy Group (NYSE:WEC – Get Free Report ) last posted its quarterly earnings results on Wednesday, July 31st. The utilities provider reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.04. WEC Energy Group had a net margin of 15.85% and a return on equity of 12.26%. The company had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.87 billion. During the same period in the previous year, the firm earned $0.92 EPS. WEC Energy Group’s revenue fell 3.2% year over year. As a group, sell-side analysts anticipate that WEC Energy Group, Inc. will post 4.88 EPS for the current year.

WEC Energy Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Wednesday, August 14th will be paid a dividend of $0.835 per share. The ex-dividend date is Wednesday, August 14. This represents a dividend of $3.34 on an annualized basis and a dividend yield of 3.59%. WEC Energy Group’s dividend payout ratio (DPR) is 72.93%.

About WEC Energy Group

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WEC Energy Group, Inc, through its subsidiaries, provides regulated natural gas and electricity, and renewable and unregulated energy services in the United States. It operates through the Wisconsin, Illinois, Other States, Electric Transmission and Non-Utility Energy Infrastructure segments.