ValuEngine downgraded shares of WEC Energy Group (NYSE:WEC) from a buy rating to a hold rating in a research note released on Friday morning.
Several other brokerages have also weighed in on WEC. Wolfe Research lowered WEC Energy Group from a market perform rating to a sell rating in a research report on Friday, October 26th. Zacks Investment Research raised WEC Energy Group from a hold rating to a buy rating and set a $77.00 target price on the stock in a research report on Wednesday, October 17th. Wells Fargo & Co increased their target price on WEC Energy Group from $71.00 to $75.00 and gave the stock an outperform rating in a research report on Monday, September 17th. Bank of America lowered WEC Energy Group from a buy rating to a neutral rating in a research report on Thursday. They noted that the move was a valuation call. Finally, Credit Suisse Group increased their target price on WEC Energy Group from $69.00 to $70.00 and gave the stock a neutral rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company’s stock. WEC Energy Group has a consensus rating of Hold and an average target price of $70.27.
WEC stock opened at $67.00 on Friday. The company has a current ratio of 0.51, a quick ratio of 0.44 and a debt-to-equity ratio of 0.93. The company has a market cap of $21.14 billion, a P/E ratio of 19.65, a PEG ratio of 4.60 and a beta of -0.03. WEC Energy Group has a 12-month low of $58.48 and a 12-month high of $72.09.
WEC Energy Group (NYSE:WEC) last posted its quarterly earnings results on Wednesday, October 31st. The utilities provider reported $0.74 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.03. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.66 billion. WEC Energy Group had a return on equity of 11.18% and a net margin of 16.82%. The business’s revenue was down .8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.68 EPS. Sell-side analysts expect that WEC Energy Group will post 3.33 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Saturday, December 1st. Stockholders of record on Wednesday, November 14th will be paid a $0.5525 dividend. The ex-dividend date is Tuesday, November 13th. This represents a $2.21 annualized dividend and a dividend yield of 3.30%. WEC Energy Group’s payout ratio is 70.38%.
In other news, insider Frederick D. Kuester sold 168,790 shares of the stock in a transaction on Thursday, August 9th. The stock was sold at an average price of $66.94, for a total value of $11,298,802.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.97% of the company’s stock.
Several large investors have recently added to or reduced their stakes in WEC. Vaughan Nelson Investment Management L.P. bought a new position in shares of WEC Energy Group in the second quarter worth $47,445,000. Virginia Retirement Systems ET AL grew its stake in shares of WEC Energy Group by 433.9% in the second quarter. Virginia Retirement Systems ET AL now owns 512,500 shares of the utilities provider’s stock worth $33,133,000 after purchasing an additional 416,500 shares in the last quarter. Retirement Systems of Alabama grew its stake in shares of WEC Energy Group by 245.1% in the second quarter. Retirement Systems of Alabama now owns 520,237 shares of the utilities provider’s stock worth $33,633,000 after purchasing an additional 369,496 shares in the last quarter. Magellan Asset Management Ltd grew its stake in shares of WEC Energy Group by 17.0% in the second quarter. Magellan Asset Management Ltd now owns 1,711,169 shares of the utilities provider’s stock worth $110,627,000 after purchasing an additional 248,768 shares in the last quarter. Finally, Rathbone Brothers plc grew its stake in shares of WEC Energy Group by 28.5% in the second quarter. Rathbone Brothers plc now owns 794,281 shares of the utilities provider’s stock worth $51,350,000 after purchasing an additional 176,370 shares in the last quarter. 73.49% 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 nonregulated renewable energy services in the United States. The company operates through six segments: Wisconsin, Illinois, Other States, Electric Transmission, Non-Utility Energy Infrastructure, and Corporate and Other.
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