WEC Energy Group (WEC) Downgraded by Bank of America

Bank of America downgraded shares of WEC Energy Group (NYSE:WEC) from a buy rating to a neutral rating in a research note released on Thursday morning, Marketbeat.com reports. The analysts noted that the move was a valuation call.

A number of other analysts have also recently issued reports on the company. ValuEngine raised WEC Energy Group from a hold rating to a buy rating in a research report on Friday, October 19th. Zacks Investment Research raised WEC Energy Group from a hold rating to a buy rating and set a $77.00 price objective for the company in a research report on Wednesday, October 17th. Barclays initiated coverage on WEC Energy Group in a research report on Tuesday, July 10th. They issued an equal weight rating and a $71.00 price objective for the company. Citigroup raised their price objective on WEC Energy Group from $61.00 to $63.00 and gave the company a hold rating in a research report on Tuesday, July 10th. Finally, Deutsche Bank raised their price objective on WEC Energy Group from $67.00 to $68.00 and gave the company a hold rating in a research report on Wednesday, August 1st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. WEC Energy Group has an average rating of Hold and a consensus target price of $70.27.

WEC stock opened at $67.00 on Thursday. The company has a quick ratio of 0.44, a current ratio of 0.51 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $21.14 billion, a price-to-earnings ratio of 19.65, a P/E/G ratio of 4.60 and a beta of -0.03. WEC Energy Group has a twelve month low of $58.48 and a twelve 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 for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.03. The firm had revenue of $1.64 billion during the quarter, compared to the consensus estimate 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 last year, the company earned $0.68 earnings per share. On average, research analysts predict that WEC Energy Group will post 3.33 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Saturday, December 1st. Investors of record on Wednesday, November 14th will be issued a dividend of $0.5525 per share. The ex-dividend date of this dividend is Tuesday, November 13th. This represents a $2.21 annualized dividend and a yield of 3.30%. WEC Energy Group’s payout ratio is currently 70.38%.

In related news, Director Barbara L. Bowles sold 2,500 shares of WEC Energy Group stock in a transaction that occurred on Monday, August 6th. The stock was sold at an average price of $66.45, for a total transaction of $166,125.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Frederick D. Kuester sold 168,790 shares of WEC Energy Group stock in a transaction that occurred 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 disclosure for this sale can be found here. Company insiders own 0.97% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in WEC. Vaughan Nelson Investment Management L.P. acquired a new stake in WEC Energy Group during the 2nd quarter worth approximately $47,445,000. Virginia Retirement Systems ET AL lifted its holdings in WEC Energy Group by 433.9% during the 2nd 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 during the last quarter. Retirement Systems of Alabama lifted its holdings in WEC Energy Group by 245.1% during the 2nd 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 during the last quarter. Magellan Asset Management Ltd lifted its holdings in WEC Energy Group by 17.0% during the 2nd 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 during the last quarter. Finally, Rathbone Brothers plc lifted its holdings in WEC Energy Group by 28.5% during the 2nd 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 during the last quarter. 73.49% of the stock is owned by institutional investors and hedge funds.

WEC Energy Group Company Profile

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.

Recommended Story: What does cost of debt say about a company’s financial health?

Analyst Recommendations for WEC Energy Group (NYSE:WEC)

Receive News & Ratings for WEC Energy Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for WEC Energy Group and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply