WEC Energy Group (NYSE:WEC – Get Free Report) issued an update on its first quarter earnings guidance on Tuesday morning. The company provided earnings per share guidance of $1.89-1.91 for the period, compared to the consensus earnings per share estimate of $1.79. WEC Energy Group also updated its FY 2024 guidance to 4.800-4.900 EPS.
WEC Energy Group Stock Up 3.2 %
NYSE:WEC opened at $81.18 on Thursday. WEC Energy Group has a 1-year low of $75.13 and a 1-year high of $99.26. The company has a 50-day moving average of $79.42 and a 200 day moving average of $81.74. The firm has a market cap of $25.61 billion, a PE ratio of 19.24, a price-to-earnings-growth ratio of 2.74 and a beta of 0.40. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.55 and a quick ratio of 0.40.
WEC Energy Group (NYSE:WEC – Get Free Report) last announced its earnings results on Thursday, February 1st. The utilities provider reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.02. The business had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.82 billion. WEC Energy Group had a net margin of 14.98% and a return on equity of 12.17%. The firm’s revenue was down 13.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.80 earnings per share. As a group, research analysts anticipate that WEC Energy Group will post 4.88 EPS for the current fiscal year.
Analysts Set New Price Targets
Check Out Our Latest Research Report on WEC Energy Group
Insider Buying and Selling
In related news, Chairman Gale E. Klappa sold 37,180 shares of the stock in a transaction that occurred on 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 owns 274,782 shares in the company, valued at approximately $21,622,595.58. The sale was disclosed in a filing with the SEC, which is available through this link. In other WEC Energy Group news, Chairman Gale E. Klappa sold 37,180 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $78.69, for a total value of $2,925,694.20. Following the sale, the chairman now owns 274,782 shares in the company, valued at approximately $21,622,595.58. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Scott J. Lauber sold 2,830 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $78.89, for a total value of $223,258.70. Following the completion of the sale, the chief executive officer now owns 43,125 shares in the company, valued at approximately $3,402,131.25. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently made changes to their positions in the business. Achmea Investment Management B.V. purchased a new position in shares of WEC Energy Group during the 1st quarter valued at approximately $27,000. First Manhattan Co. lifted its position in shares of WEC Energy Group by 102.0% during the 4th quarter. First Manhattan Co. now owns 303 shares of the utilities provider’s stock valued at $28,000 after buying an additional 153 shares in the last quarter. Sunbelt Securities Inc. purchased a new position in shares of WEC Energy Group during the 1st quarter valued at approximately $44,000. Quarry LP lifted its position in shares of WEC Energy Group by 373.3% during the 2nd quarter. Quarry LP now owns 549 shares of the utilities provider’s stock valued at $48,000 after buying an additional 433 shares in the last quarter. Finally, Fairfield Bush & CO. purchased a new position in WEC Energy Group in the 2nd quarter valued at $57,000. Hedge funds and other institutional investors own 77.20% of the company’s stock.
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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