WEC Energy Group (NYSE:WEC – Get Free Report) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $4.80-4.90 for the period, compared to the consensus EPS estimate of $4.87. WEC Energy Group also updated its FY 2024 guidance to 4.800-4.900 EPS.
WEC Energy Group Price Performance
WEC stock opened at $82.12 on Friday. The firm has a 50 day moving average of $79.42 and a 200-day moving average of $81.74. The company has a market cap of $25.90 billion, a price-to-earnings ratio of 19.46, a PEG ratio of 2.83 and a beta of 0.40. The company has a current ratio of 0.55, a quick ratio of 0.40 and a debt-to-equity ratio of 1.29. WEC Energy Group has a 12-month low of $75.13 and a 12-month high of $99.26.
WEC Energy Group (NYSE:WEC – Get Free Report) last released its quarterly earnings data on Thursday, February 1st. The utilities provider reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.02. The firm had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.82 billion. WEC Energy Group had a return on equity of 12.17% and a net margin of 14.98%. WEC Energy Group’s quarterly revenue was down 13.3% on a year-over-year basis. During the same period last year, the business posted $0.80 EPS. As a group, equities analysts expect that WEC Energy Group will post 4.88 EPS for the current fiscal year.
Analyst Ratings Changes
Get Our Latest Analysis on WEC
Insider Transactions at WEC Energy Group
In related news, CEO Scott J. Lauber sold 2,830 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The shares were 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 directly owns 43,125 shares in the company, valued at $3,402,131.25. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO Scott J. Lauber sold 2,830 shares of the company’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $78.89, for a total transaction of $223,258.70. Following the completion of the sale, the chief executive officer now directly owns 43,125 shares in the company, valued at approximately $3,402,131.25. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Gale E. Klappa sold 37,180 shares of WEC Energy Group stock in a transaction 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 completion of the transaction, the chairman now owns 274,782 shares in the company, valued at approximately $21,622,595.58. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.
Hedge Funds Weigh In On WEC Energy Group
A number of hedge funds have recently made changes to their positions in WEC. Achmea Investment Management B.V. purchased a new stake in WEC Energy Group during the 1st quarter worth $27,000. First Manhattan Co. boosted its position in shares of WEC Energy Group by 102.0% in the fourth quarter. First Manhattan Co. now owns 303 shares of the utilities provider’s stock worth $28,000 after buying an additional 153 shares during the period. Sunbelt Securities Inc. purchased a new stake in shares of WEC Energy Group in the first quarter worth about $44,000. Quarry LP grew its stake in shares of WEC Energy Group by 373.3% in the second 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 stake in shares of WEC Energy Group during the 2nd quarter valued at about $57,000. Hedge funds and other institutional investors own 77.20% of the company’s stock.
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.
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