WEC Energy Group (NYSE:WEC) Issues Earnings Results

WEC Energy Group (NYSE:WECGet Rating) announced its quarterly earnings results on Monday. The utilities provider reported $1.79 EPS for the quarter, topping analysts’ consensus estimates of $1.66 by $0.13, MarketWatch Earnings reports. The firm had revenue of $2.91 billion during the quarter, compared to analysts’ expectations of $2.83 billion. WEC Energy Group had a net margin of 15.90% and a return on equity of 12.17%. The company’s revenue for the quarter was up 8.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.61 earnings per share. WEC Energy Group updated its FY22 guidance to $4.34-4.38 EPS and its Q2 guidance to $0.82-0.84 EPS.

WEC traded down $0.25 during trading on Thursday, reaching $101.31. 3,678 shares of the company’s stock were exchanged, compared to its average volume of 1,298,150. The company’s fifty day moving average price is $98.65 and its 200-day moving average price is $94.86. The firm has a market capitalization of $31.96 billion, a PE ratio of 23.67, a P/E/G ratio of 3.77 and a beta of 0.27. WEC Energy Group has a fifty-two week low of $86.84 and a fifty-two week high of $106.82. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.54 and a current ratio of 0.79.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 1st. Shareholders of record on Friday, May 13th will be issued a dividend of $0.7275 per share. This represents a $2.91 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date is Thursday, May 12th. WEC Energy Group’s dividend payout ratio is presently 67.83%.

WEC has been the subject of a number of analyst reports. BMO Capital Markets restated a “hold” rating and set a $98.00 price target on shares of WEC Energy Group in a research note on Friday, February 4th. Credit Suisse Group started coverage on shares of WEC Energy Group in a report on Monday, April 25th. They set a “neutral” rating and a $108.00 price objective for the company. The Goldman Sachs Group raised shares of WEC Energy Group from a “sell” rating to a “neutral” rating and set a $99.00 price objective for the company in a report on Thursday, January 13th. StockNews.com started coverage on shares of WEC Energy Group in a report on Thursday, March 31st. They set a “hold” rating for the company. Finally, Evercore ISI reaffirmed a “hold” rating and set a $97.00 price objective on shares of WEC Energy Group in a report on Friday, February 4th. Eight analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, WEC Energy Group currently has a consensus rating of “Hold” and an average price target of $101.00.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Stifel Financial Corp boosted its position in shares of WEC Energy Group by 21.6% during the fourth quarter. Stifel Financial Corp now owns 132,566 shares of the utilities provider’s stock worth $12,870,000 after purchasing an additional 23,531 shares in the last quarter. Thrivent Financial for Lutherans boosted its position in shares of WEC Energy Group by 139.5% during the fourth quarter. Thrivent Financial for Lutherans now owns 75,369 shares of the utilities provider’s stock worth $7,117,000 after purchasing an additional 43,906 shares in the last quarter. Glenmede Trust Co. NA boosted its position in shares of WEC Energy Group by 77.6% during the fourth quarter. Glenmede Trust Co. NA now owns 58,608 shares of the utilities provider’s stock worth $5,688,000 after purchasing an additional 25,611 shares in the last quarter. NewEdge Advisors LLC boosted its position in shares of WEC Energy Group by 55.4% during the fourth quarter. NewEdge Advisors LLC now owns 48,737 shares of the utilities provider’s stock worth $4,731,000 after purchasing an additional 17,381 shares in the last quarter. Finally, Allstate Corp boosted its position in shares of WEC Energy Group by 384.3% during the fourth quarter. Allstate Corp now owns 34,631 shares of the utilities provider’s stock worth $3,362,000 after purchasing an additional 27,480 shares in the last quarter. 73.36% of the stock is currently owned by institutional investors.

WEC Energy Group Company Profile (Get Rating)

WEC Energy Group, Inc, through its subsidiaries, provides regulated natural gas and electricity, and renewable 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.

See Also

Earnings History 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.