According to Zacks, “WEC Energy Group’s investments in infrastructure projects will help it to meet increasing customer demand and improve service reliability. WEC Energy Group’s decision to acquire Integrys has been fruitful, adding nearly $620 million to the company’s top line in the second quarter. Wisconsin utilities continue to add more electricity and natural gas customers to their existing customer base. However, as coal is the primary source of power for WEC Energy, installation of low-emission infrastructure at its generation systems to meet regulatory compliance increases the cost of operations. Further, the company is subject to operational risks associated with the breakdown or failure of equipment or processes due to fuel supply or transportation disruptions, accidents and labor disputes or work stoppages by employees.”
Separately, Argus reiterated a buy rating and set a $70.00 price target (up previously from $65.00) on shares of WEC Energy Group in a research report on Tuesday, August 2nd. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $58.25.
Shares of WEC Energy Group (NYSE:WEC) opened at 62.97 on Friday. The firm has a market capitalization of $19.87 billion, a P/E ratio of 22.48 and a beta of 0.10. The stock has a 50 day moving average price of $61.13 and a 200 day moving average price of $60.97. WEC Energy Group has a 12-month low of $47.98 and a 12-month high of $66.10.
WEC Energy Group (NYSE:WEC) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.57 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.01. WEC Energy Group had a return on equity of 10.52% and a net margin of 12.13%. The company earned $1.60 billion during the quarter, compared to analyst estimates of $2.03 billion. During the same quarter in the previous year, the firm posted $0.58 EPS. The firm’s quarterly revenue was up 61.7% on a year-over-year basis. Equities analysts anticipate that WEC Energy Group will post $2.93 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Friday, August 12th were issued a $0.495 dividend. The ex-dividend date was Wednesday, August 10th. This represents a $1.98 annualized dividend and a dividend yield of 3.14%. WEC Energy Group’s dividend payout ratio (DPR) is 70.46%.
In other news, VP Susan H. Martin sold 40,000 shares of the business’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $65.05, for a total transaction of $2,602,000.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Robert M. Garvin sold 19,225 shares of the business’s stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $61.62, for a total value of $1,184,644.50. Following the sale, the executive vice president now directly owns 27,710 shares in the company, valued at $1,707,490.20. The disclosure for this sale can be found here. 0.81% of the stock is owned by insiders.
Large investors have recently made changes to their positions in the company. Evercore Wealth Management LLC raised its stake in shares of WEC Energy Group by 9.9% in the second quarter. Evercore Wealth Management LLC now owns 2,224 shares of the company’s stock worth $145,000 after buying an additional 200 shares during the period. Macquarie Group Ltd. raised its stake in shares of WEC Energy Group by 2.2% in the second quarter. Macquarie Group Ltd. now owns 232,148 shares of the company’s stock worth $15,159,000 after buying an additional 5,000 shares during the period. Carnick & Kubik Group LLC bought a new stake in shares of WEC Energy Group during the second quarter worth about $1,820,000. Williams Jones & Associates LLC raised its stake in shares of WEC Energy Group by 26.8% in the second quarter. Williams Jones & Associates LLC now owns 4,726 shares of the company’s stock worth $309,000 after buying an additional 1,000 shares during the period. Finally, Kentucky Retirement Systems Insurance Trust Fund bought a new stake in shares of WEC Energy Group during the second quarter worth about $832,000. 70.64% of the stock is currently owned by institutional investors.
WEC Energy Group Company Profile
WEC Energy Group, Inc, formerly Wisconsin Energy Corporation, is a holding company, which has electric and natural gas utility operations. The Company’s segments are Wisconsin, Illinois, other states, electric transmission, We Power, and corporate and other. The Company’s Wisconsin segment includes the electric and natural gas utility, and non-utility operations of Wisconsin Electric Power Company (Wisconsin Electric), Wisconsin Gas LLC (Wisconsin Gas) and Wisconsin Public Service Corporation (WPS), including Wisconsin Electric’s electric and WPS’s electric and natural gas operations in the state of Michigan.
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