WEC Energy Group (NYSE:WEC) Price Target Raised to $98.00

20 Sep 2024, 06:39 by Tristan Rich · The Markets Daily

WEC Energy Group (NYSE:WEC – Free Report) had its price target hoisted by KeyCorp from $95.00 to $98.00 in a research report released on Monday, Benzinga reports. KeyCorp currently has an overweight rating on the utilities provider’s stock.

Other research analysts also recently issued reports about the stock. StockNews.com downgraded shares of WEC Energy Group from a hold rating to a sell rating in a research report on Friday, August 9th. Wells Fargo & Company boosted their price target on WEC Energy Group from $98.00 to $103.00 and gave the company an overweight rating in a research report on Wednesday, August 21st. BMO Capital Markets upped their price objective on WEC Energy Group from $91.00 to $93.00 and gave the company a market perform rating in a research note on Friday, August 23rd. Barclays lifted their target price on WEC Energy Group from $80.00 to $86.00 and gave the company an underweight rating in a research note on Tuesday, August 6th. Finally, Bank of America upped their price target on WEC Energy Group from $88.00 to $90.00 and gave the stock an underperform rating in a research note on Thursday, August 29th. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, WEC Energy Group currently has an average rating of Hold and an average price target of $91.31.

View Our Latest Research Report on WEC

WEC Energy Group Trading Down 1.5 %

Shares of WEC Energy Group stock opened at $93.78 on Monday. The company has a fifty day simple moving average of $89.48 and a 200-day simple moving average of $83.82. WEC Energy Group has a 12-month low of $75.13 and a 12-month high of $96.65. The company has a current ratio of 0.74, a quick ratio of 0.54 and a debt-to-equity ratio of 1.37. The stock has a market cap of $29.62 billion, a price-to-earnings ratio of 20.48, a PEG ratio of 2.47 and a beta of 0.44.

WEC Energy Group (NYSE:WEC – Get Free Report) last issued its quarterly earnings data on Wednesday, July 31st. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.04. The company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.87 billion. WEC Energy Group had a return on equity of 12.26% and a net margin of 15.85%. The business’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.92 earnings per share. On average, equities analysts forecast that WEC Energy Group will post 4.88 EPS for the current fiscal year.

WEC Energy Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Wednesday, August 14th were issued a $0.835 dividend. This represents a $3.34 dividend on an annualized basis and a dividend yield of 3.56%. The ex-dividend date was Wednesday, August 14th. WEC Energy Group’s dividend payout ratio is currently 72.93%.

Insider Activity at WEC Energy Group

In other WEC Energy Group news, VP Anthony Reese sold 1,362 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $88.78, for a total value of $120,918.36. Following the sale, the vice president now owns 1,462 shares of the company’s stock, valued at $129,796.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other WEC Energy Group news, VP Anthony Reese sold 1,362 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $88.78, for a total value of $120,918.36. Following the sale, the vice president now owns 1,462 shares of the company’s stock, valued at $129,796.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ulice Payne, Jr. sold 750 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $88.45, for a total transaction of $66,337.50. Following the completion of the sale, the director now owns 21,876 shares in the company, valued at $1,934,932.20. The disclosure for this sale can be found here. Insiders sold 11,702 shares of company stock valued at $1,078,058 in the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On WEC Energy Group

A number of institutional investors have recently made changes to their positions in WEC. Alley Investment Management Company LLC raised its stake in WEC Energy Group by 324.5% in the 4th quarter. Alley Investment Management Company LLC now owns 39,256 shares of the utilities provider’s stock valued at $3,304,000 after purchasing an additional 30,009 shares during the last quarter. Advisory Services Network LLC grew its holdings in shares of WEC Energy Group by 34.0% during the fourth quarter. Advisory Services Network LLC now owns 37,561 shares of the utilities provider’s stock worth $3,162,000 after buying an additional 9,526 shares in the last quarter. Lantz Financial LLC raised its position in shares of WEC Energy Group by 324.9% in the first quarter. Lantz Financial LLC now owns 28,454 shares of the utilities provider’s stock valued at $2,337,000 after buying an additional 21,758 shares during the last quarter. Quadrature Capital Ltd lifted its stake in shares of WEC Energy Group by 18.2% during the fourth quarter. Quadrature Capital Ltd now owns 38,980 shares of the utilities provider’s stock valued at $3,282,000 after buying an additional 5,994 shares during the period. Finally, Brookstone Capital Management lifted its stake in shares of WEC Energy Group by 789.0% during the first quarter. Brookstone Capital Management now owns 125,219 shares of the utilities provider’s stock valued at $10,283,000 after buying an additional 111,134 shares during the period. 77.20% of the stock is owned by institutional investors and hedge funds.

About WEC Energy Group

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