WEC Energy Group (NYSE:WEC) Downgraded by Bank of America to Underperform

Bank of America lowered shares of WEC Energy Group (NYSE:WEC) from a neutral rating to an underperform rating in a report published on Monday morning, Benzinga reports. The brokerage currently has $85.00 price objective on the utilities provider’s stock, up from their prior price objective of $82.00.

A number of other research firms have also recently weighed in on WEC. KeyCorp began coverage on shares of WEC Energy Group in a research note on Tuesday, June 4th. They set a sector weight rating on the stock. Zacks Investment Research raised shares of WEC Energy Group from a sell rating to a hold rating in a research note on Tuesday, March 26th. Goldman Sachs Group cut shares of WEC Energy Group from a neutral rating to a sell rating and lowered their price target for the stock from $71.00 to $70.00 in a research note on Monday, April 8th. Wolfe Research set a $77.00 price target on shares of WEC Energy Group and gave the stock a sell rating in a research note on Friday, April 26th. Finally, Argus upped their price target on shares of WEC Energy Group to $85.00 and gave the stock a buy rating in a research note on Wednesday, March 13th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus target price of $75.15.

NYSE:WEC opened at $83.33 on Monday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.58 and a current ratio of 0.69. WEC Energy Group has a fifty-two week low of $63.00 and a fifty-two week high of $85.70. The firm has a market cap of $26.58 billion, a PE ratio of 24.95, a PEG ratio of 4.13 and a beta of 0.13. The stock’s fifty day moving average is $82.08.

WEC Energy Group (NYSE:WEC) last posted its quarterly earnings results on Thursday, April 25th. The utilities provider reported $1.33 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.25 by $0.08. WEC Energy Group had a net margin of 14.03% and a return on equity of 11.06%. The business had revenue of $2.38 billion for the quarter, compared to analysts’ expectations of $2.41 billion. During the same period in the prior year, the company posted $1.23 EPS. The business’s revenue for the quarter was up 4.0% on a year-over-year basis. On average, analysts forecast that WEC Energy Group will post 3.51 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Saturday, June 1st. Investors of record on Tuesday, May 14th were given a $0.59 dividend. The ex-dividend date was Monday, May 13th. This represents a $2.36 annualized dividend and a dividend yield of 2.83%. WEC Energy Group’s dividend payout ratio is presently 70.66%.

In related news, Director Allen L. Leverett sold 100,000 shares of the business’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $82.49, for a total value of $8,249,000.00. Following the sale, the director now directly owns 131,281 shares in the company, valued at approximately $10,829,369.69. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP William J. Guc sold 4,481 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $78.10, for a total transaction of $349,966.10. The disclosure for this sale can be found here. Insiders sold a total of 471,457 shares of company stock worth $38,588,620 over the last quarter. Insiders own 0.75% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. Blue Sky Asset Management LLC purchased a new stake in shares of WEC Energy Group in the 1st quarter worth about $25,000. Weaver Consulting Group purchased a new position in WEC Energy Group in the 1st quarter valued at about $25,000. ERTS Wealth Advisors LLC purchased a new position in WEC Energy Group in the 4th quarter valued at about $30,000. Arbor Wealth Management LLC purchased a new position in WEC Energy Group in the 4th quarter valued at about $32,000. Finally, Kings Point Capital Management purchased a new position in WEC Energy Group in the 4th quarter valued at about $34,000. Institutional investors and hedge funds own 74.91% of the company’s stock.

About WEC Energy Group

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

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Analyst Recommendations for WEC Energy Group (NYSE:WEC)

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