WEC Energy Group (NYSE:WEC) Sets New 52-Week High Following Strong Earnings

WEC Energy Group Inc (NYSE:WEC) hit a new 52-week high on Monday following a stronger than expected earnings report. The company traded as high as $88.06 and last traded at $87.59, with a volume of 42503 shares. The stock had previously closed at $86.56.

The utilities provider reported $0.74 EPS for the quarter, topping the consensus estimate of $0.70 by $0.04. The firm had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.65 billion. WEC Energy Group had a return on equity of 11.06% and a net margin of 14.03%. WEC Energy Group’s revenue was down 4.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.73 EPS.

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Wednesday, August 14th will be paid a $0.59 dividend. The ex-dividend date is Tuesday, August 13th. This represents a $2.36 annualized dividend and a dividend yield of 2.69%. WEC Energy Group’s dividend payout ratio (DPR) is 70.66%.

Several equities research analysts have recently commented on WEC shares. Bank of America lowered WEC Energy Group from a “neutral” rating to an “underperform” rating and upped their price objective for the stock from $82.00 to $85.00 in a research note on Monday, June 24th. KeyCorp started coverage on WEC Energy Group in a research note on Tuesday, June 4th. They issued a “sector weight” rating for the company. Goldman Sachs Group lowered WEC Energy Group from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $71.00 to $70.00 in a research note on Monday, April 8th. Wolfe Research set a $77.00 price objective on WEC Energy Group and gave the stock a “sell” rating in a research note on Friday, April 26th. Finally, Scotiabank lowered WEC Energy Group from an “outperform” rating to a “sector perform” rating and upped their price objective for the stock from $76.00 to $78.00 in a research note on Wednesday, May 8th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $75.75.

In other WEC Energy Group news, Director Allen L. Leverett sold 100,000 shares of the stock in a transaction on Friday, May 24th. The stock was sold at an average price of $82.49, for a total value of $8,249,000.00. Following the completion of the sale, the director now owns 131,281 shares in the company, valued at approximately $10,829,369.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Gale E. Klappa sold 71,400 shares of the stock in a transaction on Friday, May 24th. The stock was sold at an average price of $82.35, for a total value of $5,879,790.00. The disclosure for this sale can be found here. Insiders sold a total of 466,976 shares of company stock valued at $38,238,654 in the last quarter. 0.75% of the stock is currently owned by company insiders.

A number of hedge funds have recently modified their holdings of WEC. Blue Sky Asset Management LLC purchased a new position in shares of WEC Energy Group during the first quarter valued at about $25,000. Weaver Consulting Group purchased a new position in shares of WEC Energy Group during the first quarter valued at about $25,000. Trustcore Financial Services LLC purchased a new position in shares of WEC Energy Group during the second quarter valued at about $25,000. CNB Bank grew its position in shares of WEC Energy Group by 253.8% during the first quarter. CNB Bank now owns 566 shares of the utilities provider’s stock valued at $45,000 after purchasing an additional 406 shares in the last quarter. Finally, Shine Investment Advisory Services Inc. grew its position in shares of WEC Energy Group by 38.6% during the second quarter. Shine Investment Advisory Services Inc. now owns 585 shares of the utilities provider’s stock valued at $49,000 after purchasing an additional 163 shares in the last quarter. Institutional investors and hedge funds own 75.16% of the company’s stock.

The stock has a market cap of $27.30 billion, a PE ratio of 26.21, a PEG ratio of 4.20 and a beta of 0.11. The company’s 50-day moving average price is $85.34. 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 Company Profile (NYSE:WEC)

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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