WEC Energy Group (WEC) Rating Increased to Buy at Zacks Investment Research

WEC Energy Group (NYSE:WEC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday. The firm presently has a $73.00 price target on the utilities provider’s stock. Zacks Investment Research‘s target price indicates a potential upside of 14.73% from the stock’s previous close.

According to Zacks, “Shares of WEC Energy have outperformed the industry in the last 12 months. Thanks to ongoing improvement in economic conditions in its service territories, WEC Energy at present is serving more customers than the year-ago level. Its long-term investments in infrastructure projects will help it meet increasing customer demand and improve service reliability. The company has raised its annual dividend by 6.25%. Closure of old coal plants and timely completion of its ongoing capital projects will help WEC Energy to achieve its targeted emission reduction. In first nine months of 2017, electricity delivered to residential customers and large commercial and industrial customers declined from the year-ago period due to less favorable weather.”

A number of other equities analysts have also recently issued reports on the stock. Credit Suisse Group initiated coverage on shares of WEC Energy Group in a research note on Thursday, December 7th. They issued a “neutral” rating and a $70.00 price objective for the company. Bank of America increased their price objective on shares of WEC Energy Group from $69.00 to $71.00 and gave the company a “neutral” rating in a research note on Wednesday, November 15th. KeyCorp restated a “hold” rating on shares of WEC Energy Group in a research note on Friday, October 20th. Finally, Guggenheim restated a “buy” rating and issued a $73.00 price objective on shares of WEC Energy Group in a research note on Wednesday, January 3rd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. WEC Energy Group currently has an average rating of “Hold” and an average price target of $66.56.

WEC Energy Group (NYSE WEC) opened at $63.63 on Friday. The company has a market cap of $20,080.00, a price-to-earnings ratio of 20.93, a P/E/G ratio of 3.56 and a beta of 0.15. WEC Energy Group has a one year low of $56.05 and a one year high of $70.09. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.38 and a current ratio of 0.60.

WEC Energy Group (NYSE:WEC) last released its earnings results on Thursday, October 26th. The utilities provider reported $0.68 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.01. WEC Energy Group had a net margin of 12.79% and a return on equity of 10.62%. The firm had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.68 billion. During the same period in the prior year, the company earned $0.69 EPS. The business’s quarterly revenue was down 3.2% compared to the same quarter last year. equities analysts predict that WEC Energy Group will post 3.09 earnings per share for the current year.

In other news, VP Scott J. Lauber sold 1,240 shares of the company’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $70.00, for a total value of $86,800.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Gale E. Klappa sold 52,722 shares of the company’s stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $69.40, for a total transaction of $3,658,906.80. The disclosure for this sale can be found here. 0.97% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently bought and sold shares of WEC. Oppenheimer & Co. Inc. grew its holdings in shares of WEC Energy Group by 5.9% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 5,515 shares of the utilities provider’s stock worth $339,000 after purchasing an additional 305 shares during the last quarter. Schroder Investment Management Group grew its holdings in shares of WEC Energy Group by 68.8% in the 2nd quarter. Schroder Investment Management Group now owns 53,051 shares of the utilities provider’s stock worth $3,261,000 after purchasing an additional 21,614 shares during the last quarter. Eaton Vance Management grew its holdings in shares of WEC Energy Group by 0.5% in the 2nd quarter. Eaton Vance Management now owns 12,090 shares of the utilities provider’s stock worth $742,000 after purchasing an additional 65 shares during the last quarter. AXA grew its holdings in shares of WEC Energy Group by 3.0% in the 2nd quarter. AXA now owns 54,656 shares of the utilities provider’s stock worth $3,355,000 after purchasing an additional 1,600 shares during the last quarter. Finally, Martingale Asset Management L P grew its holdings in shares of WEC Energy Group by 5.6% in the 2nd quarter. Martingale Asset Management L P now owns 45,028 shares of the utilities provider’s stock worth $2,764,000 after purchasing an additional 2,400 shares during the last quarter. 72.59% of the stock is currently owned by institutional investors and hedge funds.

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WEC Energy Group Company Profile

WEC Energy Group, Inc was a diversified holding company with natural gas and electric utility operations, an approximately 60% equity ownership interest in American Transmission Company LLC, and non-utility electric operations through its We Power business, as of December 31, 2016. Its segments include Wisconsin; Illinois; Other States; Electric Transmission; We Power, and Corporate and Other.

Analyst Recommendations for WEC Energy Group (NYSE:WEC)

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