Zacks Investment Research downgraded shares of WEC Energy Group (NYSE:WEC) from a buy rating to a hold rating in a research note issued to investors on Wednesday.
According to Zacks, “In last one month, WEC Energy’s shares have gained against its industry's loss. The company 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. Completion of its ongoing capital projects will help WEC Energy to achieve its targeted emission reduction. Strategic acquisitions are going to be accretive to WEC Energy’s performance. Major chunk of its electricity production is generated from coal fired units and some coal units could attract emission regulation, making it uneconomical to maintain and operate. The company’s dependence on financial performance of its subsidiaries to meet its obligation is a concern.”
A number of other research analysts have also issued reports on WEC. Credit Suisse Group reiterated a neutral rating and issued a $63.00 target price (down from $65.00) on shares of WEC Energy Group in a research note on Friday, February 23rd. Guggenheim reiterated a buy rating and issued a $66.00 target price on shares of WEC Energy Group in a research note on Friday, February 23rd. Citigroup initiated coverage on shares of WEC Energy Group in a research note on Friday, April 13th. They issued a neutral rating and a $61.00 target price on the stock. Bank of America upgraded shares of WEC Energy Group from a neutral rating to a buy rating in a research note on Wednesday, May 23rd. Finally, ValuEngine lowered shares of WEC Energy Group from a hold rating to a sell rating in a research note on Thursday, June 7th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company’s stock. WEC Energy Group currently has a consensus rating of Hold and an average price target of $66.13.
WEC Energy Group (NYSE:WEC) last posted its earnings results on Tuesday, May 1st. The utilities provider reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.06. WEC Energy Group had a net margin of 16.23% and a return on equity of 11.01%. The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.33 billion. During the same period last year, the business posted $1.12 EPS. WEC Energy Group’s revenue was down .8% compared to the same quarter last year. research analysts forecast that WEC Energy Group will post 3.3 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, June 1st. Shareholders of record on Monday, May 14th were given a $0.5525 dividend. The ex-dividend date was Friday, May 11th. This represents a $2.21 annualized dividend and a yield of 3.55%. WEC Energy Group’s dividend payout ratio is 70.38%.
In other WEC Energy Group news, Director Ulice Payne, Jr. sold 1,600 shares of the firm’s stock in a transaction on Friday, May 4th. The shares were sold at an average price of $64.45, for a total value of $103,120.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 0.97% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of WEC. Bray Capital Advisors acquired a new stake in WEC Energy Group in the 1st quarter worth $100,000. Advisory Services Network LLC grew its position in WEC Energy Group by 157.2% in the 4th quarter. Advisory Services Network LLC now owns 1,690 shares of the utilities provider’s stock worth $112,000 after purchasing an additional 1,033 shares during the last quarter. Financial Gravity Companies Inc. acquired a new stake in WEC Energy Group in the 4th quarter worth $122,000. Well Done LLC bought a new position in shares of WEC Energy Group during the 1st quarter worth about $144,000. Finally, Financial Gravity Wealth Inc. bought a new position in shares of WEC Energy Group during the 1st quarter worth about $153,000. Institutional investors own 72.96% of the company’s stock.
WEC Energy Group Company Profile
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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