WEC Energy Group (NYSE:WEC) PT Raised to $103.00 at Wells Fargo & Company

WEC Energy Group (NYSE:WEC) had its price target raised by Wells Fargo & Company from $98.00 to $103.00 in a research report sent to investors on Wednesday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the utilities provider’s stock.

WEC has been the topic of a number of other reports. BMO Capital Markets lifted their price objective on shares of WEC Energy Group from $87.00 to $91.00 and gave the stock a market perform rating in a report on Thursday, August 1st. StockNews.com downgraded WEC Energy Group from a hold rating to a sell rating in a research report on Friday, August 9th. Scotiabank boosted their price objective on WEC Energy Group from $90.00 to $103.00 and gave the stock a sector outperform rating in a research report on Tuesday, August 20th. Barclays raised their price objective on shares of WEC Energy Group from $80.00 to $86.00 and gave the stock an underweight rating in a report on Tuesday, August 6th. Finally, KeyCorp dropped their target price on shares of WEC Energy Group from $96.00 to $95.00 and set an overweight rating on the stock in a research note on Monday, July 22nd. Four analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $88.85.

WEC Energy Group Stock Performance

WEC opened at $92.66 on Wednesday. WEC Energy Group has a 1-year low of $75.13 and a 1-year high of $93.28. The company has a market cap of $29.29 billion, a price-to-earnings ratio of 20.23, a PEG ratio of 2.40 and a beta of 0.41. The company’s fifty day moving average price is $83.42 and its two-hundred day moving average price is $81.67. The company has a current ratio of 0.74, a quick ratio of 0.54 and a debt-to-equity ratio of 1.37.

WEC Energy Group (NYSE:WEC) last announced its quarterly earnings results on Wednesday, July 31st. The utilities provider reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.04. The business had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.87 billion. WEC Energy Group had a net margin of 15.85% and a return on equity of 12.26%. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.92 EPS. On average, analysts expect that WEC Energy Group will post 4.88 EPS for the current fiscal year.

WEC Energy Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Wednesday, August 14th will be issued a $0.835 dividend. This represents a $3.34 dividend on an annualized basis and a dividend yield of 3.60%. The ex-dividend date is Wednesday, August 14th. WEC Energy Group’s payout ratio is currently 72.93%.

Insider Buying and Selling at WEC Energy Group

In other WEC Energy Group news, VP Joshua M. Erickson sold 350 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $89.75, for a total value of $31,412.50. Following the sale, the vice president now directly owns 2,377 shares in the company, valued at approximately $213,335.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other WEC Energy Group news, VP Anthony Reese sold 1,362 shares of WEC Energy Group stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $88.78, for a total transaction of $120,918.36. Following the completion of the sale, the vice president now directly owns 1,462 shares in the company, valued at $129,796.36. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Joshua M. Erickson sold 350 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $89.75, for a total transaction of $31,412.50. Following the completion of the transaction, the vice president now directly owns 2,377 shares in the company, valued at approximately $213,335.75. The disclosure for this sale can be found here. Insiders sold 2,462 shares of company stock valued at $218,668 in the last quarter. 0.34% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WEC. Principal Securities Inc. purchased a new stake in shares of WEC Energy Group in the 4th quarter valued at $983,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of WEC Energy Group by 6.7% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 316,255 shares of the utilities provider’s stock worth $27,391,000 after buying an additional 19,867 shares during the period. Alley Investment Management Company LLC lifted its stake in shares of 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 acquiring an additional 30,009 shares during the last quarter. Advisory Services Network LLC lifted its stake in shares of WEC Energy Group by 34.0% in the 4th quarter. Advisory Services Network LLC now owns 37,561 shares of the utilities provider’s stock valued at $3,162,000 after acquiring an additional 9,526 shares during the last quarter. Finally, abrdn plc boosted its holdings in WEC Energy Group by 72.6% during the 4th quarter. abrdn plc now owns 129,890 shares of the utilities provider’s stock valued at $10,933,000 after acquiring an additional 54,623 shares during the period. 77.20% of the stock is currently owned by hedge funds and other institutional investors.

WEC Energy Group Company Profile

WEC Energy Group, Inc, through its subsidiaries, provides regulated natural gas and electricity, and renewable and nonregulated renewable energy services in the United States. It operates through Wisconsin, Illinois, Other States, Electric Transmission, and Non-Utility Energy Infrastructure segments.