KeyCorp Increases WEC Energy Group (NYSE:WEC) Price Target to $108.00

WEC Energy Group (NYSE:WEC) had its target price upped by KeyCorp from $103.00 to $108.00 in a report released on Tuesday morning, Benzinga reports. KeyCorp currently has an overweight rating on the utilities provider’s stock. KeyCorp also issued estimates for WEC Energy Group’s FY2024 earnings at $4.87 EPS, FY2026 earnings at $5.50 EPS, FY2027 earnings at $5.87 EPS and FY2028 earnings at $6.24 EPS.

Several other equities research analysts also recently weighed in on the stock. Bank of America raised their target price on shares of WEC Energy Group from $88.00 to $90.00 and gave the company an “underperform” rating in a research note on Thursday, August 29th. Wells Fargo & Company raised their target price on shares of WEC Energy Group from $103.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Jefferies Financial Group initiated coverage on shares of WEC Energy Group in a research note on Thursday, September 19th. They set a “hold” rating and a $102.00 price objective for the company. Scotiabank lifted their price objective on shares of WEC Energy Group from $90.00 to $103.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, August 20th. Finally, StockNews.com downgraded shares of WEC Energy Group from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. Four research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $94.45.

WEC Energy Group Price Performance

NYSE WEC opened at $97.19 on Tuesday. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.54 and a current ratio of 0.74. The firm’s 50 day moving average price is $94.97 and its 200-day moving average price is $86.51. WEC Energy Group has a 52-week low of $75.13 and a 52-week high of $100.31. The company has a market cap of $30.69 billion, a PE ratio of 21.30, a P/E/G ratio of 2.54 and a beta of 0.44.

WEC Energy Group (NYSE:WEC) last released its quarterly earnings data on Wednesday, July 31st. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.04. The firm had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.87 billion. WEC Energy Group had a net margin of 15.85% and a return on equity of 12.26%. The company’s quarterly revenue was down 3.2% on a year-over-year basis. During the same period last year, the firm earned $0.92 earnings per share. Sell-side analysts forecast that WEC Energy Group will post 4.87 EPS for the current fiscal year.

WEC Energy Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Thursday, November 14th will be issued a $0.835 dividend. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $3.34 dividend on an annualized basis and a yield of 3.44%. WEC Energy Group’s payout ratio is 72.93%.

Insider Buying and Selling at WEC Energy Group

In other WEC Energy Group news, VP Anthony Reese sold 1,362 shares of WEC Energy Group stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $88.78, for a total value of $120,918.36. Following the completion of the transaction, the vice president now owns 1,462 shares of the company’s stock, valued at approximately $129,796.36. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other WEC Energy Group news, VP Anthony Reese sold 1,362 shares of WEC Energy Group stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $88.78, for a total value of $120,918.36. Following the completion of the transaction, the vice president now owns 1,462 shares of the company’s stock, valued at approximately $129,796.36. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Joshua M. Erickson sold 350 shares of WEC Energy Group stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $89.75, for a total transaction of $31,412.50. Following the completion of the sale, the vice president now owns 2,377 shares in the company, valued at approximately $213,335.75. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 11,702 shares of company stock valued at $1,078,058. Corporate insiders own 0.34% of the company’s stock.

Institutional Trading of WEC Energy Group

Institutional investors have recently modified their holdings of the stock. Global X Japan Co. Ltd. grew its position in shares of WEC Energy Group by 58.1% in the second quarter. Global X Japan Co. Ltd. now owns 321 shares of the utilities provider’s stock valued at $25,000 after purchasing an additional 118 shares during the period. Olistico Wealth LLC purchased a new stake in WEC Energy Group during the 2nd quarter valued at about $29,000. William B. Walkup & Associates Inc. purchased a new stake in WEC Energy Group during the 2nd quarter valued at about $31,000. FinTrust Capital Advisors LLC grew its stake in WEC Energy Group by 52.6% during the 1st quarter. FinTrust Capital Advisors LLC now owns 412 shares of the utilities provider’s stock valued at $34,000 after acquiring an additional 142 shares in the last quarter. Finally, Triad Wealth Partners LLC purchased a new stake in WEC Energy Group during the 2nd quarter valued at about $36,000. Institutional investors and hedge funds own 77.20% of the company’s stock.

About WEC Energy Group

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.