WEC Energy Group (NYSE:WEC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “In a year’s time WEC Energy’s shares have outperformed its industry. 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. Completion of its ongoing capital projects will help WEC Energy to achieve its targeted emission reduction. Acquisition of Bluewater Natural Gas Holding is going to be accretive to WEC Energy’s performance. However, unfavorable weather conditions and government regulations are headwinds. A 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.”
A number of other equities research analysts also recently weighed in on the company. Citigroup began coverage on WEC Energy Group in a report on Friday. They set a “neutral” rating and a $61.00 price objective on the stock. Guggenheim reissued a “buy” rating and issued a $66.00 target price on shares of WEC Energy Group in a report on Friday, February 23rd. Credit Suisse Group reissued a “neutral” rating and issued a $63.00 target price (down from $65.00) on shares of WEC Energy Group in a report on Friday, February 23rd. UBS started coverage on WEC Energy Group in a report on Friday, February 2nd. They issued a “neutral” rating and a $65.00 target price on the stock. Finally, Wells Fargo reduced their target price on WEC Energy Group from $73.00 to $71.00 and set a “market perform” rating on the stock in a report on Thursday, February 1st. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $65.90.
WEC Energy Group (NYSE:WEC) last released its quarterly earnings data on Wednesday, January 31st. The utilities provider reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.03. The company had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $1.94 billion. WEC Energy Group had a return on equity of 10.81% and a net margin of 15.75%. The company’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.61 earnings per share. analysts predict that WEC Energy Group will post 3.3 earnings per share for the current year.
In other news, Director Barbara L. Bowles sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $60.19, for a total value of $120,380.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.94% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of the stock. Rockland Trust Co. raised its position in WEC Energy Group by 7.8% in the 4th quarter. Rockland Trust Co. now owns 11,957 shares of the utilities provider’s stock worth $794,000 after purchasing an additional 869 shares during the last quarter. Farmers & Merchants Investments Inc. raised its position in WEC Energy Group by 0.9% in the 4th quarter. Farmers & Merchants Investments Inc. now owns 97,653 shares of the utilities provider’s stock worth $6,487,000 after purchasing an additional 896 shares during the last quarter. BB&T Securities LLC raised its position in WEC Energy Group by 4.4% in the 4th quarter. BB&T Securities LLC now owns 21,425 shares of the utilities provider’s stock worth $1,423,000 after purchasing an additional 908 shares during the last quarter. Cognios Capital LLC raised its position in WEC Energy Group by 30.8% in the 4th quarter. Cognios Capital LLC now owns 4,215 shares of the utilities provider’s stock worth $280,000 after purchasing an additional 993 shares during the last quarter. Finally, New Mexico Educational Retirement Board raised its position in WEC Energy Group by 3.4% in the 4th quarter. New Mexico Educational Retirement Board now owns 30,303 shares of the utilities provider’s stock worth $2,013,000 after purchasing an additional 1,000 shares during the last quarter. Hedge funds and other institutional investors own 72.96% of the company’s stock.
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.
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