WEC Energy Group (NYSE:WEC) Reaches New 52-Week High – Still a Buy?

WEC Energy Group, Inc. (NYSE:WEC)’s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $104.16 and last traded at $103.01, with a volume of 1728160 shares. The stock had previously closed at $102.97.

Analysts Set New Price Targets

Several brokerages have issued reports on WEC. KeyCorp lifted their target price on shares of WEC Energy Group from $108.00 to $109.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Scotiabank lifted their price target on shares of WEC Energy Group from $103.00 to $110.00 and gave the stock a “sector outperform” rating in a research note on Monday, December 9th. Bank of America upgraded shares of WEC Energy Group from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $90.00 to $98.00 in a research note on Thursday, December 12th. Barclays upgraded shares of WEC Energy Group from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $89.00 to $93.00 in a research note on Thursday, January 2nd. Finally, BMO Capital Markets lifted their price target on shares of WEC Energy Group from $95.00 to $100.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 5th. One analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, WEC Energy Group currently has an average rating of “Hold” and a consensus price target of $101.88.

WEC Energy Group Price Performance

The firm’s 50-day moving average is $97.28 and its 200-day moving average is $96.12. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.60 and a quick ratio of 0.43. The company has a market capitalization of $32.59 billion, a P/E ratio of 21.33, a price-to-earnings-growth ratio of 2.59 and a beta of 0.49.

WEC Energy Group (NYSE:WEC) last posted its quarterly earnings results on Tuesday, February 4th. The utilities provider reported $1.43 earnings per share for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.06). The firm had revenue of $2.28 billion during the quarter, compared to the consensus estimate of $2.50 billion. WEC Energy Group had a return on equity of 12.39% and a net margin of 17.75%. The business’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.10 earnings per share. Analysts predict that WEC Energy Group, Inc. will post 5.23 EPS for the current fiscal year.

WEC Energy Group Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Friday, February 14th will be given a $0.835 dividend. The ex-dividend date is Friday, February 14th. This represents a $3.34 dividend on an annualized basis and a dividend yield of 3.24%. WEC Energy Group’s payout ratio is currently 73.91%.

Insiders Place Their Bets

In other news, CEO Scott J. Lauber sold 6,720 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $100.89, for a total value of $677,980.80. Following the transaction, the chief executive officer now owns 45,709 shares of the company’s stock, valued at approximately $4,611,581.01. The trade was a 12.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gale E. Klappa sold 40,269 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $99.56, for a total transaction of $4,009,181.64. Following the completion of the transaction, the director now directly owns 273,248 shares in the company, valued at $27,204,570.88. This trade represents a 12.84 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.44% of the company’s stock.

Hedge Funds Weigh In On WEC Energy Group

Several hedge funds have recently modified their holdings of WEC. Larson Financial Group LLC raised its stake in WEC Energy Group by 3,828.6% during the fourth quarter. Larson Financial Group LLC now owns 275 shares of the utilities provider’s stock valued at $26,000 after purchasing an additional 268 shares in the last quarter. Prudent Man Investment Management Inc. purchased a new stake in WEC Energy Group during the fourth quarter valued at $28,000. Coastline Trust Co purchased a new stake in WEC Energy Group during the third quarter valued at $29,000. Hoey Investments Inc. purchased a new stake in WEC Energy Group during the fourth quarter valued at $42,000. Finally, Ashton Thomas Securities LLC purchased a new stake in WEC Energy Group during the third quarter valued at $45,000. Hedge funds and other institutional investors own 77.20% of the company’s stock.

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.