WEC Energy Group (WEC) Stock Rating Lowered by Bank of America

WEC Energy Group (NYSE:WEC) was downgraded by analysts at Bank of America from a “buy” rating to a “neutral” rating in a report released on Thursday, Marketbeat.com reports. The analysts noted that the move was a valuation call.

Several other research analysts also recently commented on the company. Wolfe Research downgraded WEC Energy Group from a “market perform” rating to a “sell” rating in a research note on Friday, October 26th. ValuEngine upgraded WEC Energy Group from a “hold” rating to a “buy” rating in a research note on Friday, October 19th. Zacks Investment Research upgraded WEC Energy Group from a “hold” rating to a “buy” rating and set a $77.00 target price for the company in a research note on Wednesday, October 17th. Citigroup set a $66.00 target price on WEC Energy Group and gave the stock a “neutral” rating in a research note on Wednesday, October 3rd. Finally, Wells Fargo & Co lifted their target price on WEC Energy Group from $71.00 to $75.00 and gave the stock an “outperform” rating in a research note on Monday, September 17th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $70.27.

WEC stock opened at $67.00 on Thursday. The company has a quick ratio of 0.44, a current ratio of 0.59 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $22.01 billion, a price-to-earnings ratio of 21.34, a P/E/G ratio of 4.78 and a beta of 0.02. WEC Energy Group has a twelve month low of $58.48 and a twelve month high of $72.09.

WEC Energy Group (NYSE:WEC) last posted its quarterly earnings results on Wednesday, October 31st. The utilities provider reported $0.74 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.03. WEC Energy Group had a return on equity of 11.18% and a net margin of 16.56%. The firm had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same period last year, the company earned $0.68 earnings per share. The business’s revenue was down .8% compared to the same quarter last year. On average, research analysts predict that WEC Energy Group will post 3.32 earnings per share for the current fiscal year.

In related news, insider Frederick D. Kuester sold 168,790 shares of the business’s stock in a transaction on Thursday, August 9th. The stock was sold at an average price of $66.94, for a total value of $11,298,802.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Barbara L. Bowles sold 2,500 shares of the business’s stock in a transaction on Monday, August 6th. The shares were sold at an average price of $66.45, for a total value of $166,125.00. The disclosure for this sale can be found here. Insiders own 0.97% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Securian Asset Management Inc boosted its stake in WEC Energy Group by 12.2% in the 2nd quarter. Securian Asset Management Inc now owns 56,293 shares of the utilities provider’s stock valued at $3,639,000 after purchasing an additional 6,105 shares during the period. Tower Research Capital LLC TRC boosted its stake in WEC Energy Group by 245.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,426 shares of the utilities provider’s stock valued at $351,000 after purchasing an additional 3,856 shares during the period. Caisse DE Depot ET Placement DU Quebec boosted its stake in WEC Energy Group by 120.5% in the 2nd quarter. Caisse DE Depot ET Placement DU Quebec now owns 141,498 shares of the utilities provider’s stock valued at $9,148,000 after purchasing an additional 77,330 shares during the period. North Star Investment Management Corp. boosted its stake in WEC Energy Group by 6.8% in the 3rd quarter. North Star Investment Management Corp. now owns 14,311 shares of the utilities provider’s stock valued at $955,000 after purchasing an additional 909 shares during the period. Finally, Dearborn Partners LLC boosted its stake in WEC Energy Group by 1.4% in the 3rd quarter. Dearborn Partners LLC now owns 303,461 shares of the utilities provider’s stock valued at $20,259,000 after purchasing an additional 4,076 shares during the period. Institutional investors and hedge funds own 73.49% of the company’s stock.

About WEC Energy Group

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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Analyst Recommendations for WEC Energy Group (NYSE:WEC)

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