WEC Energy Group (NYSE:WEC) Price Target Cut to $116.00 by Analysts at Bank of America

WEC Energy Group (NYSE:WEC) had its price objective lowered by investment analysts at Bank of America from $122.00 to $116.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the utilities provider’s stock. Bank of America‘s price objective would indicate a potential upside of 9.33% from the stock’s previous close.

Several other equities analysts also recently issued reports on the stock. KeyCorp cut their price target on shares of WEC Energy Group from $123.00 to $117.00 and set an “overweight” rating for the company in a report on Friday, December 12th. Wall Street Zen downgraded WEC Energy Group from a “hold” rating to a “sell” rating in a report on Saturday, November 1st. Wells Fargo & Company began coverage on WEC Energy Group in a report on Monday, October 27th. They set an “overweight” rating and a $124.00 price target for the company. JPMorgan Chase & Co. cut their price objective on WEC Energy Group from $121.00 to $113.00 and set a “neutral” rating for the company in a research report on Thursday, December 11th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of WEC Energy Group in a report on Monday. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $120.64.

WEC Energy Group Stock Up 0.4%

NYSE WEC opened at $106.10 on Wednesday. WEC Energy Group has a 1-year low of $91.94 and a 1-year high of $118.18. The company has a market capitalization of $34.51 billion, a price-to-earnings ratio of 20.06, a PEG ratio of 2.67 and a beta of 0.56. The stock’s 50 day moving average is $109.42 and its two-hundred day moving average is $109.09. The company has a current ratio of 0.50, a quick ratio of 0.33 and a debt-to-equity ratio of 1.29.

WEC Energy Group (NYSE:WEC) last posted its earnings results on Tuesday, September 2nd. The utilities provider reported $1.43 EPS for the quarter. WEC Energy Group had a return on equity of 12.60% and a net margin of 17.75%.The business had revenue of $2.28 billion during the quarter. Equities analysts forecast that WEC Energy Group will post 5.23 earnings per share for the current fiscal year.

Hedge Funds Weigh In On WEC Energy Group

Several institutional investors have recently modified their holdings of WEC. Vanguard Group Inc. raised its position in shares of WEC Energy Group by 2.1% in the 2nd quarter. Vanguard Group Inc. now owns 39,945,761 shares of the utilities provider’s stock valued at $4,162,348,000 after acquiring an additional 816,243 shares during the period. Freestone Grove Partners LP increased its stake in WEC Energy Group by 30,697.3% in the third quarter. Freestone Grove Partners LP now owns 620,565 shares of the utilities provider’s stock valued at $71,111,000 after purchasing an additional 618,550 shares in the last quarter. Balyasny Asset Management L.P. raised its holdings in WEC Energy Group by 324.1% in the second quarter. Balyasny Asset Management L.P. now owns 774,679 shares of the utilities provider’s stock worth $80,722,000 after purchasing an additional 592,028 shares during the period. Marshall Wace LLP boosted its position in shares of WEC Energy Group by 160.6% during the second quarter. Marshall Wace LLP now owns 943,962 shares of the utilities provider’s stock worth $98,361,000 after purchasing an additional 581,748 shares in the last quarter. Finally, Rakuten Investment Management Inc. bought a new position in shares of WEC Energy Group during the third quarter worth $57,028,000. 77.20% of the stock is currently owned by institutional investors and hedge funds.

WEC Energy Group Company Profile

WEC Energy Group is a Milwaukee, Wisconsin–based regulated energy holding company whose primary businesses are the generation, transmission and distribution of electricity and the distribution of natural gas. The company operates through a set of utility subsidiaries that provide bundled energy service, customer billing and energy-related programs to residential, commercial and industrial customers. As a regulated utility group, WEC’s operations focus on delivering reliable service while managing infrastructure investment and compliance with state and federal utility regulation.

Its utility subsidiaries include well-known regional operators such as We Energies and Wisconsin Public Service, along with Chicago-area natural gas utilities that were part of the Integrys Energy Group acquisition.