WEC Energy Group (WEC) Price Target Raised to $81.00 at Argus
WEC Energy Group (NYSE:WEC) had its price target upped by Argus from $75.00 to $81.00 in a research note issued to investors on Thursday. Argus currently has a buy rating on the utilities provider’s stock.
Other analysts have also recently issued research reports about the stock. ValuEngine upgraded shares of WEC Energy Group from a hold rating to a buy rating in a research note on Friday, October 19th. Zacks Investment Research upgraded shares of WEC Energy Group from a hold rating to a buy rating and set a $77.00 price objective for the company in a research note on Wednesday, October 17th. Barclays lifted their price objective on shares of WEC Energy Group from $71.00 to $73.00 and gave the stock a hold rating in a research note on Monday, November 19th. Credit Suisse Group lifted their price objective on shares of WEC Energy Group from $69.00 to $70.00 and gave the stock a neutral rating in a research note on Thursday, November 1st. Finally, Bank of America cut shares of WEC Energy Group from a buy rating to a neutral rating in a research note on Thursday, November 1st. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $71.36.
Shares of NYSE WEC traded up $0.39 during mid-day trading on Thursday, reaching $74.14. 34,155 shares of the company were exchanged, compared to its average volume of 1,689,812. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.34 and a current ratio of 0.51. The stock has a market cap of $23.12 billion, a PE ratio of 23.54, a P/E/G ratio of 5.02 and a beta of -0.01. WEC Energy Group has a twelve month low of $58.48 and a twelve month high of $74.16.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 1st. Stockholders of record on Thursday, February 14th will be given a $0.59 dividend. This is a boost from WEC Energy Group’s previous quarterly dividend of $0.55. This represents a $2.36 annualized dividend and a dividend yield of 3.18%. WEC Energy Group’s payout ratio is presently 70.38%.
In other news, insider Joseph Kevin Fletcher sold 72,455 shares of the business’s stock in a transaction that occurred on Tuesday, November 27th. The shares were sold at an average price of $70.65, for a total value of $5,118,945.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Gale E. Klappa sold 146,618 shares of the business’s stock in a transaction that occurred on Tuesday, November 20th. The shares were sold at an average price of $71.68, for a total transaction of $10,509,578.24. The disclosure for this sale can be found here. Insiders sold a total of 319,073 shares of company stock valued at $22,864,524 over the last 90 days. Corporate insiders own 0.97% of the company’s stock.
Large investors have recently modified their holdings of the company. Braun Bostich & Associates Inc. grew its holdings in shares of WEC Energy Group by 1,300.0% during the 2nd quarter. Braun Bostich & Associates Inc. now owns 1,764 shares of the utilities provider’s stock valued at $114,000 after purchasing an additional 1,638 shares during the last quarter. Centaurus Financial Inc. bought a new stake in shares of WEC Energy Group during the 2nd quarter valued at approximately $141,000. Bridgeworth LLC bought a new stake in shares of WEC Energy Group during the 2nd quarter valued at approximately $156,000. Flagship Harbor Advisors LLC bought a new stake in shares of WEC Energy Group during the 2nd quarter valued at approximately $164,000. Finally, Cornerstone Wealth Management LLC bought a new stake in shares of WEC Energy Group during the 2nd quarter valued at approximately $200,000. Institutional investors own 72.81% 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.
Further Reading: What are Institutional Investors?
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