Short Interest in WEC Energy Group Inc (NYSE:WEC) Rises By 6.1%

WEC Energy Group Inc (NYSE:WEC) saw a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 10,395,600 shares, an increase of 6.1% from the May 15th total of 9,799,400 shares. Based on an average trading volume of 1,480,000 shares, the short-interest ratio is presently 7.0 days. Approximately 3.3% of the shares of the company are short sold.

In other WEC Energy Group news, Chairman Gale E. Klappa sold 31,400 shares of WEC Energy Group stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $82.57, for a total value of $2,592,698.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP William J. Guc sold 4,481 shares of WEC Energy Group stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $78.10, for a total value of $349,966.10. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 471,457 shares of company stock valued at $38,588,620. 0.75% of the stock is currently owned by insiders.

Large investors have recently made changes to their positions in the stock. Blue Sky Asset Management LLC bought a new position in shares of WEC Energy Group in the first quarter valued at $25,000. Weaver Consulting Group bought a new position in shares of WEC Energy Group in the first quarter valued at $25,000. ERTS Wealth Advisors LLC bought a new position in shares of WEC Energy Group in the fourth quarter valued at $30,000. Arbor Wealth Management LLC bought a new position in shares of WEC Energy Group in the fourth quarter valued at $32,000. Finally, Kings Point Capital Management bought a new position in shares of WEC Energy Group in the fourth quarter valued at $34,000. 75.05% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities research analysts have recently weighed in on WEC shares. Goldman Sachs Group reaffirmed a “neutral” rating and set a $393.00 price target on shares of Boeing in a report on Monday, April 8th. KeyCorp started coverage on Southern in a report on Tuesday, June 4th. They set a “sector weight” rating on the stock. Bank of America lifted their price target on CarMax from $95.00 to $112.00 in a report on Monday, June 24th. Wolfe Research set a $205.00 price target on Raytheon and gave the company a “buy” rating in a report on Friday, April 26th. Finally, Scotiabank cut WEC Energy Group from an “outperform” rating to a “sector perform” rating and lifted their price target for the company from $76.00 to $78.00 in a report on Wednesday, May 8th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $75.15.

NYSE:WEC traded down $1.54 during midday trading on Friday, hitting $86.31. 1,959,393 shares of the stock were exchanged, compared to its average volume of 1,583,959. WEC Energy Group has a one year low of $63.27 and a one year high of $87.91. The company has a market cap of $27.23 billion, a P/E ratio of 25.84, a price-to-earnings-growth ratio of 4.19 and a beta of 0.13. The company’s 50-day moving average price is $84.16. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.69 and a quick ratio of 0.58.

WEC Energy Group (NYSE:WEC) last announced its earnings results on Thursday, April 25th. The utilities provider reported $1.33 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.25 by $0.08. WEC Energy Group had a return on equity of 11.06% and a net margin of 14.03%. The firm had revenue of $2.38 billion for the quarter, compared to analysts’ expectations of $2.41 billion. During the same quarter in the previous year, the company earned $1.23 earnings per share. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. As a group, analysts forecast that WEC Energy Group will post 3.5 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Wednesday, August 14th will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 2.73%. WEC Energy Group’s payout ratio is 70.66%.

WEC Energy Group Company Profile

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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