WEC Energy Group (WEC) Upgraded to “Hold” by Zacks Investment Research

Zacks Investment Research upgraded shares of WEC Energy Group (NYSE:WEC) from a sell rating to a hold rating in a research report sent to investors on Saturday.

According to Zacks, “In the last 12 months, WEC Energy’s shares have outperformed the industry. Courtesy the improving economic condition, the company continues to witness an increase in customer volume. Its long-term investments in infrastructure projects will help to meet higher demand and improve service reliability. Strategic acquisitions are going to be accretive to WEC Energy’s performance. The company will benefit from the completion of the Modernization plan in 2021. Major chunk of WEC Energy’s electricity production is generated from coal fired units and some coal units could attract emission regulation, making it uneconomical to maintain and operate. The Company’s dependence on financial performance of its subsidiaries to meet its obligation is a concern.”

WEC has been the topic of several other reports. ValuEngine upgraded shares of WEC Energy Group from a hold rating to a buy rating in a research report on Friday, October 19th. Argus lifted their target price on shares of WEC Energy Group from $75.00 to $81.00 and gave the company a buy rating in a research report on Thursday, December 6th. Credit Suisse Group lifted their target price on shares of WEC Energy Group from $69.00 to $70.00 and gave the company a neutral rating in a research report on Thursday, November 1st. Barclays boosted their price target on shares of WEC Energy Group from $71.00 to $73.00 and gave the company a hold rating in a research report on Monday, November 19th. Finally, Bank of America lowered shares of WEC Energy Group from a buy rating to a neutral rating in a research report on Thursday, November 1st. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $72.00.

Shares of WEC Energy Group stock opened at $75.03 on Friday. The company has a current ratio of 0.51, a quick ratio of 0.34 and a debt-to-equity ratio of 0.93. WEC Energy Group has a twelve month low of $58.48 and a twelve month high of $75.48. The stock has a market cap of $23.58 billion, a PE ratio of 23.89, a price-to-earnings-growth ratio of 4.89 and a beta of 0.15.

In other WEC Energy Group news, Chairman Gale E. Klappa sold 50,000 shares of the business’s stock in a transaction dated Monday, December 3rd. The shares were sold at an average price of $72.36, for a total value of $3,618,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Gale E. Klappa sold 146,618 shares of the business’s stock in a transaction dated 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. Over the last 90 days, insiders sold 319,073 shares of company stock worth $22,864,524. Company insiders own 0.94% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. Oregon Public Employees Retirement Fund lifted its position in shares of WEC Energy Group by 6,740.9% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,359,757 shares of the utilities provider’s stock worth $34,000 after purchasing an additional 2,325,262 shares in the last quarter. BlackRock Inc. lifted its position in shares of WEC Energy Group by 5.7% during the fourth quarter. BlackRock Inc. now owns 29,050,912 shares of the utilities provider’s stock worth $2,012,066,000 after purchasing an additional 1,563,355 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of WEC Energy Group by 17.4% during the third quarter. JPMorgan Chase & Co. now owns 8,999,731 shares of the utilities provider’s stock worth $600,825,000 after purchasing an additional 1,336,719 shares in the last quarter. Scout Investments Inc. acquired a new position in shares of WEC Energy Group during the fourth quarter worth approximately $67,361,000. Finally, Renaissance Technologies LLC lifted its position in shares of WEC Energy Group by 24.2% during the third quarter. Renaissance Technologies LLC now owns 3,873,402 shares of the utilities provider’s stock worth $258,588,000 after purchasing an additional 753,600 shares in the last quarter. Hedge funds and other institutional investors own 73.89% 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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