WEC Energy Group Inc (NYSE:WEC) Sees Significant Drop in Short Interest

WEC Energy Group Inc (NYSE:WEC) was the target of a large drop in short interest in January. As of January 31st, there was short interest totalling 8,360,000 shares, a drop of 14.9% from the January 15th total of 9,820,000 shares. Currently, 2.7% of the shares of the stock are sold short. Based on an average daily volume of 1,430,000 shares, the days-to-cover ratio is currently 5.8 days.

A number of large investors have recently modified their holdings of the business. National Pension Service boosted its stake in shares of WEC Energy Group by 5.0% in the 3rd quarter. National Pension Service now owns 428,799 shares of the utilities provider’s stock valued at $40,779,000 after purchasing an additional 20,477 shares during the last quarter. Tiedemann Advisors LLC boosted its stake in shares of WEC Energy Group by 3.3% in the 3rd quarter. Tiedemann Advisors LLC now owns 32,504 shares of the utilities provider’s stock valued at $3,091,000 after purchasing an additional 1,025 shares during the last quarter. AdvisorNet Financial Inc boosted its stake in shares of WEC Energy Group by 50.9% in the 3rd quarter. AdvisorNet Financial Inc now owns 5,874 shares of the utilities provider’s stock valued at $559,000 after purchasing an additional 1,981 shares during the last quarter. Private Trust Co. NA boosted its stake in shares of WEC Energy Group by 6.0% in the 4th quarter. Private Trust Co. NA now owns 8,845 shares of the utilities provider’s stock valued at $815,000 after purchasing an additional 500 shares during the last quarter. Finally, Allworth Financial LP boosted its stake in shares of WEC Energy Group by 23.3% in the 4th quarter. Allworth Financial LP now owns 1,703 shares of the utilities provider’s stock valued at $157,000 after purchasing an additional 322 shares during the last quarter. 76.89% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE:WEC opened at $101.87 on Friday. WEC Energy Group has a 12 month low of $74.10 and a 12 month high of $102.11. The company’s 50-day moving average price is $96.14 and its two-hundred day moving average price is $92.62. The company has a quick ratio of 0.49, a current ratio of 0.66 and a debt-to-equity ratio of 1.10. The firm has a market cap of $32.13 billion and a P/E ratio of 28.46.

WEC Energy Group (NYSE:WEC) last issued its quarterly earnings data on Thursday, January 30th. The utilities provider reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.05. WEC Energy Group had a net margin of 15.08% and a return on equity of 11.18%. The firm had revenue of $1.95 billion for the quarter, compared to analyst estimates of $2.20 billion. During the same quarter in the prior year, the firm earned $0.65 EPS. The company’s revenue was down 6.2% on a year-over-year basis. As a group, equities analysts predict that WEC Energy Group will post 3.74 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, March 1st. Shareholders of record on Friday, February 14th will be issued a dividend of $0.6325 per share. The ex-dividend date is Thursday, February 13th. This represents a $2.53 dividend on an annualized basis and a yield of 2.48%. This is a positive change from WEC Energy Group’s previous quarterly dividend of $0.59. WEC Energy Group’s dividend payout ratio is currently 65.92%.

WEC has been the subject of a number of recent analyst reports. Wells Fargo & Co increased their target price on shares of WEC Energy Group from $100.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Citigroup increased their target price on shares of WEC Energy Group from $93.00 to $95.00 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Credit Suisse Group dropped their target price on shares of WEC Energy Group from $85.00 to $81.00 and set an “underperform” rating for the company in a research report on Wednesday, November 13th. Finally, Argus reiterated a “buy” rating on shares of WEC Energy Group in a research report on Tuesday, January 14th. Four equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company’s stock. WEC Energy Group currently has a consensus rating of “Hold” and a consensus price target of $88.27.

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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