Based in Milwaukee, Wisconsin, WEC Energy Group, Inc. (WEC) is a diversified utilities sector company that provides regulated natural gas and electricity, along with renewable and non-regulated renewable energy services in the U.S. With a market cap of $25.8 billion, the company is set to unveil its fiscal Q2 earnings results before the market opens on Wednesday, Jul. 31.
Ahead of this event, analysts expect WEC to report a profit of $0.65 per share, down 29.4% from $0.92 per share in the year-ago quarter. The company has surpassed or met Wall Street's bottom-line estimates in each of the past four quarters. In the most recent quarter, the company reported an EPS of $1.97, exceeding the consensus estimate by a 4.2% margin.
For fiscal 2024, analysts expect WEC to report EPS of $4.88, up 5.4% from $4.63 in fiscal 2023. Looking forward to fiscal 2025, EPS is expected to grow around 7% annually to $5.22.
WEC has underperformed the broader markets in 2024, with shares down 1.9% compared to the S&P 500 Index's ($SPX) 16.5% gain and the S&P 500 Utilities Sector SPDR's (XLU) 10.9% return on a YTD basis.
Shares of WEC Energy recovered marginally following its Q1 earnings release on May 1 due to the company's significant annual increase in net income and earnings per share figures. The company also reaffirmed its fiscal 2024 earnings guidance despite lower consolidated revenues and a challenging warm winter. In addition, on Jul. 18, the company declared its 328th consecutive quarterly dividend of $0.835 per share, set to delight its shareholders on Sept. 1, 2024.
Meanwhile, analysts' consensus rating on WEC Energy stock is cautious, with a "Hold" rating overall. Out of 15 analysts covering the stock, opinions include four "Strong Buys,” eight "Holds," one "Moderate Sell," and two "Strong Sells.”
This configuration has remained the same over the past three months. The average analyst price target for WEC is $86.75, suggesting a potential upside of only 5% from current levels.
On the date of publication, Sohini Mondal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
