WEC Energy Group’s WEC sales volumes are likely to be expended on the back of increasing electric and natural gas customer base. Also, the company’s capital investments position it well to cope with the current uncertainties.
For 2020, the Zacks Consensus Estimate for earnings has remained steady at $3.73 per share in the past 30 days. WEC Energy has a trailing four-quarter positive earnings surprise of 5.59%, on average.
In the past 12 months, shares of the company have gained 3% against the industry’s decline of 7.1%.
What’s Aiding the Stock?
With improving condition in the company’s service area, WEC Energy continues to witness an uptick in customer growth. Notably, at the end of the first quarter, the company had additional 10,000 electric and 12,000 natural gas customers compared with the year-ago quarter’s levels. Moreover, the firm expects electric and natural gas sales to inch up in the range of 1.2-1.5%, by the 2022-2024 time frame.
During the 2020-2024 period, WEC Energy has plans to invest $15 billion in Gas Distribution, Electric Distribution, Generation, Energy infrastructure, ATC Investment and Technology. Also, the company expects long-term earnings growth in the 5-7% band per year.
WEC Energy continues to invest in cost-effective zero-carbon generation projects pertaining to solar and wind. The company is focused on reducing carbon and methane emissions. Notably, in 2019, it met and exceeded its 2030’s goal of lowering carbon footprint by 40% below the 2005-levels.
In addition to WEC Energy, utilities like Duke Energy DUK, DTE Energy DTE and Xcel Energy XEL among others are undertaking measures to supply clean energy.
The stock carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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WEC Energy Group, Inc. (WEC) : Free Stock Analysis Report
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