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WEC Energy Group Inc WEC

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Morningstar’s Analysis

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WEC Energy Reports Strong Q1, Increases Carbon Emission Reduction Targets

Andrew Bischof, CFA, CPA Senior Equity Analyst

Analyst Note

| Andrew Bischof, CFA, CPA |

We are reaffirming our $91 fair value estimate and narrow economic moat rating after WEC Energy Group reported first-quarter operating EPS of $1.61, up from $1.43 in the same year-ago period. Management reaffirmed its 2021 operating EPS guidance of $3.99-$4.03 with expectations for the company to deliver at the top end of the range. We continue to expect management to achieve the top half of its 5%-7% earnings growth target.

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Company Profile

Business Description

WEC Energy Group's electric and gas utility businesses serve electric and gas customers in its Illinois, Michigan, Minnesota, and Wisconsin service territories. The company also owns a 60% stake in American Transmission Co. WEC's asset mix is approximately 51% electric generation and distribution, 34% gas distribution, 13% electric transmission, and 2% unregulated renewable generation.

231 West Michigan Street, P.O. Box 1331
Milwaukee, WI, 53201
T +1 414 221-2345
Sector Utilities
Industry Utilities - Regulated Electric
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Slow Growth
Employees 7,273