Scotiabank maintains WEC Energy Group at Sector Outperform, raises price target to $128 from $117

WEC Energy Group reported 2026 Q3 revenue of $2.29B, up 8.9% YoY, and net income of $390.3M, up 44.4% YoY. Diluted EPS rose 42.2% to $1.18. The company plans significant investments in gas, solar, wind, and storage projects through 2031.

WEC Energy Group (WEC) raised its 2026 earnings guidance to 7-9%+ due to growth projects and capital plans. Challenges include regulatory approvals, higher expenses, and slower gas sales growth. CEO Scott Lauber expects construction timelines to remain on track. The company anticipates increased customer concentration but believes it is manageable. CFO Xia Liu noted reduced equity needs due to cash returns from large customers.

First Choice Dental acquired three Milwaukee-area practices, expanding its network to 20 locations. The company plans further growth through acquisitions. WEC Energy Group increased its five-year capital plan by $10B to $47.5B, driven by large data center customers like Microsoft and Oracle, with a focus on natural gas and battery storage. Utilities plan to challenge Midcontinent Grid Solutions' application to become a Wisconsin utility over regulatory concerns.

Quanta Services (PWR) and WEC Energy (WEC) rose 6% and 5% respectively after reporting earnings beats. Quanta reported adjusted earnings of $6.06 per share on revenue. WEC's earnings were not specified.

WEC Energy Group raised its FY26 EPS outlook to $5.60-$5.64 from $5.51-$5.61, citing favorable weather and capital investments. Shares rose 1.36% in pre-market trading to $112.00.

WEC Energy Group reported Q3 2026 net income of $389.3M ($1.18/diluted share), up from $271.3M ($0.83) a year earlier. Nine-month net income was $1.49B ($4.54/diluted share). The company raised its 2026 earnings guidance to $5.60–$5.64 per share. Operating revenues for Q3 were $2.29B, and $7.79B for nine months, up $523.9M year-over-year. Management attributed growth to weather, capital investment, and efficiency.