MGE Energy (NASDAQ:MGEE) Announces Earnings Results

MGE Energy (NASDAQ:MGEE) announced its quarterly earnings data on Wednesday. The utilities provider reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.12, FiscalAI reports. MGE Energy had a net margin of 18.61% and a return on equity of 10.94%. The firm had revenue of $161.19 million for the quarter, compared to the consensus estimate of $166.37 million.

MGE Energy Price Performance

MGE Energy stock traded up $0.55 during midday trading on Wednesday, reaching $80.44. The company’s stock had a trading volume of 267,121 shares, compared to its average volume of 187,954. The company has a current ratio of 1.15, a quick ratio of 0.83 and a debt-to-equity ratio of 0.65. The stock has a market cap of $2.96 billion, a PE ratio of 20.63 and a beta of 0.71. MGE Energy has a 52 week low of $72.16 and a 52 week high of $88.01. The business has a 50-day moving average price of $79.22 and a 200-day moving average price of $78.70.

MGE Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were given a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date was Monday, June 1st. MGE Energy’s payout ratio is currently 48.72%.

Institutional Investors Weigh In On MGE Energy

A number of hedge funds have recently made changes to their positions in MGEE. Advisory Services Network LLC bought a new stake in shares of MGE Energy during the 3rd quarter valued at approximately $40,000. Parallel Advisors LLC lifted its stake in MGE Energy by 28.6% in the 3rd quarter. Parallel Advisors LLC now owns 714 shares of the utilities provider’s stock valued at $60,000 after purchasing an additional 159 shares during the last quarter. UMB Bank n.a. boosted its position in MGE Energy by 807.2% in the fourth quarter. UMB Bank n.a. now owns 1,261 shares of the utilities provider’s stock valued at $99,000 after buying an additional 1,122 shares in the last quarter. Kestra Advisory Services LLC acquired a new stake in MGE Energy in the fourth quarter valued at approximately $100,000. Finally, Smartleaf Asset Management LLC grew its stake in shares of MGE Energy by 19.1% during the second quarter. Smartleaf Asset Management LLC now owns 1,326 shares of the utilities provider’s stock worth $117,000 after buying an additional 213 shares during the last quarter. 52.58% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Morgan Stanley reaffirmed an “underweight” rating and set a $76.00 price target on shares of MGE Energy in a report on Wednesday, July 22nd. LADENBURG THALM/SH SH raised shares of MGE Energy from a “neutral” rating to a “buy” rating and set a $81.00 price objective on the stock in a research note on Monday, June 8th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of MGE Energy in a research report on Friday, May 8th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $78.50.

MGE Energy Company Profile

MGE Energy, Inc is a public utility holding company headquartered in Madison, Wisconsin. Through its principal subsidiary, Madison Gas and Electric Company (MGE), the company provides regulated electric and natural gas distribution services to residential, commercial and industrial customers in south-central Wisconsin. MGE Energy’s operations encompass the generation, transmission and distribution of electricity as well as the purchase and distribution of natural gas, with an emphasis on reliable service and system resilience.

Since reorganizing as a holding company in 2001, MGE Energy has expanded its portfolio to include nonregulated subsidiaries involved in renewable energy development, energy services and infrastructure support.