MGE Energy (NASDAQ:MGEE) Hits New 1-Year Low – Here’s What Happened

MGE Energy Inc. (NASDAQ:MGEE) shares hit a new 52-week low during trading on Wednesday . The company traded as low as $81.00 and last traded at $81.07, with a volume of 41341 shares changing hands. The stock had previously closed at $82.16.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on MGEE shares. Weiss Ratings cut MGE Energy from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday. Morgan Stanley reiterated an “underweight” rating on shares of MGE Energy in a research note on Wednesday, October 22nd. LADENBURG THALM/SH SH upgraded shares of MGE Energy from a “sell” rating to a “neutral” rating and increased their price target for the company from $69.00 to $83.00 in a research report on Thursday, September 11th. Finally, Wall Street Zen downgraded shares of MGE Energy from a “buy” rating to a “hold” rating in a report on Saturday, July 26th. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $79.00.

MGE Energy Price Performance

The firm has a market cap of $3.01 billion, a P/E ratio of 22.91 and a beta of 0.81. The business’s fifty day simple moving average is $83.86 and its 200-day simple moving average is $86.23. The company has a current ratio of 1.80, a quick ratio of 1.20 and a debt-to-equity ratio of 0.60.

MGE Energy (NASDAQ:MGEE) last posted its quarterly earnings results on Wednesday, November 5th. The utilities provider reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.03. MGE Energy had a return on equity of 10.58% and a net margin of 18.24%.The firm had revenue of $175.68 million during the quarter. As a group, analysts forecast that MGE Energy Inc. will post 3.43 EPS for the current fiscal year.

MGE Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be issued a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Monday, December 1st. MGE Energy’s payout ratio is presently 51.49%.

Hedge Funds Weigh In On MGE Energy

A number of large investors have recently modified their holdings of the company. Hennessy Advisors Inc. grew its position in shares of MGE Energy by 62.9% during the 2nd quarter. Hennessy Advisors Inc. now owns 15,279 shares of the utilities provider’s stock valued at $1,351,000 after purchasing an additional 5,900 shares in the last quarter. Yousif Capital Management LLC boosted its stake in MGE Energy by 2.0% during the second quarter. Yousif Capital Management LLC now owns 13,618 shares of the utilities provider’s stock valued at $1,204,000 after buying an additional 267 shares during the period. XTX Topco Ltd purchased a new position in MGE Energy during the first quarter worth about $306,000. Intech Investment Management LLC grew its position in MGE Energy by 43.9% during the first quarter. Intech Investment Management LLC now owns 20,777 shares of the utilities provider’s stock worth $1,931,000 after buying an additional 6,341 shares in the last quarter. Finally, Strs Ohio bought a new position in MGE Energy in the 1st quarter worth about $1,069,000. 52.58% of the stock is currently owned by institutional investors.

MGE Energy Company Profile

MGE Energy, Inc, through its subsidiaries, operates as a public utility holding company primarily in the United States. It operates through Regulated Electric Utility Operations; Regulated Gas Utility Operations; Nonregulated Energy Operations; Transmission Investments; and All Other segments. The company generates, purchases, and distributes electricity and natural gas in Wisconsin and Iowa; owns and leases electric generating capacity; and plans, constructs, operates, maintains, and expands transmission facilities to provide transmission power services.