MGE Energy (NASDAQ:MGEE) Upgraded by Zacks Investment Research to Buy

MGE Energy (NASDAQ:MGEE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, Zacks.com reports. The brokerage currently has a $85.00 price objective on the utilities provider’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 12.58% from the company’s previous close.

According to Zacks, “MGE Energy is a public utility holding company. Its principal subsidiary, MGE, generates and distributes electricity to more than 128,000 customers in Dane County, Wisconsin (250 square miles) and purchases, transports and distributes natural gas to nearly 123,000 customers in seven south-central and western Wisconsin counties (1,375 square miles). (Press Release) “

Several other research analysts also recently weighed in on the stock. Morgan Stanley decreased their price target on shares of MGE Energy from $73.00 to $71.00 and set an “equal weight” rating on the stock in a research report on Tuesday, May 18th. TheStreet upgraded shares of MGE Energy from a “c+” rating to a “b” rating in a research report on Monday, April 19th.

Shares of NASDAQ MGEE opened at $75.50 on Wednesday. The business has a 50 day moving average price of $74.28. The company has a market capitalization of $2.73 billion, a P/E ratio of 26.77, a PEG ratio of 4.44 and a beta of 0.55. MGE Energy has a 52-week low of $59.70 and a 52-week high of $76.08. The company has a current ratio of 1.10, a quick ratio of 0.89 and a debt-to-equity ratio of 0.54.

MGE Energy (NASDAQ:MGEE) last issued its quarterly earnings data on Thursday, May 6th. The utilities provider reported $0.97 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.16. The company had revenue of $167.92 million for the quarter. MGE Energy had a net margin of 18.20% and a return on equity of 10.39%. As a group, equities research analysts forecast that MGE Energy will post 2.87 earnings per share for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of MGEE. Price T Rowe Associates Inc. MD grew its stake in MGE Energy by 13.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,764,474 shares of the utilities provider’s stock valued at $125,966,000 after acquiring an additional 215,433 shares in the last quarter. BlackRock Inc. grew its stake in MGE Energy by 5.7% during the first quarter. BlackRock Inc. now owns 2,827,934 shares of the utilities provider’s stock valued at $201,886,000 after acquiring an additional 151,819 shares in the last quarter. Morgan Stanley grew its stake in MGE Energy by 193.1% during the fourth quarter. Morgan Stanley now owns 121,920 shares of the utilities provider’s stock valued at $8,537,000 after acquiring an additional 80,325 shares in the last quarter. Bank of New York Mellon Corp grew its stake in MGE Energy by 24.4% during the fourth quarter. Bank of New York Mellon Corp now owns 320,703 shares of the utilities provider’s stock valued at $22,458,000 after acquiring an additional 62,959 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in MGE Energy by 155.6% during the fourth quarter. JPMorgan Chase & Co. now owns 95,442 shares of the utilities provider’s stock valued at $6,684,000 after acquiring an additional 58,107 shares in the last quarter. 49.10% of the stock is owned by institutional investors.

About MGE Energy

MGE Energy, Inc, through its subsidiaries, operates as a public utility holding company primarily in Wisconsin. It operates through five segments: Regulated Electric Utility Operations; Regulated Gas Utility Operations; Nonregulated Energy Operations; Transmission Investments; and All Other. The company generates, purchases, and distributes electricity; owns or leases electric generation facilities located in Wisconsin and Iowa; and plans, constructs, operates, maintains, and expands transmission facilities to provide transmission services.

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