MGE Energy (NASDAQ:MGEE) Announces Quarterly Earnings Results

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

MGE Energy Trading Up 0.8%

MGEE traded up $0.64 during trading on Thursday, reaching $80.85. 178,023 shares of the company’s stock were exchanged, compared to its average volume of 234,047. The company’s fifty day moving average price is $79.22 and its 200-day moving average price is $78.70. The firm has a market capitalization of $2.97 billion, a PE ratio of 20.73 and a beta of 0.71. MGE Energy has a fifty-two week low of $72.16 and a fifty-two week high of $88.01. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.83 and a current ratio of 1.15.

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 issued a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Monday, June 1st. MGE Energy’s payout ratio is currently 48.72%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Corient Private Wealth LLC grew its stake in shares of MGE Energy by 106.3% during the fourth quarter. Corient Private Wealth LLC now owns 6,768 shares of the utilities provider’s stock worth $531,000 after purchasing an additional 3,487 shares during the period. Beacon Pointe Advisors LLC lifted its stake in MGE Energy by 6.6% in the fourth quarter. Beacon Pointe Advisors LLC now owns 2,826 shares of the utilities provider’s stock valued at $222,000 after buying an additional 174 shares during the period. State of Tennessee Department of Treasury boosted its holdings in MGE Energy by 6.1% during the fourth quarter. State of Tennessee Department of Treasury now owns 16,009 shares of the utilities provider’s stock worth $1,279,000 after buying an additional 925 shares during the last quarter. Susquehanna Portfolio Strategies LLC boosted its holdings in MGE Energy by 29.6% during the fourth quarter. Susquehanna Portfolio Strategies LLC now owns 9,047 shares of the utilities provider’s stock worth $709,000 after buying an additional 2,066 shares during the last quarter. Finally, Tudor Investment Corp ET AL grew its position in shares of MGE Energy by 7.8% during the 4th quarter. Tudor Investment Corp ET AL now owns 105,111 shares of the utilities provider’s stock worth $8,243,000 after buying an additional 7,591 shares during the period. 52.58% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Weiss Ratings restated a “hold (c)” rating on shares of MGE Energy in a research note on Friday, May 8th. 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 report on Monday, June 8th. Finally, Morgan Stanley restated an “underweight” rating and issued a $76.00 price objective on shares of MGE Energy in a research report on Wednesday, July 22nd. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $78.50.

About MGE Energy

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.