MGE Energy (NASDAQ:MGEE) Earns Neutral Rating from Analysts at Bank of America

Research analysts at Bank of America initiated coverage on shares of MGE Energy (NASDAQ:MGEE) in a research report issued to clients and investors on Thursday, Benzinga reports. The firm set a “neutral” rating and a $76.00 price target on the utilities provider’s stock. Bank of America‘s target price would indicate a potential upside of 7.25% from the stock’s current price.

A number of other research analysts also recently commented on the stock. Morgan Stanley decreased their price objective on shares of MGE Energy from $74.00 to $71.00 and set an “underweight” rating for the company in a research report on Friday, September 18th. LADENBURG THALM/SH SH upgraded 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. Wall Street Zen downgraded MGE Energy from a “hold” rating to a “sell” rating in a research note on Saturday, September 19th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of MGE Energy in a report on Wednesday, August 5th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $76.00.

MGE Energy Price Performance

Shares of NASDAQ MGEE opened at $70.86 on Thursday. MGE Energy has a fifty-two week low of $70.71 and a fifty-two week high of $87.94. The stock has a market capitalization of $2.68 billion, a price-to-earnings ratio of 17.41 and a beta of 0.70. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.14 and a quick ratio of 0.79. The business has a 50-day moving average of $78.91 and a 200-day moving average of $78.10.

MGE Energy (NASDAQ:MGEE) last announced its quarterly earnings data on Wednesday, August 5th. The utilities provider reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.12. MGE Energy had a return on equity of 11.10% and a net margin of 19.45%.The company had revenue of $161.19 million for the quarter, compared to analysts’ expectations of $166.37 million. As a group, sell-side analysts predict that MGE Energy will post 3.99 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MGE Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sequoia Financial Advisors LLC bought a new stake in shares of MGE Energy during the 2nd quarter valued at $323,000. Integrated Wealth Concepts LLC acquired a new position in MGE Energy in the second quarter valued at about $191,000. IFP Advisors Inc raised its stake in MGE Energy by 41.3% in the second quarter. IFP Advisors Inc now owns 1,308 shares of the utilities provider’s stock valued at $107,000 after purchasing an additional 382 shares in the last quarter. Allworth Financial LP lifted its position in MGE Energy by 114.6% during the second quarter. Allworth Financial LP now owns 1,972 shares of the utilities provider’s stock worth $161,000 after purchasing an additional 1,053 shares during the period. Finally, Waverly Advisors LLC acquired a new stake in MGE Energy during the second quarter worth about $260,000. 52.58% of the stock is owned by institutional investors and hedge funds.

MGE Energy Company Profile

MGE Energy, Inc is a public utility holding company headquartered in Madison, Wisconsin. Its principal subsidiary, Madison Gas and Electric Company (MG&E), provides electric and natural gas service to residential, commercial and industrial customers in south-central Wisconsin.

The company’s operations include generating, purchasing, transmitting and distributing electricity, as well as distributing natural gas. MGE Energy’s generation portfolio includes renewable resources such as wind and solar, along with other generation and purchased-power arrangements.