MGE Energy (NASDAQ:MGEE) Sees Strong Trading Volume – Here’s What Happened

MGE Energy Inc. (NASDAQ:MGEE) saw an uptick in trading volume on Thursday . 527,002 shares were traded during mid-day trading, an increase of 206% from the previous session’s volume of 172,068 shares.The stock last traded at $75.5810 and had previously closed at $80.80.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on MGEE. Morgan Stanley reissued an “underweight” rating on shares of MGE Energy in a research note on Monday, April 27th. Wall Street Zen raised shares of MGE Energy from a “sell” rating to a “hold” rating in a research note on Sunday, March 8th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $80.50.

MGE Energy Stock Down 1.3%

The company has a market cap of $2.71 billion, a PE ratio of 18.88 and a beta of 0.76. The company’s 50 day moving average is $78.29 and its 200 day moving average is $79.98. The company has a current ratio of 1.15, a quick ratio of 0.55 and a debt-to-equity ratio of 0.65.

MGE Energy (NASDAQ:MGEE) last posted its quarterly earnings results on Tuesday, May 5th. The utilities provider reported $1.32 EPS for the quarter, topping the consensus estimate of $1.13 by $0.19. The company had revenue of $242.70 million for the quarter, compared to the consensus estimate of $227.06 million. MGE Energy had a net margin of 18.61% and a return on equity of 10.94%. As a group, analysts predict that MGE Energy Inc. will post 3.95 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director James G. Berbee purchased 373 shares of MGE Energy stock in a transaction that occurred on Wednesday, March 11th. The shares were bought at an average price of $77.74 per share, with a total value of $28,997.02. Following the purchase, the director directly owned 9,362 shares of the company’s stock, valued at approximately $727,801.88. This represents a 4.15% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.41% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in MGEE. Deprince Race & Zollo Inc. purchased a new position in MGE Energy in the 1st quarter worth about $21,418,000. Qube Research & Technologies Ltd increased its position in MGE Energy by 167.5% during the 3rd quarter. Qube Research & Technologies Ltd now owns 162,217 shares of the utilities provider’s stock valued at $13,655,000 after purchasing an additional 101,586 shares during the period. Jane Street Group LLC increased its position in MGE Energy by 718.5% during the 1st quarter. Jane Street Group LLC now owns 75,007 shares of the utilities provider’s stock valued at $6,973,000 after purchasing an additional 65,843 shares during the period. Speece Thorson Capital Group Inc. increased its position in MGE Energy by 44.3% during the 4th quarter. Speece Thorson Capital Group Inc. now owns 195,596 shares of the utilities provider’s stock valued at $15,339,000 after purchasing an additional 60,037 shares during the period. Finally, Two Sigma Investments LP increased its position in MGE Energy by 181.1% during the 3rd quarter. Two Sigma Investments LP now owns 80,758 shares of the utilities provider’s stock valued at $6,798,000 after purchasing an additional 52,031 shares during the period. Hedge funds and other institutional investors own 52.58% of the company’s stock.

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.