MGE Energy (NASDAQ:MGEE) Posts Quarterly Earnings Results, Beats Estimates By $0.12 EPS

MGE Energy (NASDAQ:MGEE) released its quarterly earnings data on Wednesday. The utilities provider reported $0.89 earnings per share (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 analysts’ expectations of $166.37 million. MGE Energy had a net margin of 18.61% and a return on equity of 10.94%.

MGE Energy Stock Up 0.8%

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

MGE Energy Dividend Announcement

The business also recently disclosed 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

A number of large investors have recently modified their holdings of the stock. Invesco Ltd. grew its holdings in MGE Energy by 14.3% during the second quarter. Invesco Ltd. now owns 238,747 shares of the utilities provider’s stock worth $21,115,000 after buying an additional 29,811 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in MGE Energy by 9.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 216,173 shares of the utilities provider’s stock valued at $16,952,000 after acquiring an additional 18,877 shares in the last quarter. Qube Research & Technologies Ltd boosted its holdings 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 worth $13,655,000 after acquiring an additional 101,586 shares during the last quarter. Nuveen LLC boosted its holdings in MGE Energy by 0.3% during the 4th quarter. Nuveen LLC now owns 159,491 shares of the utilities provider’s stock worth $12,507,000 after acquiring an additional 480 shares during the last quarter. Finally, Public Sector Pension Investment Board grew its stake in shares of MGE Energy by 8.5% in the 2nd quarter. Public Sector Pension Investment Board now owns 124,551 shares of the utilities provider’s stock worth $11,015,000 after acquiring an additional 9,775 shares in the last quarter. Institutional investors own 52.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of MGE Energy in a research report on Friday, May 8th. LADENBURG THALM/SH SH upgraded MGE Energy from a “neutral” rating to a “buy” rating and set a $81.00 price target on the stock in a report on Monday, June 8th. Finally, Morgan Stanley reissued an “underweight” rating and issued a $76.00 price objective on shares of MGE Energy in a research note on Wednesday, July 22nd. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price 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.