MGE Energy (NASDAQ:MGEE) Shares Cross Above 200-Day Moving Average – Here’s What Happened

Shares of MGE Energy Inc. (NASDAQ:MGEE) passed above its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $77.52 and traded as high as $78.08. MGE Energy shares last traded at $77.59, with a volume of 255,953 shares traded.

Wall Street Analysts Forecast Growth

MGEE has been the topic of several research analyst reports. Bank of America assumed coverage on MGE Energy in a research note on Thursday, September 24th. They set a “neutral” rating and a $76.00 price target on the stock. Weiss Ratings restated a “hold (c)” rating on shares of MGE Energy in a research note on Tuesday. Wall Street Zen raised MGE Energy from a “sell” rating to a “hold” rating in a report on Saturday, October 10th. JPMorgan Chase & Co. assumed coverage on MGE Energy in a research report on Thursday, October 15th. They issued a “neutral” rating and a $76.00 target price on the stock. Finally, Morgan Stanley increased their price target on shares of MGE Energy from $71.00 to $72.00 and gave the stock an “underweight” rating in a report on Wednesday, October 21st. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, MGE Energy presently has an average rating of “Hold” and a consensus target price of $76.25.

MGE Energy Stock Up 5.0%

The firm has a market cap of $2.93 billion, a price-to-earnings ratio of 19.06, a PEG ratio of 4.13 and a beta of 0.68. The business’s 50 day moving average price is $73.55 and its 200 day moving average price is $77.52. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.79 and a current ratio of 1.14.

MGE Energy (NASDAQ:MGEE) last posted its earnings results on Wednesday, November 4th. The utilities provider reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.30. MGE Energy had a net margin of 19.45% and a return on equity of 11.10%. The firm had revenue of $190.40 million during the quarter, compared to analysts’ expectations of $184.59 million. On average, equities analysts forecast that MGE Energy Inc. will post 4.02 EPS for the current year.

MGE Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be paid a dividend of $0.5083 per share. This represents a $2.03 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Tuesday, December 1st. MGE Energy’s dividend payout ratio is presently 49.88%.

Hedge Funds Weigh In On MGE Energy

Several institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. purchased a new position in MGE Energy during the second quarter worth approximately $496,897,000. Bank of New York Mellon Corp purchased a new stake in shares of MGE Energy in the second quarter valued at approximately $27,087,000. Legal & General Group Plc purchased a new stake in shares of MGE Energy in the second quarter valued at approximately $15,443,000. Principal Financial Group Inc. raised its stake in shares of MGE Energy by 2.1% during the 1st quarter. Principal Financial Group Inc. now owns 178,194 shares of the utilities provider’s stock worth $13,773,000 after buying an additional 3,710 shares during the period. Finally, ProShare Advisors LLC raised its stake in shares of MGE Energy by 34.2% during the 3rd quarter. ProShare Advisors LLC now owns 123,853 shares of the utilities provider’s stock worth $8,602,000 after buying an additional 31,572 shares during the period. Hedge funds and other institutional investors own 52.58% of the company’s stock.

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 customers in Madison and surrounding communities in south-central Wisconsin.

MG&E generates, purchases, transmits and distributes electricity, while also distributing natural gas. The company serves residential, commercial and industrial customers and offers related energy services, including programs focused on energy efficiency, electrification and renewable energy.

Madison Gas and Electric traces its history to 1855, and MGE Energy was established as the parent company of the utility in 1999.