MGE Energy (NASDAQ:MGEE) Stock Rating Raised to “Buy” at Freedom Broker

Freedom Broker upgraded shares of MGE Energy (NASDAQ:MGEE) from a hold rating to a buy rating in a research report released on Friday morning, MarketBeat Ratings reports. They currently have $87.00 price objective on the utilities provider’s stock, up from their prior price objective of $79.00.

A number of other analysts have also recently commented on the stock. Jefferies Financial Group set a $87.00 target price on shares of MGE Energy in a report on Thursday. Weiss Ratings reiterated a “hold (c)” rating on shares of MGE Energy in a research note on Tuesday. JPMorgan Chase & Co. assumed coverage on shares of MGE Energy in a research note on Thursday, October 15th. They issued a “neutral” rating and a $76.00 price target for the company. Bank of America assumed coverage on shares of MGE Energy in a research report on Thursday, September 24th. They set a “neutral” rating and a $76.00 price target for the company. Finally, Morgan Stanley boosted their price objective on shares of MGE Energy from $71.00 to $72.00 and gave the stock an “underweight” rating in a research note on Wednesday, October 21st. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $79.83.

MGE Energy Stock Up 2.4%

Shares of NASDAQ:MGEE traded up $1.90 during trading on Friday, hitting $80.26. The stock had a trading volume of 252,518 shares, compared to its average volume of 141,759. The company has a market capitalization of $3.03 billion, a PE ratio of 18.54, a PEG ratio of 4.20 and a beta of 0.68. The company has a quick ratio of 0.79, a current ratio of 1.14 and a debt-to-equity ratio of 0.61. The firm’s fifty day moving average is $73.57 and its 200 day moving average is $77.52. MGE Energy has a 12 month low of $68.01 and a 12 month high of $85.29.

MGE Energy (NASDAQ:MGEE) last released its quarterly earnings results on Wednesday, November 4th. The utilities provider reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.30. The company had revenue of $190.40 million for the quarter, compared to analyst estimates of $184.59 million. MGE Energy had a return on equity of 11.10% and a net margin of 19.45%. Analysts anticipate that MGE Energy will post 4.02 EPS for the current fiscal year.

MGE Energy Announces Dividend

The business 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 $0.5083 dividend. This represents a $2.03 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Tuesday, December 1st. MGE Energy’s dividend payout ratio is currently 46.88%.

Hedge Funds Weigh In On MGE Energy

Several institutional investors and hedge funds have recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. boosted its stake in MGE Energy by 1.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 10,379 shares of the utilities provider’s stock worth $846,000 after purchasing an additional 138 shares in the last quarter. Pinnacle Wealth Planning Services Inc. grew its position in MGE Energy by 10.3% during the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 1,538 shares of the utilities provider’s stock valued at $107,000 after purchasing an additional 144 shares during the last quarter. Glenmede Trust Co. NA increased its stake in MGE Energy by 3.5% during the 1st quarter. Glenmede Trust Co. NA now owns 4,356 shares of the utilities provider’s stock valued at $337,000 after purchasing an additional 148 shares in the last quarter. Versant Capital Management Inc increased its stake in MGE Energy by 19.9% during the 3rd quarter. Versant Capital Management Inc now owns 892 shares of the utilities provider’s stock valued at $62,000 after purchasing an additional 148 shares in the last quarter. Finally, MBE Wealth Management LLC increased its stake in MGE Energy by 2.5% during the 3rd quarter. MBE Wealth Management LLC now owns 10,168 shares of the utilities provider’s stock valued at $706,000 after purchasing an additional 250 shares in the last quarter. 52.58% of the stock is currently owned by institutional investors.

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.