Wall Street Zen upgraded shares of MGE Energy (NASDAQ:MGEE – Free Report) from a sell rating to a hold rating in a research report report published on Saturday morning,Wall Street Zen reports.
MGEE has been the topic of a number of other reports. Morgan Stanley lowered their target price on MGE Energy from $74.00 to $71.00 and set an “underweight” rating on the stock in a research note on Friday, September 18th. Bank of America began coverage on shares of MGE Energy in a report on Thursday, September 24th. They set a “neutral” rating and a $76.00 price objective for the company. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of MGE Energy in a research note on Wednesday, August 5th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $76.00.
View Our Latest Research Report on MGEE
MGE Energy Stock Performance
MGE Energy (NASDAQ:MGEE – Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The utilities provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.12. The business had revenue of $161.19 million for the quarter, compared to analyst estimates of $166.37 million. MGE Energy had a return on equity of 11.10% and a net margin of 19.45%. As a group, sell-side analysts expect that MGE Energy will post 4.02 earnings per share for the current year.
MGE Energy Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were given a $0.5083 dividend. This represents a $2.03 dividend on an annualized basis and a dividend yield of 2.9%. This is an increase from MGE Energy’s previous quarterly dividend of $0.4750. The ex-dividend date was Tuesday, September 1st. MGE Energy’s dividend payout ratio (DPR) is 49.88%.
Institutional Trading of MGE Energy
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Avalon Trust Co purchased a new stake in MGE Energy in the 2nd quarter worth approximately $49,000. Highland Investment Advisors LLC bought a new position in shares of MGE Energy in the second quarter worth $60,000. Versant Capital Management Inc increased its holdings in shares of MGE Energy by 60.3% in the second quarter. Versant Capital Management Inc now owns 744 shares of the utilities provider’s stock worth $61,000 after purchasing an additional 280 shares during the period. Johnson Financial Group Inc. purchased a new stake in shares of MGE Energy in the second quarter worth $76,000. Finally, IFP Advisors Inc boosted its stake in MGE Energy by 41.3% during the second quarter. IFP Advisors Inc now owns 1,308 shares of the utilities provider’s stock valued at $107,000 after buying an additional 382 shares during the period. 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. Through its principal subsidiary, Madison Gas and Electric Company (MGE), the company generates, purchases, transmits, distributes and sells electricity, as well as distributes and sells natural gas.
MGE serves residential, commercial and industrial customers in Madison and surrounding communities in south-central Wisconsin. Its energy portfolio includes traditional generation resources along with investments in renewable energy, including wind and solar projects.
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