MGE Energy (NASDAQ:MGEE – Free Report) had its price target lowered by Morgan Stanley from $74.00 to $71.00 in a research note issued to investors on Friday morning,Benzinga reports. The firm currently has an underweight rating on the utilities provider’s stock.
Several other analysts have also recently commented on MGEE. LADENBURG THALM/SH SH raised shares of MGE Energy from a “neutral” rating to a “buy” rating and set a $81.00 price target on the stock in a research note on Monday, June 8th. Weiss Ratings restated a “hold (c)” rating on shares of MGE Energy in a research report on Wednesday, August 5th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, MGE Energy presently has an average rating of “Hold” and a consensus target price of $76.00.
Check Out Our Latest Stock Analysis on MGE Energy
MGE Energy Stock Performance
MGE Energy (NASDAQ:MGEE – Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $161.19 million for the quarter, compared to analyst estimates of $166.37 million. MGE Energy had a net margin of 19.45% and a return on equity of 11.10%. On average, equities research analysts predict that MGE Energy will post 3.99 EPS for the current fiscal year.
MGE Energy Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were given a $0.5083 dividend. The ex-dividend date was Tuesday, September 1st. This is a positive change from MGE Energy’s previous quarterly dividend of $0.47. This represents a $2.03 dividend on an annualized basis and a yield of 2.7%. MGE Energy’s dividend payout ratio is 49.88%.
Institutional Inflows and Outflows
A number of large investors have recently added to or reduced their stakes in the business. Sequoia Financial Advisors LLC bought a new position in shares of MGE Energy in the 2nd quarter valued at about $323,000. Integrated Wealth Concepts LLC acquired a new stake in shares of MGE Energy during the 2nd quarter worth approximately $191,000. IFP Advisors Inc raised its stake in shares of MGE Energy by 41.3% during the second quarter. IFP Advisors Inc now owns 1,308 shares of the utilities provider’s stock worth $107,000 after buying an additional 382 shares during the last quarter. Allworth Financial LP raised its stake in shares of MGE Energy by 114.6% during the second quarter. Allworth Financial LP now owns 1,972 shares of the utilities provider’s stock worth $161,000 after buying an additional 1,053 shares during the last quarter. Finally, Waverly Advisors LLC acquired a new position in MGE Energy in the second quarter valued at approximately $260,000. 52.58% of the stock is currently owned by institutional investors and hedge funds.
About MGE Energy
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 residential, commercial and industrial customers in south-central Wisconsin.
The company’s operations include generating, purchasing, transmitting and distributing electricity, as well as distributing natural gas. MGE Energy’s generation portfolio includes renewable resources such as wind and solar, along with other generation and purchased-power arrangements.
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