MGE Energy (NASDAQ:MGEE) Announces Quarterly Earnings Results

MGE Energy (NASDAQ:MGEE) issued its quarterly earnings data on Tuesday. The utilities provider reported $0.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.02), FiscalAI reports. The firm had revenue of $189.55 million for the quarter. MGE Energy had a return on equity of 10.65% and a net margin of 18.55%.

MGE Energy Price Performance

Shares of NASDAQ MGEE traded up $1.06 during mid-day trading on Tuesday, reaching $82.56. The company had a trading volume of 144,180 shares, compared to its average volume of 116,987. The firm has a market cap of $3.02 billion, a price-to-earnings ratio of 22.37 and a beta of 0.82. The business’s 50-day simple moving average is $79.52 and its 200 day simple moving average is $82.14. MGE Energy has a one year low of $76.47 and a one year high of $95.00. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.59 and a current ratio of 0.91.

MGE Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, March 15th. Stockholders of record on Sunday, March 1st will be issued a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Friday, February 27th. MGE Energy’s dividend payout ratio is 51.49%.

Hedge Funds Weigh In On MGE Energy

Several hedge funds have recently bought and sold shares of MGEE. AQR Capital Management LLC lifted its holdings in shares of MGE Energy by 18.8% during the 1st quarter. AQR Capital Management LLC now owns 8,275 shares of the utilities provider’s stock worth $769,000 after acquiring an additional 1,312 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in MGE Energy by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,707 shares of the utilities provider’s stock valued at $2,018,000 after purchasing an additional 954 shares in the last quarter. United Services Automobile Association bought a new stake in MGE Energy during the first quarter worth $220,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of MGE Energy by 18.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 86,608 shares of the utilities provider’s stock valued at $8,051,000 after purchasing an additional 13,715 shares in the last quarter. Finally, Jane Street Group LLC increased its stake in shares of MGE Energy by 718.5% in the 1st quarter. Jane Street Group LLC now owns 75,007 shares of the utilities provider’s stock valued at $6,973,000 after purchasing an additional 65,843 shares during the last quarter. 52.58% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on MGEE shares. Morgan Stanley reduced their price target on MGE Energy from $74.00 to $73.00 and set an “underweight” rating for the company in a research note on Monday, February 2nd. Weiss Ratings reissued a “hold (c+)” rating on shares of MGE Energy in a research report on Monday, December 29th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, MGE Energy currently has a consensus rating of “Reduce” and an average target price of $78.00.

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.