MGE Energy (NASDAQ:MGEE) Releases Quarterly Earnings Results, Beats Estimates By $0.12 EPS

MGE Energy (NASDAQ:MGEE) issued its quarterly earnings data on Wednesday. The utilities provider reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.12, FiscalAI reports. The company had revenue of $161.19 million for the quarter, compared to analyst estimates of $166.37 million. MGE Energy had a net margin of 18.61% and a return on equity of 10.94%.

MGE Energy Stock Performance

NASDAQ:MGEE traded up $0.55 during mid-day trading on Wednesday, reaching $80.44. 267,121 shares of the company’s stock were exchanged, compared to its average volume of 187,954. MGE Energy has a one year low of $72.16 and a one year high of $88.01. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.83 and a current ratio of 1.15. The business’s fifty day simple moving average is $79.22 and its two-hundred day simple moving average is $78.70. The firm has a market capitalization of $2.96 billion, a PE ratio of 20.63 and a beta of 0.71.

MGE Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Monday, June 1st. MGE Energy’s dividend payout ratio (DPR) is currently 48.72%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on MGEE shares. Morgan Stanley reiterated an “underweight” rating and issued a $76.00 price target on shares of MGE Energy in a research note on Wednesday, July 22nd. LADENBURG THALM/SH SH upgraded MGE Energy from a “neutral” rating to a “buy” rating and set a $81.00 price objective for the company in a report on Monday, June 8th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of MGE Energy in a research report on Friday, May 8th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $78.50.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Qube Research & Technologies Ltd boosted its stake in shares of MGE Energy by 167.5% in the third quarter. Qube Research & Technologies Ltd now owns 162,217 shares of the utilities provider’s stock valued at $13,655,000 after buying an additional 101,586 shares during the period. Jane Street Group LLC raised its holdings in 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 acquiring an additional 65,843 shares in the last quarter. Two Sigma Investments LP raised its holdings in MGE Energy by 181.1% in the 3rd quarter. Two Sigma Investments LP now owns 80,758 shares of the utilities provider’s stock valued at $6,798,000 after acquiring an additional 52,031 shares in the last quarter. Millennium Management LLC lifted its position in shares of MGE Energy by 253.7% during the 3rd quarter. Millennium Management LLC now owns 48,770 shares of the utilities provider’s stock valued at $4,105,000 after acquiring an additional 34,980 shares during the period. Finally, Invesco Ltd. lifted its position in shares of MGE Energy by 14.3% during the 2nd quarter. Invesco Ltd. now owns 238,747 shares of the utilities provider’s stock valued at $21,115,000 after acquiring an additional 29,811 shares during the period. Institutional investors and hedge funds 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 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.