MGE Energy (NASDAQ:MGEE) Releases Quarterly Earnings Results, Hits Expectations

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

MGE Energy Stock Performance

NASDAQ MGEE opened at $82.56 on Wednesday. The firm’s fifty day moving average price is $79.57 and its two-hundred day moving average price is $82.13. The stock has a market cap of $3.02 billion, a PE ratio of 22.37 and a beta of 0.82. 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 has a fifty-two week low of $76.47 and a fifty-two week high of $95.00.

MGE Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, March 15th. Shareholders of record on Sunday, March 1st will be given a $0.475 dividend. The ex-dividend date is Friday, February 27th. This represents a $1.90 dividend on an annualized basis and a yield of 2.3%. MGE Energy’s dividend payout ratio (DPR) is currently 51.49%.

Analyst Upgrades and Downgrades

MGEE has been the subject of several analyst reports. Morgan Stanley dropped their target price on shares of MGE Energy from $74.00 to $73.00 and set an “underweight” rating for the company in a research report on Monday, February 2nd. Weiss Ratings restated a “hold (c+)” rating on shares of MGE Energy in a research report on Monday, December 29th. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and an average target price of $78.00.

Institutional Investors Weigh In On MGE Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Corient Private Wealth LLC boosted its stake in shares of MGE Energy by 106.3% during the fourth quarter. Corient Private Wealth LLC now owns 6,768 shares of the utilities provider’s stock valued at $531,000 after purchasing an additional 3,487 shares in the last quarter. Beacon Pointe Advisors LLC boosted its position in MGE Energy by 6.6% during the 4th quarter. Beacon Pointe Advisors LLC now owns 2,826 shares of the utilities provider’s stock worth $222,000 after buying an additional 174 shares during the period. State of Tennessee Department of Treasury boosted its position in MGE Energy by 6.1% during the 4th quarter. State of Tennessee Department of Treasury now owns 16,009 shares of the utilities provider’s stock worth $1,279,000 after buying an additional 925 shares during the period. Susquehanna Portfolio Strategies LLC grew its holdings in MGE Energy by 29.6% during the 4th quarter. Susquehanna Portfolio Strategies LLC now owns 9,047 shares of the utilities provider’s stock worth $709,000 after acquiring an additional 2,066 shares during the last quarter. Finally, Tudor Investment Corp ET AL increased its position in MGE Energy by 7.8% in the 4th quarter. Tudor Investment Corp ET AL now owns 105,111 shares of the utilities provider’s stock valued at $8,243,000 after acquiring an additional 7,591 shares during the period. Institutional investors own 52.58% of the company’s stock.

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.