MGE Energy (NASDAQ:MGEE) Posts Quarterly Earnings Results

MGE Energy (NASDAQ:MGEE) issued its earnings results on Tuesday. The utilities provider reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.19, FiscalAI reports. The firm had revenue of $242.70 million for the quarter, compared to analyst estimates of $227.06 million. MGE Energy had a return on equity of 11.06% and a net margin of 18.61%.

MGE Energy Stock Performance

Shares of MGE Energy stock traded down $6.15 during trading hours on Thursday, reaching $74.65. The company had a trading volume of 1,847,960 shares, compared to its average volume of 191,602. The firm has a market cap of $2.74 billion, a PE ratio of 19.14 and a beta of 0.76. MGE Energy has a one year low of $72.17 and a one year high of $94.00. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.77 and a quick ratio of 0.55. The business has a fifty day simple moving average of $78.45 and a 200 day simple moving average of $80.05.

Insider Activity

In related news, Director James G. Berbee acquired 373 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The shares were acquired at an average price of $77.74 per share, with a total value of $28,997.02. Following the acquisition, the director owned 9,362 shares of the company’s stock, valued at approximately $727,801.88. This trade represents a 4.15% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.41% of the company’s stock.

Institutional Investors Weigh In On MGE Energy

Hedge funds and other institutional investors have recently modified their holdings of the stock. Invesco Ltd. boosted its position in shares of MGE Energy by 14.3% in the second 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. Goldman Sachs Group Inc. boosted its holdings in MGE Energy by 9.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 216,173 shares of the utilities provider’s stock valued at $16,952,000 after purchasing an additional 18,877 shares during the period. Qube Research & Technologies Ltd grew its position in shares of MGE Energy by 167.5% during the 3rd quarter. Qube Research & Technologies Ltd now owns 162,217 shares of the utilities provider’s stock valued at $13,655,000 after purchasing an additional 101,586 shares in the last quarter. Nuveen LLC increased its holdings in shares of MGE Energy by 0.3% in the fourth quarter. Nuveen LLC now owns 159,491 shares of the utilities provider’s stock worth $12,507,000 after purchasing an additional 480 shares during the period. Finally, Public Sector Pension Investment Board raised its position in shares of MGE Energy by 8.5% in the second quarter. Public Sector Pension Investment Board now owns 124,551 shares of the utilities provider’s stock worth $11,015,000 after buying an additional 9,775 shares in the last quarter. 52.58% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MGEE. Morgan Stanley restated an “underweight” rating on shares of MGE Energy in a research note on Monday, April 27th. Wall Street Zen upgraded shares of MGE Energy from a “sell” rating to a “hold” rating in a research report on Sunday, March 8th. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Reduce” and an average target price of $80.50.

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.