Wall Street Zen Upgrades MGE Energy (NASDAQ:MGEE) to “Hold”

MGE Energy (NASDAQ:MGEE) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a report issued on Saturday, Wall Street Zen reports.

Other analysts have also issued reports about the stock. Bank of America began coverage on shares of MGE Energy in a research note on Thursday, September 24th. They set a “neutral” rating and a $76.00 price objective for the company. Weiss Ratings reissued a “hold (c)” rating on shares of MGE Energy in a research report on Wednesday, August 5th. Finally, Morgan Stanley dropped their target price on shares of MGE Energy from $74.00 to $71.00 and set an “underweight” rating on the stock in a research report on Friday, September 18th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $76.00.

MGE Energy Stock Performance

Shares of NASDAQ MGEE opened at $70.22 on Friday. The company has a quick ratio of 0.79, a current ratio of 1.14 and a debt-to-equity ratio of 0.61. MGE Energy has a 12 month low of $68.01 and a 12 month high of $87.94. The company has a market cap of $2.65 billion, a price-to-earnings ratio of 17.25, a P/E/G ratio of 3.92 and a beta of 0.69. The business has a fifty day simple moving average of $76.17 and a 200-day simple moving average of $77.64.

MGE Energy (NASDAQ:MGEE) last issued its quarterly earnings results on Wednesday, August 5th. The utilities provider reported $0.89 earnings per share 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 analysts’ expectations of $166.37 million. MGE Energy had a return on equity of 11.10% and a net margin of 19.45%. Sell-side analysts predict that MGE Energy will post 4.02 EPS for the current year.

Institutional Trading of MGE Energy

Several hedge funds and other institutional investors have recently modified their holdings of MGEE. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of MGE Energy by 1.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 10,379 shares of the utilities provider’s stock worth $846,000 after purchasing an additional 138 shares during the period. Glenmede Trust Co. NA increased its stake in MGE Energy by 3.5% in the 1st quarter. Glenmede Trust Co. NA now owns 4,356 shares of the utilities provider’s stock valued at $337,000 after buying an additional 148 shares during the period. Versant Capital Management Inc increased its stake in MGE Energy by 19.9% in the 3rd quarter. Versant Capital Management Inc now owns 892 shares of the utilities provider’s stock valued at $62,000 after buying an additional 148 shares during the period. IFP Advisors Inc increased its stake in MGE Energy by 41.3% in the 2nd quarter. IFP Advisors Inc now owns 1,308 shares of the utilities provider’s stock valued at $107,000 after buying an additional 382 shares during the period. Finally, Ellenbecker Investment Group increased its stake in MGE Energy by 14.8% in the 1st quarter. Ellenbecker Investment Group now owns 3,048 shares of the utilities provider’s stock valued at $236,000 after buying an additional 393 shares during the period. Institutional investors and hedge funds 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 generates, purchases, transmits, distributes and sells electricity, as well as distributes and sells natural gas.

MGE serves residential, commercial and industrial customers in Madison and surrounding communities in south-central Wisconsin. Its energy portfolio includes traditional generation resources along with investments in renewable energy, including wind and solar projects.