MGE Energy (NASDAQ:MGEE) Upgraded by Zacks Investment Research to Buy

Zacks Investment Research upgraded shares of MGE Energy (NASDAQ:MGEEGet Rating) from a hold rating to a buy rating in a research note published on Saturday, Zacks.com reports. They currently have $90.00 price target on the utilities provider’s stock.

According to Zacks, “MGE Energy is a public utility holding company. Its principal subsidiary, MGE, generates and distributes electricity to more than 128,000 customers in Dane County, Wisconsin (250 square miles) and purchases, transports and distributes natural gas to nearly 123,000 customers in seven south-central and western Wisconsin counties (1,375 square miles). (Press Release) “

MGEE has been the subject of several other reports. TheStreet upgraded MGE Energy from a c+ rating to a b rating in a report on Wednesday, April 6th. Morgan Stanley lowered their target price on MGE Energy from $77.00 to $74.00 and set an underweight rating for the company in a report on Monday, May 23rd. Finally, StockNews.com assumed coverage on MGE Energy in a report on Thursday, March 31st. They issued a hold rating for the company.

MGEE opened at $80.73 on Friday. The business has a fifty day moving average of $80.58 and a 200 day moving average of $77.84. MGE Energy has a 52-week low of $69.23 and a 52-week high of $84.96. The company has a quick ratio of 1.55, a current ratio of 1.98 and a debt-to-equity ratio of 0.60. The stock has a market cap of $2.92 billion, a P/E ratio of 27.74, a PEG ratio of 4.26 and a beta of 0.67.

MGE Energy (NASDAQ:MGEEGet Rating) last issued its earnings results on Thursday, May 5th. The utilities provider reported $0.95 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.02). MGE Energy had a return on equity of 10.24% and a net margin of 16.25%. The firm had revenue of $208.94 million during the quarter, compared to analysts’ expectations of $182.00 million. Equities analysts anticipate that MGE Energy will post 3.13 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 15th. Investors of record on Wednesday, June 1st will be paid a dividend of $0.387 per share. This represents a $1.55 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date is Tuesday, May 31st. MGE Energy’s dividend payout ratio (DPR) is currently 53.26%.

In related news, Director James G. Berbee acquired 1,067 shares of the firm’s stock in a transaction that occurred on Friday, March 4th. The stock was purchased at an average cost of $74.86 per share, for a total transaction of $79,875.62. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director James L. Possin bought 400 shares of MGE Energy stock in a transaction that occurred on Tuesday, March 1st. The shares were acquired at an average cost of $70.05 per share, for a total transaction of $28,020.00. The disclosure for this purchase can be found here. Insiders have purchased a total of 1,655 shares of company stock valued at $122,400 over the last 90 days. 0.15% of the stock is currently owned by company insiders.

A number of large investors have recently made changes to their positions in MGEE. UMB Bank N A MO acquired a new position in MGE Energy during the 4th quarter valued at about $37,000. Steward Partners Investment Advisory LLC increased its position in MGE Energy by 100.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 600 shares of the utilities provider’s stock valued at $49,000 after buying an additional 300 shares in the last quarter. Pinebridge Investments L.P. acquired a new position in MGE Energy during the 4th quarter valued at about $49,000. Covestor Ltd acquired a new position in MGE Energy during the 4th quarter valued at about $64,000. Finally, Dixon Hughes Goodman Wealth Advisors LLC acquired a new position in MGE Energy during the 4th quarter valued at about $127,000. 50.39% of the stock is currently owned by institutional investors.

MGE Energy Company Profile (Get Rating)

MGE Energy, Inc, through its subsidiaries, operates as a public utility holding company primarily in Wisconsin. It operates through Regulated Electric Utility Operations; Regulated Gas Utility Operations; Nonregulated Energy Operations; Transmission Investments; and All Other. The company generates, purchases, and distributes electricity; owns or leases electric generation facilities located in Wisconsin and Iowa; and plans, constructs, operates, maintains, and expands transmission facilities to provide transmission services.

Further Reading

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