MGE Energy (NASDAQ:MGEE) Price Target Increased to $74.00 by Analysts at Morgan Stanley

MGE Energy (NASDAQ:MGEE) had its target price upped by Morgan Stanley from $71.00 to $74.00 in a research note released on Wednesday morning, Benzinga reports. Morgan Stanley currently has an underweight rating on the utilities provider’s stock.

Separately, StockNews.com upgraded shares of MGE Energy from a sell rating to a hold rating in a report on Wednesday, May 29th.

MGE Energy Trading Up 1.1 %

NASDAQ MGEE opened at $91.03 on Wednesday. The company has a market cap of $3.29 billion, a PE ratio of 27.42 and a beta of 0.70. MGE Energy has a 12 month low of $61.94 and a 12 month high of $93.15. The stock has a 50 day moving average of $87.35 and a 200-day moving average of $81.18. The company has a current ratio of 1.32, a quick ratio of 0.90 and a debt-to-equity ratio of 0.61.

MGE Energy (NASDAQ:MGEE) last issued its earnings results on Wednesday, August 7th. The utilities provider reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.29). MGE Energy had a net margin of 17.45% and a return on equity of 10.04%. The firm had revenue of $145.71 million during the quarter, compared to analyst estimates of $151.29 million. On average, equities research analysts anticipate that MGE Energy will post 3.69 EPS for the current fiscal year.

MGE Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, September 15th. Investors of record on Sunday, September 1st were issued a dividend of $0.45 per share. This is a boost from MGE Energy’s previous quarterly dividend of $0.43. This represents a $1.80 annualized dividend and a yield of 1.98%. The ex-dividend date was Friday, August 30th. MGE Energy’s dividend payout ratio (DPR) is presently 54.22%.

Hedge Funds Weigh In On MGE Energy

Several institutional investors and hedge funds have recently modified their holdings of MGEE. Quest Partners LLC increased its position in shares of MGE Energy by 5,088.9% in the second quarter. Quest Partners LLC now owns 467 shares of the utilities provider’s stock worth $35,000 after purchasing an additional 458 shares during the period. Security National Bank bought a new stake in shares of MGE Energy during the 4th quarter worth approximately $43,000. GAMMA Investing LLC boosted its position in shares of MGE Energy by 244.6% during the 2nd quarter. GAMMA Investing LLC now owns 672 shares of the utilities provider’s stock worth $50,000 after acquiring an additional 477 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new position in MGE Energy in the second quarter valued at approximately $58,000. Finally, Covestor Ltd raised its position in MGE Energy by 43.3% during the first quarter. Covestor Ltd now owns 794 shares of the utilities provider’s stock valued at $63,000 after purchasing an additional 240 shares in the last quarter. 52.58% of the stock is currently owned by institutional investors and hedge funds.

MGE Energy Company Profile

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