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 10.60% and a net margin of 18.27%.

MGE Energy Stock Up 0.4%

MGEE traded up $0.34 during trading on Wednesday, hitting $81.09. 44,632 shares of the company’s stock traded hands, compared to its average volume of 170,914. The company’s 50 day simple moving average is $78.47 and its two-hundred day simple moving average is $80.07. The company has a current ratio of 0.77, a quick ratio of 0.55 and a debt-to-equity ratio of 0.61. MGE Energy has a 12-month low of $72.17 and a 12-month high of $94.00. The stock has a market capitalization of $2.98 billion, a price-to-earnings ratio of 21.80 and a beta of 0.76.

Insider Buying and Selling

In other news, Director James G. Berbee purchased 373 shares of the company’s stock in a transaction dated Wednesday, March 11th. The shares were purchased at an average cost of $77.74 per share, for a total transaction of $28,997.02. Following the purchase, the director directly owned 9,362 shares in the company, valued at approximately $727,801.88. This represents a 4.15% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.41% of the company’s stock.

Hedge Funds Weigh In On MGE Energy

A number of institutional investors and hedge funds have recently modified their holdings of MGEE. Advisory Services Network LLC purchased a new position in shares of MGE Energy in the 3rd quarter worth $40,000. Parallel Advisors LLC boosted its stake in shares of MGE Energy by 28.6% in the 3rd quarter. Parallel Advisors LLC now owns 714 shares of the utilities provider’s stock worth $60,000 after buying an additional 159 shares during the last quarter. UMB Bank n.a. boosted its stake in shares of MGE Energy by 807.2% in the 4th quarter. UMB Bank n.a. now owns 1,261 shares of the utilities provider’s stock worth $99,000 after buying an additional 1,122 shares during the last quarter. Kestra Advisory Services LLC purchased a new position in shares of MGE Energy in the 4th quarter worth $100,000. Finally, Smartleaf Asset Management LLC boosted its stake in shares of MGE Energy by 19.1% in the 2nd quarter. Smartleaf Asset Management LLC now owns 1,326 shares of the utilities provider’s stock worth $117,000 after buying an additional 213 shares during the last quarter. 52.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

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.