MGE Energy (NASDAQ:MGEE) Shares Cross Above 200 Day Moving Average – Here’s Why

MGE Energy Inc. (NASDAQ:MGEE)’s stock price crossed above its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $77.52 and traded as high as $78.08. MGE Energy shares last traded at $77.59, with a volume of 255,953 shares traded.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of MGE Energy in a report on Tuesday. Bank of America started coverage on MGE Energy in a report on Thursday, September 24th. They set a “neutral” rating and a $76.00 price objective on the stock. JPMorgan Chase & Co. started coverage on MGE Energy in a report on Thursday, October 15th. They issued a “neutral” rating and a $76.00 target price for the company. Morgan Stanley increased their price target on MGE Energy from $71.00 to $72.00 and gave the stock an “underweight” rating in a research report on Wednesday, October 21st. Finally, Wall Street Zen upgraded MGE Energy from a “sell” rating to a “hold” rating in a research note on Saturday, October 10th. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $76.25.

MGE Energy Trading Up 5.0%

The company has a quick ratio of 0.79, a current ratio of 1.14 and a debt-to-equity ratio of 0.61. The stock’s 50 day moving average price is $73.55 and its 200-day moving average price is $77.52. The stock has a market capitalization of $2.93 billion, a P/E ratio of 19.06, a P/E/G ratio of 4.13 and a beta of 0.68.

MGE Energy (NASDAQ:MGEE) last posted its earnings results on Wednesday, November 4th. The utilities provider reported $1.48 earnings per share for the quarter, topping analysts’ consensus estimates of $1.18 by $0.30. The company had revenue of $190.40 million during the quarter, compared to analyst estimates of $184.59 million. MGE Energy had a return on equity of 11.10% and a net margin of 19.45%. As a group, equities research analysts expect that MGE Energy Inc. will post 4.02 earnings per share for the current year.

MGE Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 1st will be paid a dividend of $0.5083 per share. This represents a $2.03 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Tuesday, December 1st. MGE Energy’s dividend payout ratio is 49.88%.

Hedge Funds Weigh In On MGE Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in shares of MGE Energy during the second quarter valued at about $496,897,000. Bank of New York Mellon Corp acquired a new stake in MGE Energy in the 2nd quarter worth approximately $27,087,000. Legal & General Group Plc acquired a new stake in MGE Energy in the 2nd quarter worth approximately $15,443,000. Principal Financial Group Inc. grew its position in MGE Energy by 2.1% during the 1st quarter. Principal Financial Group Inc. now owns 178,194 shares of the utilities provider’s stock worth $13,773,000 after purchasing an additional 3,710 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its position in MGE Energy by 12.5% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 122,768 shares of the utilities provider’s stock worth $9,489,000 after purchasing an additional 13,610 shares during the last quarter. Hedge funds and other institutional investors own 52.58% of the company’s stock.

MGE Energy Company Profile

MGE Energy, Inc is a public utility holding company headquartered in Madison, Wisconsin. Its principal subsidiary, Madison Gas and Electric Company (MG&E), provides electric and natural gas service to customers in Madison and surrounding communities in south-central Wisconsin.

MG&E generates, purchases, transmits and distributes electricity, while also distributing natural gas. The company serves residential, commercial and industrial customers and offers related energy services, including programs focused on energy efficiency, electrification and renewable energy.

Madison Gas and Electric traces its history to 1855, and MGE Energy was established as the parent company of the utility in 1999.