MGE Energy (NASDAQ:MGEE) Upgraded at Freedom Broker

MGE Energy (NASDAQ:MGEE) was upgraded by equities research analysts at Freedom Broker from a “hold” rating to a “buy” rating in a note issued to investors on Friday, Benzinga reports. The firm presently has a $87.00 target price on the utilities provider’s stock, up from their previous target price of $79.00. Freedom Broker‘s price objective indicates a potential upside of 11.03% from the company’s previous close.

A number of other analysts also recently commented on MGEE. Morgan Stanley raised their price objective on MGE Energy from $71.00 to $72.00 and gave the stock an “underweight” rating in a research report on Wednesday, October 21st. Weiss Ratings restated a “hold (c)” rating on shares of MGE Energy in a research report on Tuesday. Bank of America began coverage on MGE Energy in a research note on Thursday, September 24th. They issued a “neutral” rating and a $76.00 target price for the company. Wall Street Zen upgraded MGE Energy from a “sell” rating to a “hold” rating in a research note on Saturday, October 10th. Finally, Jefferies Financial Group set a $87.00 target price on MGE Energy in a research report on Thursday. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $79.83.

MGE Energy Stock Up 1.0%

NASDAQ MGEE opened at $78.36 on Friday. MGE Energy has a twelve month low of $68.01 and a twelve month high of $85.29. The stock has a market cap of $2.96 billion, a PE ratio of 18.10, a PEG ratio of 4.33 and a beta of 0.68. The firm has a 50-day simple moving average of $73.53 and a 200 day simple moving average of $77.52. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.79 and a current ratio of 1.14.

MGE Energy (NASDAQ:MGEE) last issued its quarterly earnings results on Wednesday, November 4th. The utilities provider reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.30. MGE Energy had a return on equity of 11.83% and a net margin of 20.60%. The firm had revenue of $190.40 million for the quarter, compared to analyst estimates of $184.59 million. On average, research analysts forecast that MGE Energy will post 4.02 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. lifted its position 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 in the last quarter. Pinnacle Wealth Planning Services Inc. boosted its position in shares of MGE Energy by 10.3% in the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 1,538 shares of the utilities provider’s stock worth $107,000 after purchasing an additional 144 shares during the last quarter. Glenmede Trust Co. NA grew its position in shares of MGE Energy by 3.5% during the 1st quarter. Glenmede Trust Co. NA now owns 4,356 shares of the utilities provider’s stock worth $337,000 after buying an additional 148 shares during the period. Versant Capital Management Inc grew its position in shares of MGE Energy by 19.9% during the 3rd quarter. Versant Capital Management Inc now owns 892 shares of the utilities provider’s stock worth $62,000 after buying an additional 148 shares during the period. Finally, MBE Wealth Management LLC grew its position in shares of MGE Energy by 2.5% during the 3rd quarter. MBE Wealth Management LLC now owns 10,168 shares of the utilities provider’s stock worth $706,000 after buying an additional 250 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. 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.