MGE Energy (NASDAQ:MGEE) PT Raised to $74.00 at Morgan Stanley

MGE Energy (NASDAQ:MGEE) had its price target hoisted by investment analysts at Morgan Stanley from $71.00 to $74.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has an “underweight” rating on the utilities provider’s stock. Morgan Stanley’s target price indicates a potential downside of 17.83% from the company’s current price.

Separately, StockNews.com upgraded MGE Energy from a “sell” rating to a “hold” rating in a research note on Wednesday, May 29th.

MGE Energy Price Performance

MGEE stock opened at $90.06 on Wednesday. The company has a market capitalization of $3.26 billion, a P/E ratio of 27.13 and a beta of 0.70. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.90 and a current ratio of 1.32. MGE Energy has a 52-week low of $61.94 and a 52-week high of $93.15. The business has a 50-day simple moving average of $87.21 and a two-hundred day simple moving average of $81.07.

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

Hedge Funds Weigh In On MGE Energy

A number of hedge funds and other institutional investors have recently modified their holdings of MGEE. Quest Partners LLC lifted its stake in MGE Energy by 5,088.9% in the second quarter. Quest Partners LLC now owns 467 shares of the utilities provider’s stock valued at $35,000 after purchasing an additional 458 shares during the last quarter. Security National Bank purchased a new position in MGE Energy in the fourth quarter valued at approximately $43,000. GAMMA Investing LLC lifted its stake in MGE Energy by 244.6% in the second quarter. GAMMA Investing LLC now owns 672 shares of the utilities provider’s stock valued at $50,000 after purchasing an additional 477 shares during the last quarter. DekaBank Deutsche Girozentrale purchased a new position in MGE Energy in the second quarter valued at approximately $58,000. Finally, Covestor Ltd lifted its stake in MGE Energy by 43.3% in 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 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, 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.