MGE Energy (NASDAQ:MGEE) Reaches New 12-Month High – Still a Buy?

MGE Energy, Inc. (NASDAQ:MGEE)’s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $95.63 and last traded at $96.54, with a volume of 32354 shares changing hands. The stock had previously closed at $90.81.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley boosted their price objective on MGE Energy from $71.00 to $74.00 and gave the company an “underweight” rating in a research report on Wednesday, September 25th.

MGE Energy Price Performance

The stock has a 50 day simple moving average of $90.45 and a two-hundred day simple moving average of $84.11. The company has a market cap of $3.67 billion, a price-to-earnings ratio of 31.05 and a beta of 0.71. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.32 and a quick ratio of 0.90.

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

MGE Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, December 15th. Shareholders of record on Sunday, December 1st will be given a $0.45 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.80 dividend on an annualized basis and a yield of 1.77%. MGE Energy’s dividend payout ratio is currently 55.05%.

Institutional Investors Weigh In On MGE Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MGEE. Quest Partners LLC raised its holdings in shares of MGE Energy by 5,088.9% in the 2nd quarter. Quest Partners LLC now owns 467 shares of the utilities provider’s stock valued at $35,000 after buying an additional 458 shares during the period. Assetmark Inc. purchased a new stake in shares of MGE Energy in the 3rd quarter valued at $35,000. Covestor Ltd raised its holdings in shares of MGE Energy by 37.3% in the 3rd quarter. Covestor Ltd now owns 453 shares of the utilities provider’s stock valued at $42,000 after buying an additional 123 shares during the period. GAMMA Investing LLC increased its holdings in 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 purchasing an additional 477 shares during the period. Finally, DekaBank Deutsche Girozentrale purchased a new stake in MGE Energy during the 2nd quarter worth about $58,000. Hedge funds and other institutional investors own 52.58% of the company’s stock.

About MGE Energy

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.