Morgan Stanley Has Lowered Expectations for MGE Energy (NASDAQ:MGEE) Stock Price

MGE Energy (NASDAQ:MGEE) had its price target dropped by Morgan Stanley from $74.00 to $71.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has an “underweight” rating on the utilities provider’s stock. Morgan Stanley’s target price indicates a potential downside of 4.52% from the stock’s previous close.

MGEE has been the subject of several other reports. LADENBURG THALM/SH SH raised MGE Energy from a “neutral” rating to a “buy” rating and set a $81.00 target price for the company in a research report on Monday, June 8th. Weiss Ratings reiterated a “hold (c)” rating on shares of MGE Energy in a research report on Wednesday, August 5th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, MGE Energy has a consensus rating of “Hold” and an average target price of $76.00.

MGE Energy Stock Performance

Shares of NASDAQ MGEE traded down $0.64 during mid-day trading on Friday, hitting $74.36. The company had a trading volume of 55,626 shares, compared to its average volume of 218,493. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.14 and a quick ratio of 0.79. The business’s 50-day simple moving average is $79.61 and its 200-day simple moving average is $78.33. MGE Energy has a 12 month low of $72.16 and a 12 month high of $87.94. The firm has a market cap of $2.81 billion, a P/E ratio of 18.27 and a beta of 0.70.

MGE Energy (NASDAQ:MGEE) last released its earnings results on Wednesday, August 5th. The utilities provider reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.12. The business had revenue of $161.19 million for the quarter, compared to the consensus estimate of $166.37 million. MGE Energy had a return on equity of 11.10% and a net margin of 19.45%. As a group, analysts predict that MGE Energy will post 3.99 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MGE Energy

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Sequoia Financial Advisors LLC acquired a new position in shares of MGE Energy in the second quarter valued at approximately $323,000. Integrated Wealth Concepts LLC acquired a new stake in shares of MGE Energy during the second quarter worth $191,000. IFP Advisors Inc lifted its position in MGE Energy by 41.3% in the 2nd quarter. IFP Advisors Inc now owns 1,308 shares of the utilities provider’s stock valued at $107,000 after acquiring an additional 382 shares in the last quarter. Allworth Financial LP lifted its position in MGE Energy by 114.6% in the 2nd quarter. Allworth Financial LP now owns 1,972 shares of the utilities provider’s stock valued at $161,000 after acquiring an additional 1,053 shares in the last quarter. Finally, Waverly Advisors LLC bought a new stake in shares of MGE Energy in the second quarter valued at about $260,000. Institutional investors 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 residential, commercial and industrial customers in south-central Wisconsin.

The company’s operations include generating, purchasing, transmitting and distributing electricity, as well as distributing natural gas. MGE Energy’s generation portfolio includes renewable resources such as wind and solar, along with other generation and purchased-power arrangements.