JPMorgan Chase & Co. Initiates Coverage on MGE Energy (NASDAQ:MGEE)

Equities research analysts at JPMorgan Chase & Co. began coverage on shares of MGE Energy (NASDAQ:MGEE) in a research note issued on Thursday, Briefing.com reports. The brokerage set a “neutral” rating and a $76.00 price target on the utilities provider’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 6.56% from the stock’s current price.

Several other brokerages also recently issued reports on MGEE. Wall Street Zen upgraded shares of MGE Energy from a “sell” rating to a “hold” rating in a report on Saturday, October 10th. Bank of America assumed coverage on MGE Energy in a research note on Thursday, September 24th. They issued a “neutral” rating and a $76.00 price target for the company. Morgan Stanley cut their price objective on MGE Energy from $74.00 to $71.00 and set an “underweight” rating on the stock in a report on Friday, September 18th. Finally, Weiss Ratings restated 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, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $76.00.

MGE Energy Trading Up 0.2%

MGEE opened at $71.32 on Thursday. The company has a market cap of $2.69 billion, a P/E ratio of 17.52, a PEG ratio of 3.97 and a beta of 0.69. The company has a current ratio of 1.14, a quick ratio of 0.79 and a debt-to-equity ratio of 0.61. The company’s 50 day moving average is $75.63 and its 200-day moving average is $77.53. MGE Energy has a 1-year low of $68.01 and a 1-year high of $87.94.

MGE Energy (NASDAQ:MGEE) last released its quarterly earnings data on Wednesday, August 5th. The utilities provider reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.12. The business had revenue of $161.19 million during the quarter, compared to analysts’ expectations of $166.37 million. MGE Energy had a net margin of 19.45% and a return on equity of 11.10%. Equities research analysts predict that MGE Energy will post 4.02 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MGE Energy

Institutional investors have recently added to or reduced their stakes in the business. ZWJ Investment Counsel Inc. acquired a new position in MGE Energy in the 3rd quarter valued at approximately $245,000. GAMMA Investing LLC lifted its holdings in shares of MGE Energy by 38.7% during the third quarter. GAMMA Investing LLC now owns 7,034 shares of the utilities provider’s stock worth $489,000 after purchasing an additional 1,962 shares during the period. Moody National Bank Trust Division lifted its holdings in shares of MGE Energy by 136.8% during the third quarter. Moody National Bank Trust Division now owns 11,659 shares of the utilities provider’s stock worth $810,000 after purchasing an additional 6,735 shares during the period. Versant Capital Management Inc lifted its holdings in shares of MGE Energy by 19.9% during the third quarter. Versant Capital Management Inc now owns 892 shares of the utilities provider’s stock worth $62,000 after purchasing an additional 148 shares during the period. Finally, Sequoia Financial Advisors LLC bought a new stake in shares of MGE Energy in the second quarter worth $323,000. 52.58% of the stock is owned by institutional investors.

MGE Energy Company Profile

MGE Energy, Inc is a public utility holding company headquartered in Madison, Wisconsin. Through its principal subsidiary, Madison Gas and Electric Company (MGE), the company generates, purchases, transmits, distributes and sells electricity, as well as distributes and sells natural gas.

MGE serves residential, commercial and industrial customers in Madison and surrounding communities in south-central Wisconsin. Its energy portfolio includes traditional generation resources along with investments in renewable energy, including wind and solar projects.