MGE Energy (NASDAQ:MGEE) Announces Quarterly Earnings Results, Beats Expectations By $0.30 EPS

MGE Energy (NASDAQ:MGEE) released its quarterly earnings results on Wednesday. The utilities provider reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.30, FiscalAI reports. MGE Energy had a return on equity of 11.10% and a net margin of 19.45%. The company had revenue of $190.40 million for the quarter, compared to analyst estimates of $184.59 million.

MGE Energy Stock Up 5.0%

Shares of MGEE traded up $3.66 during midday trading on Wednesday, reaching $77.59. 255,953 shares of the stock were exchanged, compared to its average volume of 145,836. The company has a market capitalization of $2.93 billion, a P/E ratio of 19.06, a PEG ratio of 4.13 and a beta of 0.68. The company has a current ratio of 1.14, a quick ratio of 0.79 and a debt-to-equity ratio of 0.61. MGE Energy has a 52 week low of $68.01 and a 52 week high of $85.29. The company’s 50 day moving average is $73.55 and its two-hundred day moving average is $77.52.

MGE Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be given a dividend of $0.5083 per share. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $2.03 dividend on an annualized basis and a dividend yield of 2.6%. MGE Energy’s dividend payout ratio is presently 49.88%.

Analyst Ratings Changes

A number of research firms have recently commented 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. JPMorgan Chase & Co. began coverage on shares of MGE Energy in a report on Thursday, October 15th. They set a “neutral” rating and a $76.00 price objective for the company. Morgan Stanley boosted their price objective on shares of MGE Energy from $71.00 to $72.00 and gave the company 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 note on Tuesday. Finally, Bank of America assumed coverage on shares of MGE Energy in a research note on Thursday, September 24th. They issued a “neutral” rating and a $76.00 target price on the stock. One analyst has 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. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $76.25.

MGE Energy Company Profile

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.