MGE Energy (NASDAQ:MGEE) Price Target Raised to $78.00 at Morgan Stanley

MGE Energy (NASDAQ:MGEEGet Rating) had its target price increased by stock analysts at Morgan Stanley from $73.00 to $78.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an “underweight” rating on the utilities provider’s stock. Morgan Stanley’s price target indicates a potential downside of 6.53% from the stock’s current price.

A number of other equities research analysts have also commented on MGEE. StockNews.com began coverage on shares of MGE Energy in a report on Thursday, March 31st. They set a “hold” rating for the company. TheStreet raised shares of MGE Energy from a “c+” rating to a “b” rating in a research report on Wednesday, April 6th. Zacks Investment Research raised shares of MGE Energy from a “hold” rating to a “buy” rating and set a $92.00 price objective on the stock in a research report on Wednesday. Finally, Bank of America boosted their price objective on shares of MGE Energy from $64.00 to $71.00 in a research report on Thursday, December 30th.

NASDAQ:MGEE traded up $1.22 during midday trading on Wednesday, reaching $83.45. 87 shares of the stock traded hands, compared to its average volume of 84,399. The company has a fifty day moving average of $77.03 and a 200 day moving average of $77.02. MGE Energy has a 12 month low of $69.23 and a 12 month high of $84.96. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.25 and a current ratio of 1.69. The stock has a market capitalization of $3.02 billion, a P/E ratio of 28.48, a PEG ratio of 4.11 and a beta of 0.69.

MGE Energy (NASDAQ:MGEEGet Rating) last posted its quarterly earnings results on Wednesday, February 23rd. The utilities provider reported $0.36 EPS for the quarter, missing the Zacks’ consensus estimate of $0.45 by ($0.09). MGE Energy had a net margin of 17.44% and a return on equity of 10.42%. The firm had revenue of $162.07 million for the quarter, compared to the consensus estimate of $140.00 million. On average, analysts predict that MGE Energy will post 3.1 EPS for the current fiscal year.

In other news, Director James G. Berbee bought 1,067 shares of MGE Energy stock in a transaction that occurred on Friday, March 4th. The stock was bought at an average cost of $74.86 per share, with a total value of $79,875.62. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director James L. Possin bought 400 shares of the business’s stock in a transaction that occurred on Tuesday, March 1st. The stock was acquired at an average cost of $70.05 per share, with a total value of $28,020.00. The disclosure for this purchase can be found here. Insiders have acquired a total of 1,598 shares of company stock worth $117,891 in the last 90 days. Company insiders own 0.15% of the company’s stock.

Several large investors have recently added to or reduced their stakes in MGEE. UMB Bank N A MO bought a new stake in shares of MGE Energy in the fourth quarter valued at about $37,000. Strategic Asset Management LLC purchased a new position in MGE Energy in the third quarter valued at about $38,000. Steward Partners Investment Advisory LLC grew its stake in MGE Energy by 100.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 600 shares of the utilities provider’s stock valued at $49,000 after purchasing an additional 300 shares during the last quarter. Pinebridge Investments L.P. purchased a new position in MGE Energy in the fourth quarter valued at about $49,000. Finally, Covestor Ltd purchased a new position in MGE Energy in the fourth quarter valued at about $64,000. Institutional investors and hedge funds own 50.70% of the company’s stock.

About MGE Energy (Get Rating)

MGE Energy, Inc, through its subsidiaries, operates as a public utility holding company primarily in Wisconsin. It operates through Regulated Electric Utility Operations; Regulated Gas Utility Operations; Nonregulated Energy Operations; Transmission Investments; and All Other. The company generates, purchases, and distributes electricity; owns or leases electric generation facilities located in Wisconsin and Iowa; and plans, constructs, operates, maintains, and expands transmission facilities to provide transmission services.

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