MGE Energy (NASDAQ:MGEE) Stock Rating Raised to Buy at Freedom Broker

Key Points

• Freedom Broker upgraded MGE Energy to Buy from Hold and raised its price target from $79 to $87, implying about 11% upside from the current share price.
• Analyst sentiment remains mixed: the stock has an average Hold rating and a consensus target of $79.83, with two Buy, three Hold, and one Sell rating.
• MGE Energy beat quarterly estimates, reporting earnings per share of $1.48 versus $1.18 expected and revenue of $190.4 million versus $184.59 million forecast.

MGE Energy (NASDAQ:MGEE - Get Free Report) was upgraded by research analysts at Freedom Broker from a "hold" rating to a "buy" rating in a research report issued on Friday, Benzinga reports. The firm presently has a $87.00 price target on the utilities provider's stock, up from their prior price target of $79.00. Freedom Broker's price target points to a potential upside of 11.03% from the company's current price.

Other equities research analysts have also recently issued research reports about the company. Wall Street Zen raised MGE Energy from a "sell" rating to a "hold" rating in a report on Saturday, October 10th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of MGE Energy in a report on Tuesday. Jefferies Financial Group set a $87.00 price target on shares of MGE Energy in a research report on Thursday. Bank of America started coverage on MGE Energy in a report on Thursday, September 24th. They issued a "neutral" rating and a $76.00 target price for the company. Finally, Morgan Stanley lifted their target price on shares of MGE Energy from $71.00 to $72.00 and gave the company an "underweight" rating in a research note on Wednesday, October 21st. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, MGE Energy has an average rating of "Hold" and a consensus target price of $79.83.

MGE Energy Stock Up 1.0%

MGE Energy stock opened at $78.36 on Friday. The stock has a market cap of $2.96 billion, a price-to-earnings ratio of 18.10, a PEG ratio of 4.33 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. The company's 50-day moving average price is $73.53 and its two-hundred day moving average price is $77.52. MGE Energy has a 52 week low of $68.01 and a 52 week high of $85.29.

MGE Energy (NASDAQ:MGEE - Get Free Report) last issued its quarterly earnings results on Wednesday, November 4th. The utilities provider reported $1.48 earnings per share for the quarter, topping analysts' consensus estimates of $1.18 by $0.30. The company had revenue of $190.40 million during the quarter, compared to analyst estimates of $184.59 million. MGE Energy had a net margin of 20.60% and a return on equity of 11.83%. On average, analysts expect that MGE Energy will post 4.02 EPS for the current fiscal year.

Institutional Trading of MGE Energy

Institutional investors and hedge funds have recently modified their holdings of the company. Avalon Trust Co bought a new stake in shares of MGE Energy in the second quarter valued at approximately $49,000. Highland Investment Advisors LLC acquired a new stake in shares of MGE Energy in the second quarter worth $60,000. Versant Capital Management Inc grew its stake in shares of MGE Energy by 60.3% in the second quarter. Versant Capital Management Inc now owns 744 shares of the utilities provider's stock worth $61,000 after acquiring an additional 280 shares during the last quarter. Johnson Financial Group Inc. bought a new position in MGE Energy during the second quarter worth $76,000. Finally, IFP Advisors Inc increased its position in MGE Energy by 41.3% during the second quarter. IFP Advisors Inc now owns 1,308 shares of the utilities provider's stock worth $107,000 after acquiring an additional 382 shares during the period. 52.58% of the stock is currently owned by institutional investors and hedge funds.

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 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.

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