MGE Energy (NASDAQ:MGEE) Announces Quarterly Earnings Results

Key Points

• MGE Energy beat quarterly expectations: EPS was $1.48, topping the $1.18 consensus, while revenue of $190.4 million exceeded estimates of $184.59 million.
• The company declared a quarterly dividend of $0.5083 per share, equivalent to $2.03 annually and a 2.6% yield.
• Shares rose 4.7% to $77.40 after the earnings announcement. Analysts’ consensus rating was “Hold,” with an average price target of $76.25.

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

MGE Energy Trading Up 4.7%

Shares of MGEE stock traded up $3.47 on Wednesday, hitting $77.40. 127,587 shares of the company's stock traded hands, compared to its average volume of 214,083. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.79 and a current ratio of 1.14. MGE Energy has a one year low of $68.01 and a one year high of $85.29. The company's fifty day simple moving average is $73.58 and its 200 day simple moving average is $77.53. The stock has a market capitalization of $2.92 billion, a price-to-earnings ratio of 19.02, a P/E/G ratio of 4.20 and a beta of 0.68.

MGE Energy Announces Dividend

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

Wall Street Analyst Weigh In

MGEE has been the topic of several research reports. Morgan Stanley raised 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. Wall Street Zen upgraded MGE Energy from a "sell" rating to a "hold" rating in a research report on Saturday, October 10th. Bank of America started coverage on MGE Energy in a research report on Thursday, September 24th. They set a "neutral" rating and a $76.00 price target on the stock. JPMorgan Chase & Co. assumed coverage on MGE Energy in a research note on Thursday, October 15th. They set a "neutral" rating and a $76.00 price target for the company. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of MGE Energy in a report on Tuesday. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $76.25.

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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