MGE Energy Inc. $MGEE Stock: ProShare Advisors LLC Raises Stake

Key Points

• ProShare Advisors increased its MGE Energy stake by 34.2% in the third quarter, to 123,853 shares worth about $8.6 million. Institutional investors own 52.58% of the company.
• MGE Energy beat quarterly expectations, reporting EPS of $1.48 versus a $1.18 consensus and revenue of $190.4 million versus estimates of $184.59 million.
• Analysts have a consensus Hold rating and an average price target of $76.25. The company declared a quarterly dividend of $0.5083 per share, equivalent to an annualized yield of about 2.6%.

ProShare Advisors LLC increased its position in MGE Energy Inc. (NASDAQ:MGEE - Free Report) by 34.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 123,853 shares of the utilities provider's stock after acquiring an additional 31,572 shares during the quarter. ProShare Advisors LLC owned about 0.33% of MGE Energy worth $8,602,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Pinnacle Wealth Planning Services Inc. increased its stake in MGE Energy by 10.3% in the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 1,538 shares of the utilities provider's stock worth $107,000 after acquiring an additional 144 shares during the last quarter. MBE Wealth Management LLC raised its holdings in shares of MGE Energy by 2.5% in the 3rd quarter. MBE Wealth Management LLC now owns 10,168 shares of the utilities provider's stock valued at $706,000 after acquiring an additional 250 shares in the last quarter. Signaturefd LLC boosted its position in shares of MGE Energy by 66.9% during the 3rd quarter. Signaturefd LLC now owns 1,759 shares of the utilities provider's stock valued at $122,000 after acquiring an additional 705 shares during the last quarter. Inspire Investing LLC boosted its position in shares of MGE Energy by 10.4% during the 3rd quarter. Inspire Investing LLC now owns 9,163 shares of the utilities provider's stock valued at $636,000 after acquiring an additional 866 shares during the last quarter. Finally, NBT Bank N.A. purchased a new position in shares of MGE Energy during the third quarter worth about $124,000. Hedge funds and other institutional investors own 52.58% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Morgan Stanley raised their price target on MGE Energy from $71.00 to $72.00 and gave the company an "underweight" rating in a research report on Wednesday, October 21st. Bank of America started coverage on shares of MGE Energy in a research note on Thursday, September 24th. They set a "neutral" rating and a $76.00 price objective for the company. 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. initiated coverage on MGE Energy in a research report on Thursday, October 15th. They set a "neutral" rating and a $76.00 price objective on the stock. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of MGE Energy in a research report on Tuesday. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $76.25.

MGE Energy Price Performance

Shares of MGE Energy stock opened at $77.59 on Thursday. The stock has a market cap of $2.93 billion, a P/E ratio of 19.06, a P/E/G ratio of 4.13 and a beta of 0.68. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.79 and a current ratio of 1.14. The stock's fifty day moving average is $73.55 and its 200 day moving average is $77.52. MGE Energy Inc. has a one year low of $68.01 and a one year high of $85.29.

MGE Energy (NASDAQ:MGEE - Get Free Report) last released its quarterly earnings results on Wednesday, November 4th. The utilities provider reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.30. MGE Energy had a return on equity of 11.10% and a net margin of 19.45%. The business had revenue of $190.40 million during the quarter, compared to analyst estimates of $184.59 million. Sell-side analysts anticipate that MGE Energy Inc. will post 4.02 earnings per share for the current year.

MGE Energy Dividend Announcement

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

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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