MGE Energy (NASDAQ:MGEE) Stock Passes Above Two Hundred Day Moving Average - What's Next?

Key Points

• MGE Energy shares rose above their 200-day moving average, reaching $81.62 and last trading at $81.03, compared with the $78.79 long-term average.
• Analyst sentiment remains mixed: Ladenburg upgraded the stock to “buy” with an $81 target, while Morgan Stanley maintained “underweight” with a $76 target. The consensus rating is “Hold,” with an average price target of $78.50.
• MGE Energy beat quarterly EPS estimates, reporting $0.89 versus the expected $0.77, although revenue of $161.19 million fell short of the $166.37 million consensus forecast. Institutional investors own 52.58% of the company.

MGE Energy Inc. (NASDAQ:MGEE - Get Free Report) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $78.79 and traded as high as $81.62. MGE Energy shares last traded at $81.03, with a volume of 147,280 shares.

Analysts Set New Price Targets

Several analysts have commented on the stock. LADENBURG THALM/SH SH upgraded shares of MGE Energy from a "neutral" rating to a "buy" rating and set a $81.00 target price on the stock in a report on Monday, June 8th. Weiss Ratings reiterated a "hold (c)" rating on shares of MGE Energy in a report on Wednesday, August 5th. Finally, Morgan Stanley reissued an "underweight" rating and set a $76.00 price objective on shares of MGE Energy in a research report on Wednesday, July 22nd. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $78.50.

MGE Energy Price Performance

The company has a 50 day simple moving average of $80.26 and a 200-day simple moving average of $78.79. The stock has a market cap of $3.06 billion, a price-to-earnings ratio of 19.91 and a beta of 0.71. 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 (NASDAQ:MGEE - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The utilities provider reported $0.89 EPS for the quarter, beating analysts' consensus estimates of $0.77 by $0.12. The company had revenue of $161.19 million for the quarter, compared to analyst estimates of $166.37 million. MGE Energy had a return on equity of 11.10% and a net margin of 19.45%. Research analysts expect that MGE Energy Inc. will post 3.99 EPS for the current year.

Hedge Funds Weigh In On MGE Energy

Large investors have recently bought and sold shares of the company. AQR Capital Management LLC grew its stake in shares of MGE Energy by 18.8% during the 1st quarter. AQR Capital Management LLC now owns 8,275 shares of the utilities provider's stock worth $769,000 after acquiring an additional 1,312 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in MGE Energy by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,707 shares of the utilities provider's stock worth $2,018,000 after purchasing an additional 954 shares during the last quarter. United Services Automobile Association acquired a new position in MGE Energy during the first quarter worth $220,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in MGE Energy by 18.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 86,608 shares of the utilities provider's stock worth $8,051,000 after purchasing an additional 13,715 shares during the last quarter. Finally, Jane Street Group LLC grew its position in MGE Energy by 718.5% in the first quarter. Jane Street Group LLC now owns 75,007 shares of the utilities provider's stock valued at $6,973,000 after purchasing an additional 65,843 shares in the last quarter. Institutional investors and hedge funds own 52.58% of the company's stock.

MGE Energy Company Profile

MGE Energy, Inc is a public utility holding company headquartered in Madison, Wisconsin. Through its principal subsidiary, Madison Gas and Electric Company (MGE), the company provides regulated electric and natural gas distribution services to residential, commercial and industrial customers in south-central Wisconsin. MGE Energy's operations encompass the generation, transmission and distribution of electricity as well as the purchase and distribution of natural gas, with an emphasis on reliable service and system resilience.

Since reorganizing as a holding company in 2001, MGE Energy has expanded its portfolio to include nonregulated subsidiaries involved in renewable energy development, energy services and infrastructure support.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source