Morgan Stanley Trims MGE Energy (NASDAQ:MGEE) Target Price to $65.00

MGE Energy (NASDAQ:MGEE) had its price target reduced by Morgan Stanley from $68.00 to $65.00 in a research note released on Monday, Benzinga reports. Morgan Stanley currently has an underweight rating on the utilities provider’s stock.

Separately, StockNews.com raised MGE Energy from a sell rating to a hold rating in a report on Wednesday, May 29th.

MGE Energy Trading Down 0.7 %

Shares of MGEE stock opened at $75.21 on Monday. The stock has a 50-day simple moving average of $78.45 and a 200 day simple moving average of $73.93. The stock has a market capitalization of $2.72 billion, a P/E ratio of 22.65 and a beta of 0.73. MGE Energy has a fifty-two week low of $61.94 and a fifty-two week high of $83.27. The company has a quick ratio of 1.09, a current ratio of 1.59 and a debt-to-equity ratio of 0.62.

MGE Energy (NASDAQ:MGEE) last posted its quarterly earnings data on Wednesday, May 8th. The utilities provider reported $0.93 earnings per share for the quarter, missing the consensus estimate of $0.94 by ($0.01). The business had revenue of $191.34 million for the quarter, compared to the consensus estimate of $221.46 million. MGE Energy had a net margin of 18.12% and a return on equity of 10.60%. On average, sell-side analysts expect that MGE Energy will post 3.69 earnings per share for the current fiscal year.

MGE Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Saturday, June 15th. Shareholders of record on Saturday, June 1st were issued a dividend of $0.428 per share. The ex-dividend date of this dividend was Friday, May 31st. This represents a $1.71 annualized dividend and a yield of 2.28%. MGE Energy’s payout ratio is presently 51.51%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in MGEE. Security National Bank acquired a new position in MGE Energy in the 4th quarter worth approximately $43,000. Covestor Ltd boosted its position in shares of MGE Energy by 31.6% in the third quarter. Covestor Ltd now owns 641 shares of the utilities provider’s stock worth $44,000 after buying an additional 154 shares during the period. SG Americas Securities LLC purchased a new position in shares of MGE Energy during the first quarter valued at $100,000. BOKF NA acquired a new position in MGE Energy during the first quarter valued at $152,000. Finally, CWS Financial Advisors LLC purchased a new stake in MGE Energy in the 1st quarter worth about $201,000. 52.58% of the stock is currently owned by institutional investors and hedge funds.

MGE Energy Company Profile

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