MGE Energy Q2 Profit Jumps 26% on Electric Segment, Investment Gains
MGEE is trading near its 52-week low of $72.16 (8.6% above the low).
Summary
MGE Energy reported Q2 net income of $33.4 million, up 26% year-over-year, with EPS of $0.89. The electric segment drove growth through capital investments and renewable project deployment, while investment gains from energy-tech venture capital funds added to the bottom line. The gas segment remained stable. This follows a $240 million equity raise in May, which introduced dilution but funded ongoing capital spending. The stock recently traded at 20 times forward earnings, with a median analyst price target of $77, slightly below the pre-release close of $79.91.
At the time of this announcement, MGEE was trading at $78.36 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $3B. The 52-week trading range was $72.16 to $88.01. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.