MGE Energy (MGEE)
Owner of Madison's regulated electric and natural gas utility.
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Provides regulated electricity in Dane County and natural gas across south-central and western Wisconsin through Madison Gas and Electric. Utility rates drive the core business, supplemented by generation assets leased to the utility and minority investments in regional transmission infrastructure.
Owns Madison Gas and Electric, a regulated utility that generates, purchases and distributes electricity in Dane County and transports and distributes natural gas across south-central and western Wisconsin. Regulated electric and gas operations form the core business; nonregulated energy subsidiaries own generation capacity leased to the utility, while transmission investments provide stakes in American Transmission Company and ATC Holdco.
Pairs a long record of electric reliability with grid modernization, renewable generation, battery storage and demand-management programs. The generation mix still includes coal and natural gas as renewable capacity expands. Retail rates and major projects are governed by Wisconsin regulators, alongside federal energy and environmental oversight.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jul 22, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $70 | Target: $76 |
| Jun 8, 2026 | Ladenburg Thalmann | Upgrade | ||
| May 21, 2026 | Morgan Stanley | Target | Target: $73 | Target: $70 |
| Feb 2, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $71 | Target: $73 |
| Sep 11, 2025 | Ladenburg Thalmann | Upgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $10.7M · Total debt $899.6M · Total assets $3.30B · Shareholders' equity $1.44B
- Revenue
- $161.2M
- Operating income
- $32.6M
- Net income
- $33.4M
HistoryDividendAnnual yield
| Institutions | ≈ 96.86% | 53.40M shares | |
|---|---|---|---|
| 338 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 0.29% | 161.0K shares | |
| 18 holders · as of Sep 11, 2026 | |||
| Other | ≈ 2.85% | 1.57M shares | |
| remainder | |||
55.13M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (55.13M in the company's Sep 23, 2026 report, 37.75M elsewhere); stakes use the report.
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 22.11% | 6.09M · 6.09M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 10.13% | 2.79M · 2.79M | as of Jun 30, 2026 |
State Street CorpInstitution | 7.44% | 2.05M · 2.05M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 6.18% | 1.70M · 1.70M | as of Jun 30, 2026 |
T. Rowe Price Investment Management, Inc.Institution | 4.83% | 2.66M | filed Feb 14, 2023 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 9, 2026 | James G. Berbee | director | +275 | $77.35 |
| Aug 19, 2026 | James G. Berbee | director | +261 | $81.30 |
| Mar 11, 2026 | James G. Berbee | director | +373 | $77.74 |
| Dec 5, 2025 | James G. Berbee | director | +270 | $78.57 |
- Alliant Energy
Wisconsin-Iowa electric and gas peer in MISO markets
- WEC Energy Group
Wisconsin electric and gas peer with MISO and ATC overlap
- Xcel Energy
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- Ameren
Midwest electric and gas peer with MISO transmission
- CMS Energy
Michigan electric and gas peer tied to MISO clean-energy needs
- NiSource
Midwest gas-electric utility peer with NIPSCO in MISO
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| MGE Energy | $71.42 | −1.76% | $2.74B | 17.9 | 17.8 | 3.6 | +1.1% |
| Alliant Energy | $63.65 | −1.50% | $16.69B | 20.4 | 18.3 | 3.8 | +1.0% |
| WEC Energy Group | $101.82 | −0.98% | $33.49B | 19.9 | 19.1 | 3.3 | +2.6% |
| Xcel Energy | $71.15 | −1.26% | $45.01B | 19.6 | 16.8 | 3.1 | −5.1% |
| Ameren | $100.41 | −1.23% | $28.13B | 17.9 | 18.3 | 3.2 | −5.8% |
| CMS Energy | $63.30 | −1.51% | $20.15B | 19.0 | 15.4 | 2.3 | −0.5% |
| NiSource | $39.18 | −1.74% | $19.12B | 21.2 | 18.1 | 2.8 | +4.6% |
| Median | 19.8 | 18.2 | 3.1 | +0.3% |