MGE Energy Retires Final First Mortgage Bonds, Ends Indenture

MGE Energy ( (MGEE) ) has shared an update.

On January 27, 2026, Madison Gas and Electric Company (MGE) redeemed the remaining $1.2 million of its outstanding 7.70% First Mortgage Bonds due 2028, which were the last series of first mortgage bonds issued under its longstanding 1946 Indenture of Mortgage and Deed of Trust. With no first mortgage bonds remaining, MGE satisfied and discharged the Indenture, is recording the discharge to remove the related lien from its utility plant assets in the relevant jurisdictions, and will no longer issue additional first mortgage bonds under that Indenture, simplifying its capital structure and releasing those assets from mortgage security.

The most recent analyst rating on (MGEE) stock is a Buy with a $87.00 price target. To see the full list of analyst forecasts on MGE Energy stock, see the MGEE Stock Forecast page.

Spark’s Take on MGEE Stock

According to Spark, TipRanks’ AI Analyst, MGEE is a Outperform.

Overall score is supported primarily by strong profitability and a stable balance sheet, partially offset by weaker free cash flow metrics. Technical signals are neutral-to-soft with a slightly negative MACD and price below key longer-term averages. Valuation is reasonable but not notably cheap, and the new senior notes issuance is modestly positive due to structured protections despite adding debt.

To see Spark’s full report on MGEE stock, click here.

More about MGE Energy

Madison Gas and Electric Company (MGE) is a regulated utility that owns and operates utility plant assets to provide gas and electric service to customers, with its infrastructure historically financed in part through secured debt instruments such as first mortgage bonds.

Average Trading Volume: 124,380

Technical Sentiment Signal: Hold

Current Market Cap: $2.89B

For detailed information about MGEE stock, go to TipRanks’ Stock Analysis page.