UPDATE: Gabelli & Company Initiates MGE Energy at Hold

Gabelli & Company initiated coverage on MGE Energy MGEE with a Hold rating. Gabelli & Company noted, "We have initiated coverage of MGEE with a HOLD rating. MGE is a small, but high quality regulated electric and gas utility operating in a constructive regulatory environment. Shares offer an attractive 3.0% current return on the $1.58 per share annual dividend, which represents a reasonable 57% payout of our 2012 earnings estimate. We expect roughly 5% annual earnings and dividend growth, which is in-line with the industry average of 4-6%." MGE Energy closed at $53.53 on Thursday.