Top 11 Dividend Kings to Buy for Safe Dividend Growth

9. MGE Energy, Inc. (NASDAQ:MGEE)

5-Year Average Dividend Growth Rate: 5.12%

On June 8, Ladenburg upgraded MGE Energy, Inc. (NASDAQ:MGEE) to Buy from Neutral. It set a price target of $81, down from $83.50. The firm said the upgrade was based on valuation.

A few days earlier, on May 29, Freedom Broker initiated coverage of MGE Energy with a Hold rating and a $77 price target. Analyst Matvey Tayts said the company offers “defensive” regulated utility earnings, though he believes the shares are fairly valued at current levels.

MGE Energy reported first-quarter 2026 GAAP earnings of $48.5 million, or $1.32 per share, compared with $41.6 million, or $1.14 per share, in the same period last year. Earnings from the electric segment increased by $5.5 million year over year. The growth was driven by strategic capital investments that expanded the company’s rate base. Much of that increase came from the successful deployment of key renewable energy projects.

MGE Energy, Inc. (NASDAQ:MGEE) is a public utility holding company. Its operations include regulated electric utility services, regulated gas utility services, nonregulated energy operations, transmission investments, and other business activities.