Zacks Investment Research upgraded shares of OGE Energy Corp. (NYSE:OGE) from a hold rating to a buy rating in a report published on Tuesday morning. They currently have $35.00 target price on the stock.
According to Zacks, “Being the largest electric utility in Oklahoma, OGE Energy’s well-positioned regulated utility and unregulated midstream gas businesses carry low risk. Moreover, its systematic investment in base distribution and generation projects and a steady increase in customer count will likely boost its future performance. Again, its aggressive energy efficiency program will allow it to boost its scale of operations. In addition, lower-than-average electricity rates provide the company significant scope for future growth. However, the company needs to watch out for stringent government regulations, volatility in commodity prices, challenges in the form of severe weather conditions and operational risks related to its transmission and distribution segments going forward. “
A number of other brokerages have also recently issued reports on OGE. TheStreet raised shares of OGE Energy Corp. from a hold rating to a buy rating in a research note on Tuesday, September 6th. Jefferies Group cut their price objective on shares of OGE Energy Corp. from $34.00 to $32.50 and set a hold rating for the company in a research note on Friday, August 5th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. OGE Energy Corp. currently has an average rating of Hold and an average price target of $31.10.
Shares of OGE Energy Corp. (NYSE:OGE) opened at 29.62 on Tuesday. The company has a market capitalization of $5.92 billion, a P/E ratio of 25.10 and a beta of 0.66. The firm has a 50-day moving average of $31.46 and a 200 day moving average of $30.66. OGE Energy Corp. has a 1-year low of $23.37 and a 1-year high of $33.10.
OGE Energy Corp. (NYSE:OGE) last announced its quarterly earnings data on Thursday, August 4th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.41 by $0.06. OGE Energy Corp. had a net margin of 11.03% and a return on equity of 7.14%. The business earned $551.40 million during the quarter, compared to analysts’ expectations of $569.62 million. During the same period last year, the company posted $0.44 EPS. OGE Energy Corp.’s revenue for the quarter was up .3% on a year-over-year basis. On average, equities research analysts expect that OGE Energy Corp. will post $1.77 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 28th. Shareholders of record on Tuesday, October 11th will be given a dividend of $0.3025 per share. The ex-dividend date is Thursday, October 6th. This represents a $1.21 annualized dividend and a yield of 4.09%. This is a boost from OGE Energy Corp.’s previous quarterly dividend of $0.28. OGE Energy Corp.’s dividend payout ratio is presently 102.54%.
In other news, VP Jean C. Leger, Jr. sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $31.17, for a total value of $311,700.00. Following the completion of the sale, the vice president now directly owns 14,746 shares of the company’s stock, valued at approximately $459,632.82. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider H Scott Forbes sold 4,959 shares of the firm’s stock in a transaction dated Thursday, September 8th. The stock was sold at an average price of $32.12, for a total transaction of $159,283.08. Following the completion of the sale, the insider now directly owns 22,241 shares of the company’s stock, valued at $714,380.92. The disclosure for this sale can be found here. Company insiders own 0.75% of the company’s stock.
Several large investors have recently bought and sold shares of OGE. M&T Bank Corp boosted its stake in OGE Energy Corp. by 40.3% in the first quarter. M&T Bank Corp now owns 22,650 shares of the company’s stock valued at $648,000 after buying an additional 6,506 shares in the last quarter. USS Investment Management Ltd boosted its stake in OGE Energy Corp. by 115.5% in the first quarter. USS Investment Management Ltd now owns 233,410 shares of the company’s stock valued at $6,684,000 after buying an additional 125,113 shares in the last quarter. NN Investment Partners Holdings N.V. bought a new stake in OGE Energy Corp. during the first quarter valued at approximately $525,000. JPMorgan Chase & Co. boosted its stake in OGE Energy Corp. by 14.0% in the first quarter. JPMorgan Chase & Co. now owns 505,384 shares of the company’s stock valued at $14,469,000 after buying an additional 62,215 shares in the last quarter. Finally, BlackRock Japan Co. Ltd boosted its stake in OGE Energy Corp. by 19.7% in the first quarter. BlackRock Japan Co. Ltd now owns 243,105 shares of the company’s stock valued at $6,960,000 after buying an additional 40,033 shares in the last quarter. 64.25% of the stock is owned by hedge funds and other institutional investors.
OGE Energy Corp. Company Profile
OGE Energy Corp. (OGE Energy) is an energy and energy services provider offering physical delivery and related services for both electricity and natural gas in the south central United States. The Company operates through two business segments: electric utility and natural gas midstream operations. The electric utility segment generates, transmits, distributes and sells electric energy in Oklahoma and western Arkansas.
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