OGE Energy (NYSE:OGE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Friday. The brokerage presently has a $36.00 target price on the utilities provider’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 14.54% from the company’s previous close.
According to Zacks, “Being the largest electric utility in Oklahoma, OGE Energy’s well-positioned regulated utility and unregulated midstream gas businesses continue to offset the prevailing tailwinds. The company makes OGE Energy makes steady investments in infrastructure projects, which are in sync with its strategy of providing reliable services to its customers and meeting the increasing demand. OGE Energy recently increased its projected capital expenditures through 2022 to $5 billion. However, OGE Energy needs to be cautious, given the 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.”
A number of other brokerages have also issued reports on OGE. Goldman Sachs upgraded OGE Energy from a “neutral” rating to a “buy” rating and set a $38.00 price target for the company in a research report on Wednesday, January 10th. UBS started coverage on OGE Energy in a research report on Friday, February 2nd. They set a “neutral” rating and a $33.00 price target for the company. Bank of America upgraded OGE Energy from a “neutral” rating to a “buy” rating and set a $34.00 price target for the company in a research report on Friday, February 23rd. Edward Jones lowered OGE Energy from a “buy” rating to a “hold” rating in a research report on Wednesday, December 27th. Finally, Guggenheim reiterated a “buy” rating and set a $35.00 price target on shares of OGE Energy in a research report on Friday, February 23rd. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $36.00.
OGE Energy (NYSE:OGE) last announced its quarterly earnings results on Thursday, February 22nd. The utilities provider reported $0.30 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.02. OGE Energy had a return on equity of 10.64% and a net margin of 27.38%. The company had revenue of $501.90 million during the quarter, compared to analyst estimates of $531.39 million. During the same quarter in the previous year, the firm posted $0.29 EPS. The firm’s quarterly revenue was down 5.4% on a year-over-year basis. sell-side analysts expect that OGE Energy will post 2 earnings per share for the current fiscal year.
In other news, Director Peter D. Clarke acquired 1,850 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was acquired at an average price of $32.40 per share, for a total transaction of $59,940.00. Following the completion of the acquisition, the director now directly owns 1,850 shares in the company, valued at approximately $59,940. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.48% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Schwab Charles Investment Management Inc. raised its position in shares of OGE Energy by 3.9% during the third quarter. Schwab Charles Investment Management Inc. now owns 685,411 shares of the utilities provider’s stock worth $24,696,000 after purchasing an additional 25,849 shares during the period. Legal & General Group Plc raised its position in shares of OGE Energy by 10.5% during the third quarter. Legal & General Group Plc now owns 572,130 shares of the utilities provider’s stock worth $20,613,000 after purchasing an additional 54,243 shares during the period. JPMorgan Chase & Co. raised its position in shares of OGE Energy by 32.6% during the third quarter. JPMorgan Chase & Co. now owns 629,625 shares of the utilities provider’s stock worth $22,780,000 after purchasing an additional 154,856 shares during the period. Shell Asset Management Co. raised its position in shares of OGE Energy by 45.0% during the fourth quarter. Shell Asset Management Co. now owns 81,681 shares of the utilities provider’s stock worth $2,688,000 after purchasing an additional 25,359 shares during the period. Finally, Icon Advisers Inc. Co. acquired a new stake in shares of OGE Energy during the third quarter worth $1,394,000. Institutional investors and hedge funds own 62.98% of the company’s stock.
About OGE Energy
OGE Energy Corp. (OGE Energy) is an energy and energy services provider offering physical delivery and related services for both electricity and natural gas primarily in the south central United States. The Company operates through two 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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