Zacks Investment Research Upgrades OGE Energy (OGE) to “Buy”

OGE Energy (NYSE:OGE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Monday. The brokerage currently has a $36.00 target price on the utilities provider’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 11.63% from the stock’s current price.

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 headwinds. 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. The company continues to witness customer additions. However, OGE Energy needs to be cautious, given volatility in commodity prices, challenges in the form of operational risks related to its transmission and distribution segments.”

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Several other research firms have also issued reports on OGE. Guggenheim restated a “buy” rating and set a $35.00 price target on shares of OGE Energy in a report on Friday, February 23rd. Edward Jones lowered shares of OGE Energy from a “buy” rating to a “hold” rating in a report on Wednesday, December 27th. UBS assumed coverage on shares of OGE Energy in a report on Friday, February 2nd. They set a “neutral” rating and a $33.00 price target for the company. Bank of America upgraded shares of OGE Energy from a “neutral” rating to a “buy” rating and set a $34.00 price target for the company in a report on Friday, February 23rd. Finally, Goldman Sachs upgraded shares of OGE Energy from a “neutral” rating to a “buy” rating and set a $38.00 price target for the company in a report on Wednesday, January 10th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. OGE Energy currently has a consensus rating of “Buy” and an average target price of $36.00.

OGE Energy stock traded up $0.21 during mid-day trading on Monday, hitting $32.25. 663,531 shares of the stock were exchanged, compared to its average volume of 1,612,314. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.35 and a current ratio of 0.52. OGE Energy has a 12 month low of $29.59 and a 12 month high of $37.32. The firm has a market cap of $6,464.49, a price-to-earnings ratio of 16.80, a PEG ratio of 2.72 and a beta of 0.67.

OGE Energy (NYSE:OGE) last released its quarterly earnings results on Thursday, February 22nd. The utilities provider reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.02. OGE Energy had a net margin of 27.38% and a return on equity of 10.64%. The firm had revenue of $501.90 million during the quarter, compared to analyst estimates of $531.39 million. During the same quarter last year, the business earned $0.29 EPS. The company’s revenue was down 5.4% compared to the same quarter last year. equities research analysts predict that OGE Energy will post 2 EPS for the current fiscal year.

In related news, Director Peter D. Clarke acquired 1,850 shares of the stock in a transaction dated Monday, February 26th. The stock was bought at an average price of $32.40 per share, for a total transaction of $59,940.00. Following the purchase, the director now directly owns 1,850 shares of the company’s stock, valued at approximately $59,940. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.44% of the company’s stock.

Large investors have recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. increased its stake in shares of OGE Energy by 3.9% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 685,411 shares of the utilities provider’s stock valued at $24,696,000 after acquiring an additional 25,849 shares in the last quarter. American International Group Inc. increased its stake in OGE Energy by 1.1% during the 4th quarter. American International Group Inc. now owns 419,818 shares of the utilities provider’s stock valued at $13,816,000 after purchasing an additional 4,647 shares in the last quarter. JPMorgan Chase & Co. increased its stake in OGE Energy by 32.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 629,625 shares of the utilities provider’s stock valued at $22,780,000 after purchasing an additional 154,856 shares in the last quarter. Shell Asset Management Co. increased its stake in OGE Energy by 45.0% during the 4th quarter. Shell Asset Management Co. now owns 81,681 shares of the utilities provider’s stock valued at $2,688,000 after purchasing an additional 25,359 shares in the last quarter. Finally, Landscape Capital Management L.L.C. bought a new stake in OGE Energy during the 4th quarter valued at $1,159,000. Institutional investors own 62.93% of the company’s stock.

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OGE Energy Company Profile

OGE Energy Corp., together with its subsidiaries, operates as an energy and energy services provider that offers physical delivery and related services for electricity and natural gas primarily in the south central United States. The company operates in two segments, Electric Utility and Natural Gas Midstream Operations.

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