Zacks Investment Research upgraded shares of OGE Energy Corp. (NYSE:OGE) from a hold rating to a buy rating in a research report released on Tuesday. Zacks Investment Research currently has $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 research firms have also recently weighed in 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 reaffirmed a hold rating and set a $34.00 price target (up from $32.00) on shares of OGE Energy Corp. in a research note on Monday, July 18th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $31.10.
OGE Energy Corp. (NYSE:OGE) traded up 0.53% during midday trading on Tuesday, reaching $30.15. 80,934 shares of the company traded hands. The firm has a market capitalization of $6.02 billion, a PE ratio of 25.55 and a beta of 0.66. The company’s 50-day moving average price is $31.50 and its 200 day moving average price is $30.65. OGE Energy Corp. has a 12 month low of $23.37 and a 12 month high of $33.10.
OGE Energy Corp. (NYSE:OGE) last posted its quarterly earnings results on Thursday, August 4th. The company reported $0.35 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.41 by $0.06. OGE Energy Corp. had a return on equity of 7.14% and a net margin of 11.03%. The company had revenue of $551.40 million for the quarter, compared to analyst estimates of $569.62 million. During the same period last year, the company earned $0.44 earnings per share. The business’s revenue for the quarter was up .3% compared to the same quarter last year. On average, equities analysts anticipate that OGE Energy Corp. will post $1.77 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 28th. Investors of record on Tuesday, October 11th will be given a $0.3025 dividend. This is a positive change from OGE Energy Corp.’s previous quarterly dividend of $0.28. The ex-dividend date is Thursday, October 6th. This represents a $1.21 dividend on an annualized basis and a dividend yield of 4.03%. OGE Energy Corp.’s dividend payout ratio (DPR) is 93.22%.
In related news, insider H Scott Forbes sold 4,959 shares of the stock in a transaction on Thursday, September 8th. The stock was sold at an average price of $32.12, for a total value of $159,283.08. Following the completion of the transaction, the insider now owns 22,241 shares in the company, valued at approximately $714,380.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jean C. Leger, Jr. sold 10,000 shares of the stock in a transaction on 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 transaction, the vice president now owns 14,746 shares of the company’s stock, valued at approximately $459,632.82. The disclosure for this sale can be found here. 0.75% of the stock is owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in OGE. Norges Bank bought a new position in OGE Energy Corp. during the fourth quarter worth $42,612,000. Glenmede Trust Co. NA raised its position in OGE Energy Corp. by 4.8% in the first quarter. Glenmede Trust Co. NA now owns 72,881 shares of the company’s stock worth $2,086,000 after buying an additional 3,354 shares during the period. Commonwealth Equity Services Inc raised its position in OGE Energy Corp. by 8.7% in the first quarter. Commonwealth Equity Services Inc now owns 33,832 shares of the company’s stock worth $969,000 after buying an additional 2,716 shares during the period. Ngam Advisors L.P. raised its position in OGE Energy Corp. by 1.3% in the first quarter. Ngam Advisors L.P. now owns 53,642 shares of the company’s stock worth $1,536,000 after buying an additional 682 shares during the period. Finally, Teachers Advisors Inc. raised its position in OGE Energy Corp. by 1.1% in the first quarter. Teachers Advisors Inc. now owns 739,138 shares of the company’s stock worth $21,162,000 after buying an additional 8,283 shares during the period. Institutional investors and hedge funds own 64.25% of the company’s stock.
About OGE Energy Corp.
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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