Zacks Investment Research upgraded shares of OGE Energy Corp. (NYSE:OGE) from a hold rating to a buy rating in a research report report published on Friday morning. The firm currently has $33.00 price objective on the stock.
According to Zacks, “OGE Energy’s third-quarter 2016 earnings per share duly met the Zacks Consensus Estimate. On a year-over-year comparison, the company witnessed notable improvement in bottom-line results. Its operating revenues as well as total electricity sales also improved substantially in the reported quarter. With respect to segmental performance, while net income from OG&E dropped on account of higher operating and income tax expenses, the same improved from OGE Energy’s Natural Gas Midstream Operations. Being the largest electric utility in Oklahoma, OGE Energy’s well-positioned regulated utility and unregulated midstream gas businesses continue to carry low risk. 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.”
OGE has been the subject of a number of other reports. Jefferies Group reaffirmed a hold rating and set a $34.00 price objective (up from $32.00) on shares of OGE Energy Corp. in a research note on Monday, July 18th. Guggenheim began coverage on shares of OGE Energy Corp. in a research note on Thursday, November 3rd. They set a buy rating and a $33.00 price objective for the company. Finally, TheStreet raised shares of OGE Energy Corp. from a hold rating to a buy rating in a research note on Tuesday, September 6th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. OGE Energy Corp. currently has an average rating of Hold and an average price target of $30.92.
Shares of OGE Energy Corp. (NYSE:OGE) traded down 2.06% on Friday, hitting $30.94. 286,713 shares of the stock traded hands. The stock has a market cap of $6.18 billion, a price-to-earnings ratio of 19.96 and a beta of 0.63. The stock has a 50-day moving average price of $30.99 and a 200 day moving average price of $31.05. 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 data on Thursday, November 3rd. The company reported $0.92 EPS for the quarter, missing analysts’ consensus estimates of $0.93 by $0.01. OGE Energy Corp. had a net margin of 14.24% and a return on equity of 9.25%. The firm had revenue of $743.90 million for the quarter. During the same period in the previous year, the company earned $0.55 earnings per share. The company’s quarterly revenue was up 3.3% on a year-over-year basis. On average, analysts anticipate that OGE Energy Corp. will post $1.76 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 28th. Investors of record on Tuesday, October 11th were given a dividend of $0.3025 per share. This represents a $1.21 annualized dividend and a yield of 3.83%. The ex-dividend date was Thursday, October 6th. This is a positive change from OGE Energy Corp.’s previous quarterly dividend of $0.28. OGE Energy Corp.’s dividend payout ratio (DPR) is presently 78.07%.
In related news, insider H Scott Forbes sold 4,959 shares of the firm’s stock in a transaction that occurred on Thursday, September 8th. The shares were sold at an average price of $32.12, for a total transaction of $159,283.08. Following the transaction, the insider now owns 22,241 shares of the company’s stock, valued at $714,380.92. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.75% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its position in shares of 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 during the last quarter. Credit Agricole S A increased its position in shares of OGE Energy Corp. by 1.6% in the first quarter. Credit Agricole S A now owns 82,752 shares of the company’s stock valued at $2,369,000 after buying an additional 1,264 shares during the period. State Street Corp increased its position in shares of OGE Energy Corp. by 4.6% in the first quarter. State Street Corp now owns 6,888,470 shares of the company’s stock valued at $197,225,000 after buying an additional 301,366 shares during the period. UBS Group AG increased its position in shares of OGE Energy Corp. by 95.6% in the first quarter. UBS Group AG now owns 123,416 shares of the company’s stock valued at $3,534,000 after buying an additional 60,321 shares during the period. Finally, AXA bought a new position in shares of OGE Energy Corp. during the first quarter valued at approximately $166,000. 64.44% of the stock is currently owned by hedge funds and other institutional investors.
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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