OGE Energy Corp. (OGE) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of OGE Energy Corp. (NYSE:OGE) from a hold rating to a buy rating in a report issued on Tuesday morning. The firm currently has $35.00 price objective 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. “
OGE has been the topic of several other research reports. TheStreet raised shares of OGE Energy Corp. from a hold rating to a buy rating in a research report on Tuesday, September 6th. Jefferies Group reaffirmed a hold rating and issued a $34.00 price objective (up previously from $32.00) on shares of OGE Energy Corp. in a research report on Monday, July 18th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock has an average rating of Hold and a consensus target price of $31.10.
Shares of OGE Energy Corp. (NYSE:OGE) opened at 30.64 on Tuesday. The firm has a market capitalization of $6.12 billion, a PE ratio of 25.97 and a beta of 0.66. The stock’s 50 day moving average price is $31.51 and its 200-day moving average price is $30.66. 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 released its quarterly earnings results on Thursday, August 4th. The company reported $0.35 earnings per share for the quarter, missing the 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 firm had revenue of $551.40 million for the quarter, compared to analysts’ expectations of $569.62 million. During the same quarter last year, the firm posted $0.44 earnings per share. The firm’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 fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 28th. Investors of record on Tuesday, October 11th will be issued a dividend of $0.3025 per share. This represents a $1.21 dividend on an annualized basis and a yield of 3.97%. The ex-dividend date is 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 is 93.22%.
In related news, insider H Scott Forbes sold 4,959 shares of the company’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 sale, the insider now owns 22,241 shares of the company’s stock, valued at approximately $714,380.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Jean C. Leger, Jr. sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 9th. The stock was sold at an average price of $31.17, for a total transaction of $311,700.00. Following the sale, the vice president now directly owns 14,746 shares in the company, valued at approximately $459,632.82. The disclosure for this sale can be found here. Corporate insiders own 0.75% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Assetmark Inc. bought a new position in OGE Energy Corp. during the second quarter worth approximately $112,000. Pinkerton Retirement Specialists LLC bought a new position in OGE Energy Corp. during the second quarter worth approximately $164,000. AXA bought a new position in OGE Energy Corp. during the first quarter worth approximately $166,000. CIBC Asset Management Inc bought a new position in OGE Energy Corp. during the second quarter worth approximately $210,000. Finally, Eqis Capital Management Inc. bought a new position in OGE Energy Corp. during the third quarter worth approximately $212,000. 64.25% of the stock is currently owned by institutional investors and hedge funds.
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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