OGE Energy (OGE) Hits New 52-Week High on Insider Buying Activity
Shares of OGE Energy Corp. (NYSE:OGE) hit a new 52-week high during trading on Thursday following insider buying activity. The company traded as high as $39.36 and last traded at $39.37, with a volume of 138453 shares. The stock had previously closed at $38.89.
Specifically, VP Cristina F. Mcquistion sold 4,000 shares of the stock in a transaction that occurred on Monday, November 12th. The stock was sold at an average price of $38.53, for a total transaction of $154,120.00. Following the sale, the vice president now owns 7,335 shares of the company’s stock, valued at $282,617.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Frank A. Bozich purchased 10,000 shares of OGE Energy stock in a transaction that occurred on Wednesday, November 14th. The shares were bought at an average cost of $38.99 per share, for a total transaction of $389,900.00. Following the transaction, the director now directly owns 15,000 shares of the company’s stock, valued at $584,850. The disclosure for this purchase can be found here. Corporate insiders own 0.44% of the company’s stock.
A number of equities research analysts recently issued reports on OGE shares. ValuEngine raised OGE Energy from a “hold” rating to a “buy” rating in a research report on Tuesday. Zacks Investment Research raised OGE Energy from a “sell” rating to a “hold” rating in a research report on Friday, July 20th. UBS Group increased their price target on OGE Energy from $35.00 to $37.00 and gave the stock a “neutral” rating in a research report on Friday, August 10th. Finally, Barclays started coverage on OGE Energy in a research report on Monday, October 22nd. They set a “sell” rating and a $36.00 price target on the stock. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the stock. OGE Energy presently has an average rating of “Hold” and a consensus target price of $36.50.
OGE Energy (NYSE:OGE) last issued its earnings results on Thursday, November 8th. The utilities provider reported $1.02 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.08. The firm had revenue of $698.80 million for the quarter, compared to the consensus estimate of $745.58 million. OGE Energy had a return on equity of 11.01% and a net margin of 29.45%. The company’s revenue was down 2.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.92 EPS. Equities research analysts anticipate that OGE Energy Corp. will post 2.08 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 30th. Shareholders of record on Wednesday, October 10th were issued a $0.365 dividend. This represents a $1.46 dividend on an annualized basis and a dividend yield of 3.71%. The ex-dividend date was Tuesday, October 9th. This is an increase from OGE Energy’s previous quarterly dividend of $0.33. OGE Energy’s dividend payout ratio (DPR) is currently 76.04%.
Several hedge funds have recently modified their holdings of OGE. Winslow Evans & Crocker Inc. acquired a new stake in shares of OGE Energy in the 2nd quarter valued at $100,000. Gifford Fong Associates acquired a new stake in shares of OGE Energy in the 2nd quarter valued at $141,000. Honkamp Krueger Financial Services Inc. acquired a new stake in shares of OGE Energy in the 3rd quarter valued at $142,000. Point72 Hong Kong Ltd acquired a new stake in shares of OGE Energy in the 3rd quarter valued at $162,000. Finally, Sigma Planning Corp acquired a new stake in shares of OGE Energy in the 2nd quarter valued at $205,000. 61.23% of the stock is currently owned by hedge funds and other institutional investors.
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About OGE Energy (NYSE:OGE)
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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