OGE Energy Corp. (OGE) Raised to “Buy” at Zacks Investment Research
OGE Energy Corp. (NYSE:OGE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage presently has a $35.00 price objective on the stock. Zacks Investment Research’s price objective indicates a potential upside of 11.68% from the company’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 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 subject of several other research reports. Jefferies Group reiterated a “hold” rating and issued a $34.00 target price (up previously from $32.00) on shares of OGE Energy Corp. in a research note on Monday, July 18th. TheStreet upgraded shares of OGE Energy Corp. from a “hold” rating to a “buy” rating in a research note on Tuesday, September 6th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $31.10.
Shares of OGE Energy Corp. (NYSE:OGE) traded down 3.13% during trading on Tuesday, reaching $30.36. 868,512 shares of the company’s stock traded hands. The company has a market cap of $6.06 billion, a price-to-earnings ratio of 25.73 and a beta of 0.66. The company’s 50-day moving average is $31.52 and its 200 day moving average is $30.64. OGE Energy Corp. has a 52-week low of $23.37 and a 52-week high of $33.10.
OGE Energy Corp. (NYSE:OGE) last posted its 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. The business earned $551.40 million during the quarter, compared to analysts’ expectations of $569.62 million. OGE Energy Corp. had a return on equity of 7.14% and a net margin of 11.03%. OGE Energy Corp.’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.44 EPS. Equities analysts forecast that OGE Energy Corp. will post $1.77 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Stockholders 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. This represents a $1.21 dividend on an annualized basis and a dividend yield of 3.86%. The ex-dividend date is Thursday, October 6th. OGE Energy Corp.’s dividend payout ratio (DPR) is 93.22%.
In other OGE Energy Corp. news, insider H Scott Forbes sold 4,959 shares of OGE Energy Corp. 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 completion of the sale, the insider now directly owns 22,241 shares in the company, valued at $714,380.92. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Jean C. Leger, Jr. sold 10,000 shares of OGE Energy Corp. stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $31.17, for a total transaction of $311,700.00. Following the sale, the vice president now owns 14,746 shares of the company’s stock, valued at $459,632.82. The disclosure for this sale can be found here. 0.75% of the stock is currently owned by insiders.
A number of large investors have recently made changes to their positions in OGE. Assetmark Inc. bought a new stake in shares of OGE Energy Corp. during the second quarter valued at about $112,000. Pinkerton Retirement Specialists LLC bought a new stake in shares of OGE Energy Corp. during the second quarter valued at about $164,000. AXA bought a new stake in shares of OGE Energy Corp. during the first quarter valued at about $166,000. CIBC Asset Management Inc bought a new stake in shares of OGE Energy Corp. during the second quarter valued at about $210,000. Finally, Clinton Group Inc. bought a new stake in shares of OGE Energy Corp. during the second quarter valued at about $218,000. Institutional investors and hedge funds own 64.25% of the company’s stock.
OGE Energy Corp. Company Profile
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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