Wedge Capital Management L L P NC Cuts Stake in OGE Energy Corp. (OGE)
Wedge Capital Management L L P NC reduced its position in shares of OGE Energy Corp. (NYSE:OGE) by 23.8% during the second quarter, Holdings Channel reports. The fund owned 426,995 shares of the company’s stock after selling 133,593 shares during the period. Wedge Capital Management L L P NC’s holdings in OGE Energy Corp. were worth $7,758,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Mercer Capital Advisers Inc. increased its position in OGE Energy Corp. by 0.7% in the second quarter. Mercer Capital Advisers Inc. now owns 6,867 shares of the company’s stock worth $225,000 after buying an additional 50 shares during the period. Torch Wealth Management LLC increased its position in OGE Energy Corp. by 0.9% in the second quarter. Torch Wealth Management LLC now owns 8,194 shares of the company’s stock worth $268,000 after buying an additional 75 shares during the period. Sumitomo Mitsui Asset Management Company LTD increased its position in OGE Energy Corp. by 1.5% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 13,589 shares of the company’s stock worth $445,000 after buying an additional 204 shares during the period. Raymond James Trust N.A. increased its position in OGE Energy Corp. by 2.9% in the second quarter. Raymond James Trust N.A. now owns 11,167 shares of the company’s stock worth $366,000 after buying an additional 311 shares during the period. Finally, Creative Planning increased its position in OGE Energy Corp. by 0.5% in the second quarter. Creative Planning now owns 77,234 shares of the company’s stock worth $2,529,000 after buying an additional 419 shares during the period. Hedge funds and other institutional investors own 64.20% of the company’s stock.
OGE Energy Corp. (NYSE:OGE) traded up 0.53% during mid-day trading on Monday, hitting $30.45. The company’s stock had a trading volume of 505,303 shares. The firm has a market cap of $6.08 billion, a price-to-earnings ratio of 25.81 and a beta of 0.66. OGE Energy Corp. has a 52-week low of $23.37 and a 52-week high of $33.10. The firm has a 50 day moving average of $31.31 and a 200-day moving average of $30.72.
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 analysts’ consensus estimates of $0.41 by $0.06. The company had revenue of $551.40 million for the quarter, compared to the consensus estimate of $569.62 million. OGE Energy Corp. had a return on equity of 7.14% and a net margin of 11.03%. The business’s quarterly revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.44 EPS. On average, equities research analysts expect that OGE Energy Corp. will post $1.77 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 28th. Shareholders of record on Tuesday, October 11th will be paid a dividend of $0.3025 per share. This represents a $1.21 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date is Thursday, October 6th. This is a boost from OGE Energy Corp.’s previous quarterly dividend of $0.28. OGE Energy Corp.’s payout ratio is presently 102.54%.
A number of research analysts have recently weighed in on OGE shares. TheStreet raised OGE Energy Corp. from a “hold” rating to a “buy” rating in a research note on Tuesday, September 6th. Zacks Investment Research raised OGE Energy Corp. from a “hold” rating to a “buy” rating and set a $35.00 price target on the stock in a research note on Tuesday, October 4th. Finally, Jefferies Group cut their price target on OGE Energy Corp. from $34.00 to $32.50 and set a “hold” rating on the stock in a research note on Friday, August 5th. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company. OGE Energy Corp. currently has a consensus rating of “Hold” and an average target price of $31.10.
In related news, VP Jean C. Leger, Jr. sold 10,000 shares of the business’s 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 sale, the vice president now owns 14,746 shares of the company’s stock, valued at $459,632.82. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider H Scott Forbes sold 4,959 shares of the business’s stock in a transaction on Thursday, September 8th. The stock was 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 approximately $714,380.92. The disclosure for this sale can be found here. Company insiders own 0.75% 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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