OGE Energy (NYSE:OGE) Coverage Initiated by Analysts at Scotiabank

Investment analysts at Scotiabank initiated coverage on shares of OGE Energy (NYSE:OGE) in a report released on Tuesday, Briefing.com reports. The brokerage set a “sector outperform” rating and a $49.00 price target on the utilities provider’s stock. Scotiabank’s target price would indicate a potential upside of 9.78% from the stock’s previous close.

Several other analysts also recently issued reports on OGE. Barclays raised their price target on OGE Energy from $51.00 to $52.00 and gave the stock an “overweight” rating in a report on Tuesday, July 14th. Morgan Stanley dropped their target price on OGE Energy from $49.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Friday, September 18th. JPMorgan Chase & Co. cut their target price on OGE Energy from $55.00 to $54.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 9th. Royal Bank Of Canada raised shares of OGE Energy from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from $50.00 to $54.00 in a report on Wednesday, September 2nd. Finally, Argus restated a “buy” rating on shares of OGE Energy in a research report on Wednesday, September 16th. Seven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, OGE Energy has a consensus rating of “Moderate Buy” and a consensus price target of $49.73.

OGE Energy Price Performance

OGE opened at $44.64 on Tuesday. The company has a quick ratio of 0.47, a current ratio of 0.77 and a debt-to-equity ratio of 1.12. The company’s 50-day moving average price is $46.74 and its 200 day moving average price is $47.53. OGE Energy has a fifty-two week low of $41.69 and a fifty-two week high of $50.59. The firm has a market cap of $9.22 billion, a price-to-earnings ratio of 19.66, a price-to-earnings-growth ratio of 2.94 and a beta of 0.52.

OGE Energy (NYSE:OGE) last issued its earnings results on Tuesday, July 28th. The utilities provider reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.01. The company had revenue of $711.90 million during the quarter, compared to the consensus estimate of $782.73 million. OGE Energy had a return on equity of 9.48% and a net margin of 14.44%.OGE Energy’s quarterly revenue was down 4.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.53 earnings per share. As a group, sell-side analysts expect that OGE Energy will post 2.42 earnings per share for the current year.

Insider Transactions at OGE Energy

In related news, SVP Donnie Jones sold 6,508 shares of the firm’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $46.11, for a total value of $300,083.88. Following the sale, the senior vice president directly owned 40,555 shares in the company, valued at $1,869,991.05. This trade represents a 13.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.57% of the stock is owned by company insiders.

Institutional Investors Weigh In On OGE Energy

A number of hedge funds and other institutional investors have recently modified their holdings of OGE. QRG Capital Management Inc. increased its stake in OGE Energy by 15.5% during the 2nd quarter. QRG Capital Management Inc. now owns 24,769 shares of the utilities provider’s stock valued at $1,205,000 after buying an additional 3,330 shares during the period. Envestnet Asset Management Inc. raised its position in shares of OGE Energy by 53.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 113,351 shares of the utilities provider’s stock worth $5,516,000 after buying an additional 39,446 shares in the last quarter. State Street Corp lifted its stake in shares of OGE Energy by 2.8% in the 2nd quarter. State Street Corp now owns 7,226,476 shares of the utilities provider’s stock worth $351,640,000 after acquiring an additional 198,593 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of OGE Energy by 0.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,157,004 shares of the utilities provider’s stock worth $56,300,000 after acquiring an additional 7,624 shares during the period. Finally, Sequoia Financial Advisors LLC boosted its holdings in shares of OGE Energy by 46.0% in the second quarter. Sequoia Financial Advisors LLC now owns 15,930 shares of the utilities provider’s stock valued at $775,000 after acquiring an additional 5,018 shares in the last quarter. 71.84% of the stock is currently owned by institutional investors.

OGE Energy Company Profile

OGE Energy Corp. is an Oklahoma City-based energy holding company whose principal subsidiary is Oklahoma Gas and Electric Company (OG&E). OG&E is a regulated electric utility that generates, transmits, distributes and sells electricity to residential, commercial and industrial customers.

OG&E serves customers across Oklahoma and in western Arkansas. Its operations include a portfolio of power-generation resources, electric transmission and distribution infrastructure, and related customer and energy-management services.