OGE Energy (NYSE:OGE) Hits New 12-Month High – Here’s What Happened

Shares of OGE Energy Corporation (NYSE:OGE) reached a new 52-week high on Wednesday. The company traded as high as $50.59 and last traded at $50.6540, with a volume of 1,282,709 shares traded. The stock had previously closed at $49.11.

Analysts Set New Price Targets

OGE has been the subject of a number of recent research reports. Morgan Stanley lifted their price target on shares of OGE Energy from $46.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 21st. Weiss Ratings reissued a “buy (b)” rating on shares of OGE Energy in a research report on Thursday, October 29th. Royal Bank Of Canada raised shares of OGE Energy from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $50.00 to $54.00 in a research report on Wednesday, September 2nd. Argus restated a “buy” rating on shares of OGE Energy in a report on Wednesday, September 16th. Finally, Scotiabank reaffirmed an “outperform” rating and set a $54.00 price objective on shares of OGE Energy in a research report on Wednesday, October 28th. Five analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, OGE Energy has a consensus rating of “Hold” and an average target price of $50.00.

OGE Energy Trading Up 3.3%

The company has a current ratio of 0.81, a quick ratio of 0.52 and a debt-to-equity ratio of 1.06. The firm has a market cap of $10.49 billion, a PE ratio of 19.15, a P/E/G ratio of 3.30 and a beta of 0.48. The business has a fifty day moving average price of $46.67 and a 200 day moving average price of $47.16.

OGE Energy (NYSE:OGE) last posted its earnings results on Tuesday, October 27th. The utilities provider reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.16. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.12 billion. OGE Energy had a return on equity of 10.97% and a net margin of 16.36%. The firm’s revenue was up 13.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.14 earnings per share. Analysts forecast that OGE Energy Corporation will post 2.42 EPS for the current year.

OGE Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 30th. Shareholders of record on Monday, October 5th were issued a dividend of $0.4288 per share. The ex-dividend date of this dividend was Monday, October 5th. This is an increase from OGE Energy’s previous quarterly dividend of $0.4250. This represents a $1.72 dividend on an annualized basis and a yield of 3.4%. OGE Energy’s dividend payout ratio is 64.91%.

Insider Buying and Selling at OGE Energy

In other news, SVP Donnie Jones sold 6,508 shares of the company’s stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $46.11, for a total value of $300,083.88. Following the completion of the transaction, the senior vice president owned 40,555 shares in the company, valued at approximately $1,869,991.05. This represents a 13.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.57% of the company’s stock.

Institutional Investors Weigh In On OGE Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. acquired a new position in OGE Energy in the second quarter valued at $1,277,554,000. State Street Corp grew its holdings in shares of OGE Energy by 2.8% during the second quarter. State Street Corp now owns 7,226,476 shares of the utilities provider’s stock worth $351,640,000 after purchasing an additional 198,593 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of OGE Energy by 0.9% during the first quarter. Dimensional Fund Advisors LP now owns 2,688,307 shares of the utilities provider’s stock worth $128,931,000 after purchasing an additional 24,529 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of OGE Energy during the second quarter worth about $102,382,000. Finally, Energy Income Partners LLC purchased a new stake in shares of OGE Energy in the 2nd quarter valued at about $99,016,000. 71.84% of the stock is currently owned by institutional investors and hedge funds.

OGE Energy Company Profile

OGE Energy Corp. (NYSE: OGE) is an energy holding company headquartered in Oklahoma City, Oklahoma. Its principal subsidiary, Oklahoma Gas and Electric Company (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 diverse generation fleet and the infrastructure needed to deliver electricity, including transmission and distribution networks, customer service programs and energy-efficiency offerings.