Zacks Investment Research upgraded shares of OGE Energy (NYSE:OGE) from a hold rating to a buy rating in a research note released on Monday morning. Zacks Investment Research currently has $36.00 price target on the utilities provider’s stock.
According to Zacks, “Being the largest electric utility in Oklahoma, OGE Energy’s well-positioned regulated utility and unregulated midstream gas businesses continue to offset the prevailing headwinds. OGE Energy makes steady investments in infrastructure projects, which are in sync with its strategy of providing reliable services to its customers and meeting the increasing demand. OGE Energy recently increased its projected capital expenditures through 2022 to $5 billion. The company continues to witness customer additions. However, OGE Energy needs to be cautious, given volatility in commodity prices, challenges in the form of operational risks related to its transmission and distribution segments.”
A number of other brokerages have also weighed in on OGE. Goldman Sachs upgraded OGE Energy from a neutral rating to a buy rating and set a $38.00 price objective on the stock in a research report on Wednesday, January 10th. UBS started coverage on OGE Energy in a research report on Friday, February 2nd. They set a neutral rating and a $33.00 price objective on the stock. Bank of America upgraded OGE Energy from a neutral rating to a buy rating and set a $34.00 price objective on the stock in a research report on Friday, February 23rd. Edward Jones lowered OGE Energy from a buy rating to a hold rating in a research report on Wednesday, December 27th. Finally, Guggenheim restated a buy rating and set a $35.00 price objective on shares of OGE Energy in a research report on Friday, February 23rd. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $36.00.
OGE Energy (NYSE:OGE) last issued its quarterly earnings data on Thursday, February 22nd. The utilities provider reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.02. The business had revenue of $501.90 million for the quarter, compared to analyst estimates of $531.39 million. OGE Energy had a return on equity of 10.64% and a net margin of 27.38%. OGE Energy’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.29 EPS. equities research analysts expect that OGE Energy will post 2 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, April 30th. Shareholders of record on Tuesday, April 10th will be issued a dividend of $0.3325 per share. This represents a $1.33 annualized dividend and a yield of 4.18%. The ex-dividend date of this dividend is Monday, April 9th. OGE Energy’s payout ratio is presently 69.27%.
In related news, Director Peter D. Clarke bought 1,850 shares of the business’s stock in a transaction on Monday, February 26th. The shares were purchased at an average cost of $32.40 per share, with a total value of $59,940.00. Following the acquisition, the director now owns 1,850 shares of the company’s stock, valued at $59,940. The purchase was disclosed in a filing with the SEC, which is available through this link. 0.44% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. Schwab Charles Investment Management Inc. lifted its holdings in OGE Energy by 3.9% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 685,411 shares of the utilities provider’s stock worth $24,696,000 after buying an additional 25,849 shares during the period. American International Group Inc. lifted its holdings in OGE Energy by 1.1% during the 4th quarter. American International Group Inc. now owns 419,818 shares of the utilities provider’s stock worth $13,816,000 after buying an additional 4,647 shares during the period. JPMorgan Chase & Co. lifted its holdings in OGE Energy by 32.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 629,625 shares of the utilities provider’s stock worth $22,780,000 after buying an additional 154,856 shares during the period. Shell Asset Management Co. lifted its holdings in OGE Energy by 45.0% during the 4th quarter. Shell Asset Management Co. now owns 81,681 shares of the utilities provider’s stock worth $2,688,000 after buying an additional 25,359 shares during the period. Finally, Landscape Capital Management L.L.C. acquired a new position in OGE Energy during the 4th quarter worth about $1,159,000. 62.93% of the stock is currently owned by hedge funds and other institutional investors.
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OGE Energy Company Profile
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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