Principal Financial Group Inc. Reduces Holdings in OGE Energy Corp. (NYSE:OGE)

Principal Financial Group Inc. decreased its position in shares of OGE Energy Corp. (NYSE:OGE) by 3.7% during the third quarter, Holdings Channel.com reports. The fund owned 607,716 shares of the utilities provider’s stock after selling 23,230 shares during the quarter. Principal Financial Group Inc.’s holdings in OGE Energy were worth $18,225,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in OGE. Thompson Siegel & Walmsley LLC bought a new stake in shares of OGE Energy during the second quarter valued at approximately $97,178,000. Jennison Associates LLC bought a new stake in OGE Energy in the third quarter worth $30,177,000. Goldman Sachs Group Inc. increased its position in OGE Energy by 48.6% in the second quarter. Goldman Sachs Group Inc. now owns 1,508,364 shares of the utilities provider’s stock worth $45,794,000 after purchasing an additional 493,191 shares during the last quarter. Cubist Systematic Strategies LLC boosted its stake in OGE Energy by 208.0% during the second quarter. Cubist Systematic Strategies LLC now owns 327,619 shares of the utilities provider’s stock worth $9,947,000 after buying an additional 221,261 shares during the period. Finally, Mackay Shields LLC boosted its stake in OGE Energy by 377.6% during the second quarter. Mackay Shields LLC now owns 278,445 shares of the utilities provider’s stock worth $8,453,000 after buying an additional 220,148 shares during the period. Institutional investors own 64.22% of the company’s stock.

Shares of OGE Energy stock opened at $33.73 on Friday. The business has a 50-day moving average of $32.21 and a 200 day moving average of $31.52. OGE Energy Corp. has a 12 month low of $23.00 and a 12 month high of $46.43. The stock has a market capitalization of $6.75 billion, a price-to-earnings ratio of -35.14, a price-to-earnings-growth ratio of 4.24 and a beta of 0.70. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.84 and a quick ratio of 0.60.

OGE Energy (NYSE:OGE) last announced its quarterly earnings data on Thursday, November 5th. The utilities provider reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.09 by ($0.05). OGE Energy had a negative net margin of 5.53% and a positive return on equity of 11.22%. The company had revenue of $702.10 million during the quarter, compared to analysts’ expectations of $749.22 million. During the same quarter in the previous year, the business posted $1.25 EPS. The business’s quarterly revenue was down 7.1% compared to the same quarter last year. Equities research analysts anticipate that OGE Energy Corp. will post 2.02 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, October 30th. Shareholders of record on Tuesday, October 13th were given a dividend of $0.4025 per share. This is a positive change from OGE Energy’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend was Friday, October 9th. This represents a $1.61 annualized dividend and a yield of 4.77%. OGE Energy’s payout ratio is 74.54%.

In related news, CFO Stephen E. Merrill sold 12,300 shares of OGE Energy stock in a transaction that occurred on Monday, November 16th. The stock was sold at an average price of $34.30, for a total value of $421,890.00. Following the sale, the chief financial officer now directly owns 59,449 shares in the company, valued at $2,039,100.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Patricia D. Horn sold 23,401 shares of the business’s stock in a transaction on Tuesday, November 17th. The stock was sold at an average price of $34.31, for a total value of $802,888.31. Following the sale, the vice president now owns 26,154 shares in the company, valued at $897,343.74. The disclosure for this sale can be found here. In the last three months, insiders sold 38,701 shares of company stock worth $1,326,748. Corporate insiders own 0.52% of the company’s stock.

OGE has been the subject of a number of recent analyst reports. UBS Group boosted their target price on shares of OGE Energy from $35.00 to $36.00 and gave the company a “buy” rating in a research note on Tuesday, October 6th. Guggenheim upgraded shares of OGE Energy from a “neutral” rating to a “buy” rating and set a $37.00 target price for the company in a report on Thursday, August 20th. Barclays boosted their target price on shares of OGE Energy from $33.00 to $36.00 and gave the stock an “equal weight” rating in a report on Wednesday. Mizuho downgraded shares of OGE Energy from a “buy” rating to a “neutral” rating and cut their price objective for the company from $35.00 to $34.00 in a report on Monday, November 16th. They noted that the move was a valuation call. Finally, ValuEngine downgraded shares of OGE Energy from a “hold” rating to a “sell” rating in a report on Monday, October 12th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company’s stock. OGE Energy presently has an average rating of “Hold” and an average target price of $35.44.

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. It operates in two segments, Electric Utility and Natural Gas Midstream Operations.

Further Reading: Quiet Period Expirations

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Institutional Ownership by Quarter for OGE Energy (NYSE:OGE)

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