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

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

Several research firms recently issued reports on OGE. Scotiabank reiterated an “outperform” rating and set a $54.00 target price on shares of OGE Energy in a research report on Wednesday, October 28th. Weiss Ratings reissued a “buy (b)” rating on shares of OGE Energy in a report on Thursday, October 29th. Royal Bank Of Canada raised OGE Energy from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $50.00 to $54.00 in a report on Wednesday, September 2nd. Wall Street Zen upgraded OGE Energy from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Finally, JPMorgan Chase & Co. dropped their price target on OGE Energy from $55.00 to $54.00 and set an “overweight” rating for the company in a research note on Wednesday, September 9th. Five analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $50.00.

OGE Energy Stock Performance

The business has a 50 day moving average of $46.84 and a 200 day moving average of $47.23. The company has a market capitalization of $10.47 billion, a P/E ratio of 19.16, a price-to-earnings-growth ratio of 3.18 and a beta of 0.48. The company has a quick ratio of 0.52, a current ratio of 0.81 and a debt-to-equity ratio of 1.06.

OGE Energy (NYSE:OGE) last announced its quarterly 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 company had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.12 billion. OGE Energy had a net margin of 16.36% and a return on equity of 10.97%. OGE Energy’s quarterly revenue was up 13.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.14 earnings per share. On average, sell-side analysts predict that OGE Energy Corporation will post 2.54 earnings per share for the current year.

OGE Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 30th. Stockholders of record on Monday, October 5th were given a dividend of $0.4288 per share. The ex-dividend date was Monday, October 5th. This represents a $1.72 annualized dividend and a dividend yield of 3.4%. This is a positive change from OGE Energy’s previous quarterly dividend of $0.4250. OGE Energy’s dividend payout ratio is currently 64.53%.

Insider Activity at OGE Energy

In related news, SVP Donnie Jones sold 6,508 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $1,869,991.05. This trade represents a 13.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.57% of the company’s stock.

Hedge Funds Weigh In On OGE Energy

A number of institutional investors and hedge funds have recently modified their holdings of OGE. Operose Advisors LLC purchased a new stake in OGE Energy during the 2nd quarter worth approximately $26,000. Silver Grove Financial Group Inc. raised its holdings in shares of OGE Energy by 484.6% in the third quarter. Silver Grove Financial Group Inc. now owns 608 shares of the utilities provider’s stock worth $28,000 after buying an additional 504 shares during the last quarter. Root Financial Partners LLC raised its holdings in shares of OGE Energy by 111.3% in the first quarter. Root Financial Partners LLC now owns 598 shares of the utilities provider’s stock worth $29,000 after buying an additional 315 shares during the last quarter. Markowski Investments acquired a new stake in shares of OGE Energy during the second quarter worth $29,000. Finally, Clearstead Trust LLC acquired a new stake in shares of OGE Energy during the second quarter worth $37,000. Hedge funds and other institutional investors own 71.84% of the company’s stock.

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.