Zacks Investment Research upgraded shares of OGE Energy (NYSE:OGE) from a hold rating to a buy rating in a research note released on Tuesday. They currently have $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 tailwinds. 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. OGE Energy’s robust and strong balance sheet enables the company to reward shareholders with dividends. The company continues to witness customer additions.These may have led the company to outperform the broader industry in past three months. However, OGE Energy needs to be cautious, given volatility in commodity prices, challenges in the form of severe weather conditions and operational risks related to its transmission and distribution segments.”
Several other brokerages also recently weighed in on OGE. 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. Edward Jones downgraded shares of OGE Energy from a buy rating to a hold rating in a research report on Wednesday, December 27th. Bank of America upgraded shares of OGE Energy from an underperform rating to a neutral rating in a research report on Thursday, January 18th. They noted that the move was a valuation call. UBS initiated coverage on shares of OGE Energy in a research report on Friday, February 2nd. They set a neutral rating and a $33.00 price objective for the company. Finally, Goldman Sachs upgraded shares of OGE Energy from a neutral rating to a buy rating and set a $38.00 price objective for the company in a research report on Wednesday, January 10th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. OGE Energy presently has an average rating of Buy and an average price target of $36.00.
OGE Energy (NYSE:OGE) last issued its quarterly earnings results on Thursday, February 22nd. The utilities provider reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.02. OGE Energy had a net margin of 27.38% and a return on equity of 10.64%. The company had revenue of $501.90 million during the quarter, compared to the consensus estimate of $531.39 million. During the same quarter in the previous year, the firm earned $0.29 earnings per share. The firm’s quarterly revenue was down 5.4% on a year-over-year basis. equities research analysts anticipate that OGE Energy will post 2 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 30th. Stockholders of record on Tuesday, April 10th will be issued a $0.3325 dividend. The ex-dividend date is Monday, April 9th. This represents a $1.33 dividend on an annualized basis and a dividend yield of 4.05%. OGE Energy’s payout ratio is 69.27%.
In other OGE Energy news, Director Peter D. Clarke bought 1,850 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were acquired at an average cost of $32.40 per share, with a total value of $59,940.00. Following the acquisition, the director now directly owns 1,850 shares of the company’s stock, valued at approximately $59,940. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.44% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Amica Retiree Medical Trust acquired a new position in shares of OGE Energy in the 4th quarter valued at $109,000. Assetmark Inc. increased its holdings in shares of OGE Energy by 120.2% in the 4th quarter. Assetmark Inc. now owns 3,568 shares of the utilities provider’s stock valued at $117,000 after acquiring an additional 1,948 shares during the period. Cerebellum GP LLC acquired a new position in shares of OGE Energy in the 4th quarter valued at $122,000. Resources Investment Advisors Inc. increased its holdings in shares of OGE Energy by 75.1% in the 4th quarter. Resources Investment Advisors Inc. now owns 4,670 shares of the utilities provider’s stock valued at $154,000 after acquiring an additional 2,003 shares during the period. Finally, MHI Funds LLC acquired a new position in shares of OGE Energy in the 4th quarter valued at $220,000. 62.88% of the stock is currently owned by institutional investors and hedge funds.
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About OGE Energy
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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