Legacy Financial Group Inc. Lowers Holdings in OGE Energy Corporation (NYSE:OGE)

Legacy Financial Group Inc. lowered its position in shares of OGE Energy Corporation (NYSE:OGE) by 43.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,789 shares of the utilities provider’s stock after selling 6,699 shares during the period. Legacy Financial Group Inc.’s holdings in OGE Energy were worth $404,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Headlands Technologies LLC purchased a new stake in OGE Energy during the fourth quarter worth $27,000. Alpine Bank Wealth Management purchased a new stake in OGE Energy during the first quarter worth $31,000. Bessemer Group Inc. lifted its holdings in OGE Energy by 102.0% during the fourth quarter. Bessemer Group Inc. now owns 715 shares of the utilities provider’s stock worth $30,000 after buying an additional 361 shares during the period. Lee Danner & Bass Inc. purchased a new stake in OGE Energy during the fourth quarter worth $45,000. Finally, NBT Bank N A NY lifted its holdings in OGE Energy by 100.0% during the first quarter. NBT Bank N A NY now owns 1,200 shares of the utilities provider’s stock worth $55,000 after buying an additional 600 shares during the period. Hedge funds and other institutional investors own 71.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on OGE. LADENBURG THALM/SH SH upgraded OGE Energy to a “hold” rating in a report on Friday, May 9th. Barclays upgraded OGE Energy from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $45.00 to $47.00 in a report on Thursday, June 5th. Argus upgraded OGE Energy from a “hold” rating to a “buy” rating and set a $47.00 price objective for the company in a report on Friday, April 11th. Finally, Wells Fargo & Company increased their price objective on OGE Energy from $46.00 to $47.00 and gave the company an “equal weight” rating in a report on Thursday, May 1st. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $46.80.

Insiders Place Their Bets

In related news, insider William H. Sultemeier sold 6,650 shares of the firm’s stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $45.54, for a total value of $302,841.00. Following the completion of the transaction, the insider owned 72,548 shares in the company, valued at $3,303,835.92. This trade represents a 8.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Donnie O. Jones sold 11,351 shares of OGE Energy stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $44.06, for a total value of $500,125.06. Following the transaction, the vice president owned 43,932 shares of the company’s stock, valued at $1,935,643.92. The trade was a 20.53% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.55% of the company’s stock.

OGE Energy Stock Performance

Shares of OGE stock opened at $44.29 on Friday. The firm has a market capitalization of $8.92 billion, a price-to-earnings ratio of 18.30, a price-to-earnings-growth ratio of 3.09 and a beta of 0.59. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.73 and a quick ratio of 0.47. The business has a fifty day moving average of $44.19 and a 200 day moving average of $43.84. OGE Energy Corporation has a 1 year low of $36.17 and a 1 year high of $46.91.

OGE Energy (NYSE:OGE) last issued its earnings results on Wednesday, April 30th. The utilities provider reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.09. The company had revenue of $747.70 million during the quarter, compared to analyst estimates of $695.59 million. OGE Energy had a return on equity of 10.58% and a net margin of 15.48%. The firm’s quarterly revenue was up 25.3% on a year-over-year basis. During the same quarter last year, the business posted $0.09 EPS. As a group, research analysts expect that OGE Energy Corporation will post 2.27 earnings per share for the current year.

OGE Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 25th. Investors of record on Monday, July 7th will be paid a $0.4213 dividend. The ex-dividend date of this dividend is Monday, July 7th. This represents a $1.69 dividend on an annualized basis and a yield of 3.80%. OGE Energy’s dividend payout ratio (DPR) is 69.42%.

About OGE Energy

OGE Energy Corp., together with its subsidiaries, operates as an energy services provider in the United States. The company generates, transmits, distributes, and sells electric energy. In addition, it provides retail electric service to approximately 896,000 customers, which covers a service area of approximately 30,000 square miles in Oklahoma and western Arkansas; and owns and operates coal-fired, natural gas-fired, wind-powered, and solar-powered generating assets.