OGE Energy’s (OGE) Buy Rating Reiterated at Argus

OGE Energy (NYSE:OGE)‘s stock had its “buy” rating reissued by Argus in a note issued to investors on Wednesday, Benzinga reports.

OGE has been the subject of a number of other reports. Morgan Stanley lowered their price target on OGE Energy from $51.00 to $49.00 and set an “equal weight” rating for the company in a report on Friday, August 21st. JPMorgan Chase & Co. dropped their target price on OGE Energy from $55.00 to $54.00 and set an “overweight” rating on the stock in a report on Wednesday, September 9th. Wall Street Zen raised shares of OGE Energy from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. BMO Capital Markets reduced their price objective on shares of OGE Energy from $50.00 to $49.00 and set a “market perform” rating for the company in a research report on Wednesday, July 22nd. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of OGE Energy in a report on Friday, July 31st. Six investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.10.

OGE Energy Stock Performance

OGE opened at $45.67 on Wednesday. The firm has a fifty day moving average price of $47.39 and a 200 day moving average price of $47.74. OGE Energy has a 1 year low of $41.69 and a 1 year high of $50.59. The stock has a market cap of $9.44 billion, a P/E ratio of 20.12, a P/E/G ratio of 3.04 and a beta of 0.52. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.77 and a quick ratio of 0.47.

OGE Energy (NYSE:OGE) last posted its quarterly earnings data on Tuesday, July 28th. The utilities provider reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.01. The company had revenue of $711.90 million for the quarter, compared to analysts’ expectations of $782.73 million. OGE Energy had a return on equity of 9.48% and a net margin of 14.44%.OGE Energy’s revenue was down 4.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.53 EPS. Equities research analysts anticipate that OGE Energy will post 2.42 earnings per share for the current year.

Insider Activity

In other news, SVP Donnie Jones sold 6,508 shares of OGE Energy stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $46.11, for a total value of $300,083.88. Following the transaction, the senior vice president directly owned 40,555 shares of the company’s stock, valued at $1,869,991.05. This trade represents a 13.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.57% of the stock is owned by insiders.

Hedge Funds Weigh In On OGE Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in OGE. BlackRock Inc. acquired a new position in shares of OGE Energy during the second quarter worth approximately $1,277,554,000. Geode Capital Management LLC grew its stake in shares of OGE Energy by 5.6% during the fourth quarter. Geode Capital Management LLC now owns 3,825,542 shares of the utilities provider’s stock valued at $163,397,000 after purchasing an additional 204,510 shares during the last quarter. Gaddis Premier Wealth Advisors LLC acquired a new stake in shares of OGE Energy in the fourth quarter valued at approximately $1,430,000. Norges Bank acquired a new stake in shares of OGE Energy in the fourth quarter valued at approximately $119,028,000. Finally, Bank of America Corp DE raised its position in OGE Energy by 10.5% in the 1st quarter. Bank of America Corp DE now owns 967,835 shares of the utilities provider’s stock worth $46,417,000 after purchasing an additional 91,696 shares during the last quarter. 71.84% of the stock is currently owned by hedge funds and other institutional investors.

About OGE Energy

OGE Energy Corp. is an Oklahoma City-based energy holding company whose principal subsidiary is Oklahoma Gas and Electric Company (OG&E). 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 portfolio of power-generation resources, electric transmission and distribution infrastructure, and related customer and energy-management services.