OGE Energy (NYSE:OGE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.
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. 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. Adverse ruling by regulatory authorities may weigh down on the company's results. These may have caused the company to underperform its broader industry in past one year.”
Several other research firms have also recently weighed in on OGE. Guggenheim reissued a “buy” rating and issued a $35.00 price objective on shares of OGE Energy in a research report on Friday, February 23rd. Edward Jones cut OGE Energy from a “buy” rating to a “hold” rating in a research report on Wednesday, December 27th. UBS began coverage on OGE Energy in a research report on Friday, February 2nd. They issued a “neutral” rating and a $33.00 price objective on the stock. Bank of America raised OGE Energy from a “neutral” rating to a “buy” rating and set a $34.00 price objective on the stock in a research report on Friday, February 23rd. Finally, Goldman Sachs raised OGE Energy from a “neutral” rating to a “buy” rating and set a $38.00 price objective on the stock in a research report on Wednesday, January 10th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $36.00.
Shares of NYSE:OGE traded up $0.10 during mid-day trading on Tuesday, hitting $32.40. 302,164 shares of the company traded hands, compared to its average volume of 1,591,746. The stock has a market cap of $6,312.71, a price-to-earnings ratio of 16.89, a PEG ratio of 2.66 and a beta of 0.67. The company has a quick ratio of 0.35, a current ratio of 0.52 and a debt-to-equity ratio of 0.71. OGE Energy has a 12-month low of $29.59 and a 12-month high of $37.32.
OGE Energy (NYSE:OGE) last announced its earnings results on Thursday, February 22nd. The utilities provider reported $0.30 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.02. The company had revenue of $501.90 million for the quarter, compared to analysts’ expectations of $531.39 million. OGE Energy had a return on equity of 10.64% and a net margin of 27.38%. OGE Energy’s quarterly revenue was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.29 earnings per share. equities research analysts expect that OGE Energy will post 2 earnings per share for the current year.
In related news, Director Peter D. Clarke acquired 1,850 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were bought at an average cost of $32.40 per share, for a total transaction of $59,940.00. Following the purchase, the director now owns 1,850 shares in the company, valued at approximately $59,940. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.44% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Amica Retiree Medical Trust purchased a new position in OGE Energy during the fourth quarter worth about $109,000. Assetmark Inc. grew its position in OGE Energy by 120.2% during the fourth quarter. Assetmark Inc. now owns 3,568 shares of the utilities provider’s stock worth $117,000 after buying an additional 1,948 shares in the last quarter. Cerebellum GP LLC purchased a new position in OGE Energy during the fourth quarter worth about $122,000. Resources Investment Advisors Inc. grew its position in OGE Energy by 75.1% during the fourth quarter. Resources Investment Advisors Inc. now owns 4,670 shares of the utilities provider’s stock worth $154,000 after buying an additional 2,003 shares in the last quarter. Finally, Jane Street Group LLC purchased a new position in OGE Energy during the third quarter worth about $205,000. Institutional investors own 62.89% of the company’s stock.
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. The company operates in two segments, Electric Utility and Natural Gas Midstream Operations.
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