Magellan Asset Management Ltd raised its position in shares of OGE Energy Corporation (NYSE:OGE – Free Report) by 48.4% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 224,027 shares of the utilities provider’s stock after buying an additional 73,114 shares during the period. Magellan Asset Management Ltd’s holdings in OGE Energy were worth $10,744,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. PNC Financial Services Group Inc. grew its holdings in OGE Energy by 0.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 77,973 shares of the utilities provider’s stock worth $3,740,000 after acquiring an additional 398 shares during the last quarter. Meeder Advisory Services Inc. raised its stake in shares of OGE Energy by 5.3% during the first quarter. Meeder Advisory Services Inc. now owns 8,570 shares of the utilities provider’s stock valued at $411,000 after acquiring an additional 434 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of OGE Energy by 0.9% during the first quarter. Dimensional Fund Advisors LP now owns 2,688,307 shares of the utilities provider’s stock worth $128,931,000 after purchasing an additional 24,529 shares during the period. Swiss National Bank boosted its holdings in shares of OGE Energy by 2.7% during the first quarter. Swiss National Bank now owns 407,900 shares of the utilities provider’s stock worth $19,563,000 after purchasing an additional 10,800 shares during the period. Finally, Kera Capital Partners Inc. purchased a new stake in shares of OGE Energy during the first quarter worth about $211,000. Institutional investors own 71.84% of the company’s stock.
OGE Energy Trading Down 0.6%
Shares of OGE opened at $48.27 on Wednesday. The firm’s 50-day moving average price is $48.03 and its 200-day moving average price is $46.98. The firm has a market capitalization of $9.96 billion, a price-to-earnings ratio of 21.55, a PEG ratio of 3.59 and a beta of 0.53. The company has a current ratio of 0.66, a quick ratio of 0.40 and a debt-to-equity ratio of 1.09. OGE Energy Corporation has a 1-year low of $41.69 and a 1-year high of $50.26.
OGE Energy Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Monday, July 6th will be issued a dividend of $0.425 per share. The ex-dividend date is Monday, July 6th. This represents a $1.70 dividend on an annualized basis and a dividend yield of 3.5%. OGE Energy’s dividend payout ratio is 75.89%.
Insider Buying and Selling at OGE Energy
In other OGE Energy news, insider William H. Sultemeier sold 7,345 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $47.97, for a total transaction of $352,339.65. Following the transaction, the insider owned 74,497 shares in the company, valued at approximately $3,573,621.09. This represents a 8.97% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.57% of the company’s stock.
Analyst Upgrades and Downgrades
A number of brokerages recently issued reports on OGE. Weiss Ratings upgraded OGE Energy from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 4th. Wall Street Zen cut OGE Energy from a “hold” rating to a “sell” rating in a report on Sunday, June 21st. Barclays lifted their price objective on OGE Energy from $51.00 to $52.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 14th. LADENBURG THALM/SH SH boosted their target price on OGE Energy from $42.50 to $47.00 and gave the company a “neutral” rating in a research note on Monday, May 11th. Finally, Morgan Stanley began coverage on OGE Energy in a report on Wednesday, June 24th. They set an “equal weight” rating and a $50.00 target price for the company. Four analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, OGE Energy has a consensus rating of “Hold” and a consensus price target of $49.30.
OGE Energy Profile
OGE Energy Corp. (NYSE:OGE) is an energy and infrastructure holding company headquartered in Oklahoma City, Oklahoma. Through its principal subsidiary, Oklahoma Gas & Electric Company, the company provides regulated electric service to residential, commercial and industrial customers across Oklahoma and western Arkansas. Its diversified generation mix includes coal, natural gas and wind-powered facilities, complemented by ongoing investments in grid modernization and smart technology to enhance reliability and customer satisfaction.
In addition to its core electric utility operations, OGE Energy Corp.
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