JPMorgan Chase & Co. Has Lowered Expectations for OGE Energy (NYSE:OGE) Stock Price

Key Points

• JPMorgan lowered its price target for OGE Energy from $55 to $54 while maintaining an “overweight” rating, implying approximately 15.28% upside from the previous close.
• Analyst sentiment is mixed: OGE has five Buy and six Hold ratings, with a consensus rating of “Hold” and an average price target of $50.10.
• OGE shares fell 1.2% to $46.84. The company recently exceeded quarterly EPS expectations ($0.56 versus $0.55), although revenue declined 4% year over year to $711.9 million.

OGE Energy (NYSE:OGE - Get Free Report) had its price objective cut by investment analysts at JPMorgan Chase & Co. from $55.00 to $54.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has an "overweight" rating on the utilities provider's stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 15.28% from the stock's previous close.

A number of other brokerages have also commented on OGE. Wall Street Zen upgraded OGE Energy from a "sell" rating to a "hold" rating in a research report on Saturday, August 1st. Barclays lifted their price objective on shares of OGE Energy from $51.00 to $52.00 and gave the company an "overweight" rating in a report on Tuesday, July 14th. Morgan Stanley dropped their price objective on OGE Energy from $51.00 to $49.00 and set an "equal weight" rating on the stock in a research note on Friday, August 21st. Weiss Ratings reiterated a "buy (b)" rating on shares of OGE Energy in a research note on Friday, July 31st. Finally, Royal Bank Of Canada raised shares of OGE Energy from a "sector perform" rating to an "outperform" rating and increased their price objective for the company from $50.00 to $54.00 in a research report on Wednesday, September 2nd. Five analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $50.10.

OGE Energy Trading Down 1.2%

Shares of NYSE:OGE traded down $0.55 during mid-day trading on Wednesday, hitting $46.84. The stock had a trading volume of 586,695 shares, compared to its average volume of 1,526,095. The company's 50 day moving average is $47.64 and its 200-day moving average is $47.79. OGE Energy has a 12-month low of $41.69 and a 12-month high of $50.59. The company has a market cap of $9.68 billion, a PE ratio of 20.63, a P/E/G ratio of 3.08 and a beta of 0.52. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.47 and a current ratio of 0.77.

OGE Energy (NYSE:OGE - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The utilities provider reported $0.56 EPS for the quarter, beating the consensus estimate of $0.55 by $0.01. OGE Energy had a return on equity of 9.48% and a net margin of 14.44%.The company had revenue of $711.90 million for the quarter, compared to the consensus estimate of $782.73 million. During the same quarter last year, the company posted $0.53 earnings per share. The company's revenue for the quarter was down 4.0% compared to the same quarter last year. On average, sell-side analysts predict that OGE Energy will post 2.42 EPS for the current year.

Insider Buying and Selling

In other OGE Energy news, SVP Donnie Jones sold 6,508 shares of the stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $46.11, for a total transaction of $300,083.88. Following the transaction, the senior vice president owned 40,555 shares in the company, valued at $1,869,991.05. This trade represents a 13.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.57% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On OGE Energy

Several institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. acquired a new stake in shares of OGE Energy in the 2nd quarter valued at about $1,277,554,000. Geode Capital Management LLC raised its holdings in 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 worth $163,397,000 after buying an additional 204,510 shares during the last quarter. Gaddis Premier Wealth Advisors LLC bought a new position in shares of OGE Energy in the fourth quarter valued at $1,430,000. Norges Bank bought a new position in shares of OGE Energy in the fourth quarter valued at $119,028,000. Finally, Bank of America Corp DE grew its holdings in shares of OGE Energy by 10.5% during the first quarter. Bank of America Corp DE now owns 967,835 shares of the utilities provider's stock valued at $46,417,000 after buying an additional 91,696 shares during the last quarter. 71.84% of the stock is currently owned by institutional investors and hedge funds.

OGE Energy Company 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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