OGE Energy (NYSE:OGE) Stock Picked Up by Analysts at Scotiabank

Key Points

• Scotiabank initiated coverage of OGE Energy with a “sector outperform” rating and a $49 price target, implying approximately 9.8% upside from the reported $44.64 share price.
• Analyst sentiment is generally positive: OGE has seven Buy ratings and six Holds, producing a consensus “Moderate Buy” rating and an average target price of $49.73.
• OGE’s latest quarterly results narrowly exceeded expectations on earnings, reporting $0.56 EPS versus the $0.55 consensus, although revenue declined 4% year over year and fell below estimates.

Investment analysts at Scotiabank initiated coverage on shares of OGE Energy (NYSE:OGE - Get Free Report) in a research note issued to investors on Tuesday, Briefing.com reports. The firm set a "sector outperform" rating and a $49.00 price target on the utilities provider's stock. Scotiabank's target price suggests a potential upside of 9.78% from the stock's current price.

OGE has been the topic of a number of other research reports. JPMorgan Chase & Co. cut their price objective on shares of 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 upgraded OGE Energy from a "sell" rating to a "hold" rating in a research note on Saturday, August 1st. BMO Capital Markets dropped their target price on OGE Energy from $50.00 to $49.00 and set a "market perform" rating on the stock in a research report on Wednesday, July 22nd. Royal Bank Of Canada upgraded OGE Energy from a "sector perform" rating to an "outperform" rating and boosted their price target for the stock from $50.00 to $54.00 in a research note on Wednesday, September 2nd. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of OGE Energy in a report on Friday, July 31st. Seven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, OGE Energy presently has an average rating of "Moderate Buy" and a consensus target price of $49.73.

OGE Energy Stock Down 0.4%

Shares of NYSE:OGE opened at $44.64 on Tuesday. The company has a market capitalization of $9.22 billion, a price-to-earnings ratio of 19.66, a price-to-earnings-growth ratio of 2.94 and a beta of 0.52. The company has a 50 day moving average of $46.74 and a two-hundred day moving average of $47.53. OGE Energy has a 52-week low of $41.69 and a 52-week high of $50.59. The company has a quick ratio of 0.47, a current ratio of 0.77 and a debt-to-equity ratio of 1.12.

OGE Energy (NYSE:OGE - Get Free Report) last posted its earnings results on Tuesday, July 28th. The utilities provider reported $0.56 EPS for the quarter, topping analysts' consensus estimates of $0.55 by $0.01. The business had revenue of $711.90 million for the quarter, compared to analysts' expectations of $782.73 million. OGE Energy had a net margin of 14.44% and a return on equity of 9.48%. The business's revenue for the quarter was down 4.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.53 earnings per share. As a group, analysts forecast that OGE Energy will post 2.42 earnings per share for the current fiscal year.

Insider Buying and Selling at OGE Energy

In other news, SVP Donnie Jones sold 6,508 shares of the business's stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $46.11, for a total value of $300,083.88. Following the completion of the sale, the senior vice president owned 40,555 shares of the company's stock, valued at approximately $1,869,991.05. The trade was a 13.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.57% of the company's stock.

Hedge Funds Weigh In On OGE Energy

A number of hedge funds have recently bought and sold shares of the company. Operose Advisors LLC bought a new position in OGE Energy during the 2nd quarter worth approximately $26,000. Root Financial Partners LLC increased its holdings in shares of OGE Energy by 111.3% in the 1st quarter. Root Financial Partners LLC now owns 598 shares of the utilities provider's stock valued at $29,000 after acquiring an additional 315 shares during the last quarter. Markowski Investments acquired a new stake in shares of OGE Energy during the 2nd quarter valued at approximately $29,000. Capital Advisors Ltd. LLC lifted its stake in OGE Energy by 14,780.0% during the first quarter. Capital Advisors Ltd. LLC now owns 744 shares of the utilities provider's stock worth $36,000 after purchasing an additional 739 shares during the last quarter. Finally, Clearstead Trust LLC bought a new position in OGE Energy during the second quarter worth $37,000. 71.84% of the stock is currently owned by institutional investors and hedge funds.

OGE Energy Company Profile

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.

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