116,473 Shares in OGE Energy Corporation $OGE Bought by Freestone Grove Partners LP

Key Points

• Freestone Grove Partners LP acquired 116,473 shares of OGE Energy worth approximately $5.7 million, representing about 0.06% of the utility company.
• Institutional ownership remains high at 71.84%, with BlackRock, Norges Bank, Geode Capital Management and Pictet Asset Management among notable investors increasing or initiating positions.
• OGE beat quarterly EPS expectations slightly, reporting $0.56 versus $0.55 expected, but revenue fell 4% year over year to $711.9 million. Analysts maintain a consensus “Hold” rating with an average price target of $49.60.

Freestone Grove Partners LP bought a new stake in shares of OGE Energy Corporation (NYSE:OGE - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 116,473 shares of the utilities provider's stock, valued at approximately $5,668,000. Freestone Grove Partners LP owned approximately 0.06% of OGE Energy as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. BlackRock Inc. bought a new position in shares of OGE Energy during the second quarter worth about $1,277,554,000. Geode Capital Management LLC boosted its position in OGE Energy by 5.6% during the 4th 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 period. Pictet Asset Management Holding SA boosted its holdings in shares of OGE Energy by 915.4% during the fourth quarter. Pictet Asset Management Holding SA now owns 328,260 shares of the utilities provider's stock valued at $14,017,000 after acquiring an additional 295,932 shares during the period. Gaddis Premier Wealth Advisors LLC acquired a new position in OGE Energy during the 4th quarter valued at about $1,430,000. Finally, Norges Bank acquired a new position in shares of OGE Energy during the fourth quarter worth approximately $119,028,000. Hedge funds and other institutional investors own 71.84% of the company's stock.

OGE Energy Price Performance

Shares of NYSE:OGE opened at $45.78 on Friday. OGE Energy Corporation has a one year low of $41.69 and a one year high of $50.59. The stock has a fifty day moving average of $47.93 and a 200-day moving average of $47.75. The company has a market capitalization of $9.46 billion, a PE ratio of 20.17, a price-to-earnings-growth ratio of 3.41 and a beta of 0.53. 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 issued its earnings results on Tuesday, July 28th. The utilities provider reported $0.56 earnings per share (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 return on equity of 9.48% and a net margin of 14.44%.The company's quarterly revenue was down 4.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.53 EPS. As a group, equities analysts anticipate that OGE Energy Corporation will post 2.42 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on OGE shares. Wall Street Zen upgraded shares of OGE Energy from a "sell" rating to a "hold" rating in a research report on Saturday, August 1st. LADENBURG THALM/SH SH upped their price objective on OGE Energy from $42.50 to $47.00 and gave the company a "neutral" rating in a report on Monday, May 11th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of OGE Energy in a research note on Friday, July 31st. BMO Capital Markets lowered their target price on OGE Energy from $50.00 to $49.00 and set a "market perform" rating on the stock in a report on Wednesday, July 22nd. Finally, Barclays lifted their target price on OGE Energy from $51.00 to $52.00 and gave the stock an "overweight" rating in a report on Tuesday, July 14th. Four investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat.com, OGE Energy currently has a consensus rating of "Hold" and an average price target of $49.60.

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.

Want to see what other hedge funds are holding OGE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for OGE Energy Corporation (NYSE:OGE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source