Adage Capital Partners GP L.L.C. Decreases Stake in OGE Energy Corporation $OGE

Key Points

• Adage Capital Partners GP L.L.C. has reduced its stake in OGE Energy Corporation by 38.1%, now holding approximately 325,000 shares valued at about $14.9 million.
• Several hedge funds, including Bessemer Group Inc. and Brooklyn Investment Group, have significantly increased their positions in OGE Energy, highlighting continued interest from institutional investors.
• Recent analyst ratings have been mixed, with Barclays upgrading the stock to "overweight" and Wall Street Zen downgrading it to "sell," while the consensus rating remains a "Moderate Buy" with a target price of $46.80.

Adage Capital Partners GP L.L.C. reduced its holdings in shares of OGE Energy Corporation (NYSE:OGE - Free Report) by 38.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 325,000 shares of the utilities provider's stock after selling 200,000 shares during the period. Adage Capital Partners GP L.L.C. owned about 0.16% of OGE Energy worth $14,937,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Alpine Bank Wealth Management purchased a new stake in OGE Energy during the 1st quarter valued at about $31,000. First Command Advisory Services Inc. bought a new stake in OGE Energy in the first quarter valued at approximately $36,000. Clearstead Trust LLC bought a new stake in OGE Energy in the first quarter valued at approximately $42,000. Brooklyn Investment Group boosted its stake in shares of OGE Energy by 725.5% during the first quarter. Brooklyn Investment Group now owns 908 shares of the utilities provider's stock valued at $42,000 after purchasing an additional 798 shares during the period. Finally, Bessemer Group Inc. grew its holdings in shares of OGE Energy by 45.9% in the first quarter. Bessemer Group Inc. now owns 1,043 shares of the utilities provider's stock worth $48,000 after purchasing an additional 328 shares during the last quarter. 71.84% of the stock is currently owned by institutional investors.

OGE Energy Price Performance

OGE Energy stock traded up $0.26 during mid-day trading on Thursday, hitting $44.20. The stock had a trading volume of 824,597 shares, compared to its average volume of 923,230. The company has a current ratio of 0.78, a quick ratio of 0.48 and a debt-to-equity ratio of 1.16. OGE Energy Corporation has a one year low of $39.10 and a one year high of $46.91. The firm's 50 day moving average is $44.79 and its 200 day moving average is $44.60. The firm has a market capitalization of $8.90 billion, a P/E ratio of 18.11, a P/E/G ratio of 3.05 and a beta of 0.60.

OGE Energy (NYSE:OGE - Get Free Report) last issued its earnings results on Tuesday, July 29th. The utilities provider reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.05). OGE Energy had a net margin of 15.27% and a return on equity of 10.60%. The business had revenue of $741.60 million for the quarter, compared to the consensus estimate of $719.97 million. During the same period last year, the business posted $0.51 EPS. The firm's revenue for the quarter was up 11.9% compared to the same quarter last year. On average, sell-side analysts forecast that OGE Energy Corporation will post 2.27 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently commented on OGE. Wall Street Zen upgraded shares of OGE Energy from a "sell" rating to a "hold" rating in a report on Sunday. Barclays upgraded shares of OGE Energy from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $45.00 to $47.00 in a research report on Thursday, June 5th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $46.80.

OGE Energy Company Profile

OGE Energy Corp., together with its subsidiaries, operates as an energy services provider in the United States. The company generates, transmits, distributes, and sells electric energy. In addition, it provides retail electric service to approximately 896,000 customers, which covers a service area of approximately 30,000 square miles in Oklahoma and western Arkansas; and owns and operates coal-fired, natural gas-fired, wind-powered, and solar-powered generating assets.