BlackRock Inc. Invests $1.28 Billion in OGE Energy Corporation $OGE

Key Points

• BlackRock acquired a new 26.25 million-share stake in OGE Energy during the second quarter, valued at approximately $1.28 billion and representing 12.71% of the utility company.
• Institutional investors and hedge funds collectively own 71.84% of OGE Energy, while analysts maintain a generally neutral outlook with a consensus “Hold” rating and an average price target of $49.80.
• OGE’s latest quarterly earnings slightly exceeded expectations at $0.56 per share versus $0.55, although revenue fell 4% year over year to $711.9 million, below the $782.7 million consensus estimate.

BlackRock Inc. bought a new stake in OGE Energy Corporation (NYSE:OGE - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 26,254,706 shares of the utilities provider's stock, valued at approximately $1,277,554,000. BlackRock Inc. owned 12.71% of OGE Energy as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of OGE. Root Financial Partners LLC boosted its position in shares of OGE Energy by 111.3% during the 1st quarter. Root Financial Partners LLC now owns 598 shares of the utilities provider's stock valued at $29,000 after purchasing an additional 315 shares in the last quarter. Quest 10 Wealth Builders Inc. increased its holdings in OGE Energy by 618.3% in the fourth quarter. Quest 10 Wealth Builders Inc. now owns 783 shares of the utilities provider's stock worth $33,000 after purchasing an additional 674 shares in the last quarter. State of Wyoming acquired a new position in OGE Energy in the second quarter valued at approximately $34,000. Capital Advisors Ltd. LLC lifted its stake in OGE Energy by 14,780.0% in the first quarter. Capital Advisors Ltd. LLC now owns 744 shares of the utilities provider's stock valued at $36,000 after buying an additional 739 shares during the period. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in shares of OGE Energy by 49.4% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 771 shares of the utilities provider's stock worth $36,000 after buying an additional 255 shares in the last quarter. Institutional investors and hedge funds own 71.84% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on OGE. BMO Capital Markets reduced their price objective on shares of OGE Energy from $50.00 to $49.00 and set a "market perform" rating for the company in a research report on Wednesday, July 22nd. LADENBURG THALM/SH SH boosted their target price on shares of OGE Energy from $42.50 to $47.00 and gave the company a "neutral" rating in a research report on Monday, May 11th. Morgan Stanley set a $51.00 target price on shares of OGE Energy in a research note on Wednesday, July 22nd. Wall Street Zen raised shares of OGE Energy from a "sell" rating to a "hold" rating in a research report on Saturday, August 1st. Finally, Wells Fargo & Company raised their target price on OGE Energy from $47.00 to $48.00 and gave the company an "equal weight" rating in a research note on Thursday, April 30th. Four investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, OGE Energy currently has an average rating of "Hold" and a consensus price target of $49.80.

OGE Energy Stock Performance

Shares of OGE stock opened at $46.77 on Friday. The firm has a market capitalization of $9.66 billion, a PE ratio of 20.60, a price-to-earnings-growth ratio of 3.48 and a beta of 0.53. The firm has a fifty day simple moving average of $48.12 and a two-hundred day simple moving average of $47.67. The company has a current ratio of 0.77, a quick ratio of 0.47 and a debt-to-equity ratio of 1.12. OGE Energy Corporation has a 12 month low of $41.69 and a 12 month high of $50.59.

OGE Energy (NYSE:OGE - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The utilities provider reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.01. The firm had revenue of $711.90 million for the quarter, compared to the consensus estimate 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 was down 4.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.53 earnings per share. Analysts forecast that OGE Energy Corporation will post 2.42 EPS for the current fiscal year.

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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