Corient Private Wealth LP Buys New Position in OGE Energy Corporation $OGE

Key Points

• Corient Private Wealth LP purchased 252,638 shares of OGE Energy in the second quarter, valued at approximately $12.3 million, representing a 0.12% stake.
• Institutional investors and hedge funds collectively own 71.84% of OGE Energy; BlackRock also acquired a significant new position worth about $1.28 billion.
• Analysts maintain a consensus “Hold” rating with an average price target of $49.60. OGE recently slightly beat quarterly EPS expectations, though revenue declined 4% year over year.

Corient Private Wealth LP purchased a new position in OGE Energy Corporation (NYSE:OGE - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 252,638 shares of the utilities provider's stock, valued at approximately $12,293,000. Corient Private Wealth LP owned 0.12% of OGE Energy at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in OGE. BlackRock Inc. acquired a new stake in OGE Energy in the second quarter worth approximately $1,277,554,000. Vanguard Group Inc. lifted its holdings in shares of OGE Energy by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 21,500,675 shares of the utilities provider's stock valued at $918,079,000 after buying an additional 304,080 shares during the period. State Street Corp raised its position in OGE Energy by 1.8% in the fourth quarter. State Street Corp now owns 6,713,937 shares of the utilities provider's stock worth $286,685,000 after acquiring an additional 117,977 shares in the last quarter. Boston Partners raised its position in OGE Energy by 0.5% in the third quarter. Boston Partners now owns 6,279,360 shares of the utilities provider's stock worth $290,530,000 after acquiring an additional 31,138 shares in the last quarter. Finally, Clearbridge Investments LLC boosted its position in shares of OGE Energy by 8.3% during the 4th quarter. Clearbridge Investments LLC now owns 6,240,594 shares of the utilities provider's stock valued at $266,473,000 after purchasing an additional 479,278 shares in the last quarter. Institutional investors and hedge funds own 71.84% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on OGE. Morgan Stanley cut their target price on shares of OGE Energy from $51.00 to $49.00 and set an "equal weight" rating for the company in a research note on Friday, August 21st. LADENBURG THALM/SH SH increased their price objective on OGE Energy from $42.50 to $47.00 and gave the company a "neutral" rating in a research report on Monday, May 11th. Weiss Ratings reissued a "buy (b)" rating on shares of OGE Energy in a research note on Friday, July 31st. Wall Street Zen raised OGE Energy from a "sell" rating to a "hold" rating in a research report on Saturday, August 1st. Finally, Barclays upped their target price on OGE Energy from $51.00 to $52.00 and gave the company an "overweight" rating in a report on Tuesday, July 14th. Four equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, OGE Energy has a consensus rating of "Hold" and an average target price of $49.60.

OGE Energy Stock Down 0.5%

OGE stock opened at $45.78 on Friday. The company has a 50 day moving average of $47.93 and a two-hundred day moving average of $47.75. 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 Corporation has a 12-month low of $41.69 and a 12-month high of $50.59. The company has a market cap of $9.46 billion, a price-to-earnings ratio of 20.17, a PEG ratio of 3.39 and a beta of 0.53.

OGE Energy (NYSE:OGE - Get Free Report) last issued its earnings results on Tuesday, July 28th. The utilities provider reported $0.56 EPS for the quarter, beating analysts' consensus estimates 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 return on equity of 9.48% and a net margin of 14.44%.The business's quarterly revenue was down 4.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.53 earnings per share. On average, equities analysts anticipate that OGE Energy Corporation will post 2.42 earnings per share 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.

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