Engineers Gate Manager LP Has $2.58 Million Stock Holdings in OGE Energy Corporation $OGE

Key Points

• Engineers Gate Manager LP cut its OGE Energy stake by 87.7% in the second quarter, selling 379,228 shares and retaining 53,058 shares valued at approximately $2.58 million.
• OGE Energy’s latest quarterly results slightly exceeded expectations, with EPS of $0.56 versus the $0.55 consensus estimate, although revenue fell 4% year over year to $711.9 million.
• Analysts maintain a consensus “Hold” rating, with an average price target of $50.10 compared with the stock’s recent price near $46.21; institutional investors own 71.84% of shares.

Engineers Gate Manager LP decreased its stake in OGE Energy Corporation (NYSE:OGE - Free Report) by 87.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 53,058 shares of the utilities provider's stock after selling 379,228 shares during the period. Engineers Gate Manager LP's holdings in OGE Energy were worth $2,582,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in OGE. Pinnacle Wealth Management Advisory Group LLC boosted its holdings in OGE Energy by 20.3% in the second quarter. Pinnacle Wealth Management Advisory Group LLC now owns 8,406 shares of the utilities provider's stock valued at $409,000 after acquiring an additional 1,416 shares during the last quarter. Integrated Wealth Concepts LLC raised its holdings in OGE Energy by 58.8% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 15,784 shares of the utilities provider's stock worth $768,000 after purchasing an additional 5,842 shares during the last quarter. NewEdge Advisors LLC lifted its position in shares of OGE Energy by 12.7% in the 2nd quarter. NewEdge Advisors LLC now owns 60,037 shares of the utilities provider's stock worth $2,921,000 after purchasing an additional 6,782 shares during the period. IFP Advisors Inc lifted its position in shares of OGE Energy by 909.5% in the 2nd quarter. IFP Advisors Inc now owns 5,340 shares of the utilities provider's stock worth $260,000 after purchasing an additional 4,811 shares during the period. Finally, Squarepoint Ops LLC boosted its stake in shares of OGE Energy by 52.0% in the 2nd quarter. Squarepoint Ops LLC now owns 227,866 shares of the utilities provider's stock valued at $11,088,000 after purchasing an additional 77,947 shares during the last quarter. 71.84% of the stock is currently owned by institutional investors.

Insider Activity

In other news, SVP Donnie Jones sold 6,508 shares of the firm's stock in a transaction dated Thursday, August 27th. The stock was 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 directly owned 40,555 shares in the company, valued at $1,869,991.05. This trade represents a 13.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.57% of the stock is owned by company insiders.

OGE Energy Stock Down 0.7%

OGE Energy stock opened at $46.21 on Tuesday. 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 firm's fifty day moving average is $47.46 and its 200 day moving average is $47.76. The company has a market capitalization of $9.55 billion, a PE ratio of 20.36, a PEG ratio of 3.06 and a beta of 0.52.

OGE Energy (NYSE:OGE - Get Free Report) last posted its quarterly 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. OGE Energy had a net margin of 14.44% and a return on equity of 9.48%. The business had revenue of $711.90 million during the quarter, compared to analysts' expectations of $782.73 million. During the same period last year, the company posted $0.53 earnings per share. The business's quarterly revenue was down 4.0% on a year-over-year basis. As a group, sell-side analysts predict that OGE Energy Corporation will post 2.42 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in 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. Morgan Stanley dropped their target price on shares of OGE Energy from $51.00 to $49.00 and set an "equal weight" rating on the stock in a report on Friday, August 21st. Barclays upped their price target on shares of OGE Energy from $51.00 to $52.00 and gave the company an "overweight" rating in a research report on Tuesday, July 14th. JPMorgan Chase & Co. decreased their price target on OGE Energy from $55.00 to $54.00 and set an "overweight" rating for the company in a report on Wednesday, September 9th. Finally, BMO Capital Markets lowered their price objective on 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. Five investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, OGE Energy currently has a consensus rating of "Hold" and an average price target of $50.10.

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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