Legacy Financial Group Inc. Reduces Stock Position in OGE Energy Corporation (NYSE:OGE)

Legacy Financial Group Inc. lessened its stake in shares of OGE Energy Corporation (NYSE:OGE - Free Report) by 43.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 8,789 shares of the utilities provider's stock after selling 6,699 shares during the period. Legacy Financial Group Inc.'s holdings in OGE Energy were worth $404,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Norges Bank purchased a new stake in shares of OGE Energy during the 4th quarter worth $68,876,000. Merewether Investment Management LP purchased a new stake in shares of OGE Energy during the 4th quarter worth $44,470,000. Cohen & Steers Inc. purchased a new stake in shares of OGE Energy during the 4th quarter worth $43,618,000. T. Rowe Price Investment Management Inc. lifted its stake in OGE Energy by 15.8% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,174,558 shares of the utilities provider's stock worth $254,701,000 after purchasing an additional 844,679 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in OGE Energy by 29.3% in the fourth quarter. Northern Trust Corp now owns 3,562,014 shares of the utilities provider's stock valued at $146,933,000 after purchasing an additional 807,690 shares in the last quarter. Hedge funds and other institutional investors own 71.84% of the company's stock.

Insider Buying and Selling at OGE Energy

In other OGE Energy news, insider William H. Sultemeier sold 6,650 shares of the firm's stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $45.54, for a total value of $302,841.00. Following the completion of the sale, the insider owned 72,548 shares of the company's stock, valued at approximately $3,303,835.92. This trade represents a 8.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Donnie O. Jones sold 11,351 shares of the firm's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $44.06, for a total value of $500,125.06. Following the completion of the transaction, the vice president owned 43,932 shares of the company's stock, valued at approximately $1,935,643.92. This represents a 20.53% decrease in their position. The disclosure for this sale can be found here. 0.55% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

OGE has been the subject of a number of research analyst reports. Barclays raised OGE Energy from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $45.00 to $47.00 in a report on Thursday, June 5th. LADENBURG THALM/SH SH raised OGE Energy to a "hold" rating in a report on Friday, May 9th. Wells Fargo & Company upped their price target on OGE Energy from $46.00 to $47.00 and gave the company an "equal weight" rating in a report on Thursday, May 1st. Finally, Argus raised OGE Energy from a "hold" rating to a "buy" rating and set a $47.00 price target for the company in a report on Friday, April 11th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $46.80.

OGE Energy Stock Performance

NYSE OGE traded up $0.35 on Wednesday, reaching $44.14. The stock had a trading volume of 1,363,170 shares, compared to its average volume of 1,111,435. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.47 and a current ratio of 0.73. OGE Energy Corporation has a 12-month low of $36.66 and a 12-month high of $46.91. The business's 50-day moving average price is $44.13 and its 200 day moving average price is $43.88. The stock has a market cap of $8.89 billion, a P/E ratio of 18.24, a price-to-earnings-growth ratio of 3.05 and a beta of 0.59.

OGE Energy (NYSE:OGE - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $0.31 earnings per share for the quarter, beating analysts' consensus estimates of $0.22 by $0.09. OGE Energy had a return on equity of 10.58% and a net margin of 15.48%. The company had revenue of $747.70 million during the quarter, compared to analysts' expectations of $695.59 million. During the same quarter in the previous year, the business earned $0.09 earnings per share. The firm's revenue for the quarter was up 25.3% on a year-over-year basis. As a group, equities analysts expect that OGE Energy Corporation will post 2.27 earnings per share for the current year.

OGE Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 25th. Investors of record on Monday, July 7th will be issued a dividend of $0.4213 per share. This represents a $1.69 annualized dividend and a dividend yield of 3.82%. The ex-dividend date is Monday, July 7th. OGE Energy's dividend payout ratio is presently 69.42%.

OGE Energy 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.