Legal & General Group Plc Takes Position in OGE Energy Corporation $OGE

Key Points

• Legal & General Group Plc acquired 944,683 OGE Energy shares worth approximately $46.0 million in the second quarter, taking a 0.46% stake. Other institutions also initiated positions, bringing institutional ownership to 71.84%.
• OGE Energy reported quarterly EPS of $0.56, slightly ahead of the $0.55 consensus, but revenue fell 4% year over year to $711.9 million, below analyst estimates of $782.7 million.
• Analysts maintain a consensus “Hold” rating with an average price target of $49.60, compared with the stock’s recent price of $45.78.

Legal & General Group Plc acquired a new position in shares of OGE Energy Corporation (NYSE:OGE - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 944,683 shares of the utilities provider's stock, valued at approximately $45,968,000. Legal & General Group Plc owned about 0.46% of OGE Energy at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. The Manufacturers Life Insurance Company bought a new stake in OGE Energy in the second quarter valued at approximately $56,300,000. Sanctuary Advisors LLC acquired a new stake in OGE Energy during the 2nd quarter valued at approximately $1,075,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in OGE Energy during the 2nd quarter worth approximately $32,582,000. Meiji Yasuda Asset Management Co Ltd. bought a new position in OGE Energy during the 2nd quarter worth approximately $231,000. Finally, Magellan Asset Management Ltd acquired a new position in shares of OGE Energy in the 2nd quarter worth approximately $11,268,000. 71.84% of the stock is currently owned by institutional investors.

OGE Energy Stock Performance

Shares of OGE opened at $45.78 on Friday. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.77 and a quick ratio of 0.47. OGE Energy Corporation has a one year low of $41.69 and a one year high of $50.59. The stock has a 50-day moving average of $47.93 and a 200-day moving average of $47.75. The company has a market cap of $9.46 billion, a PE ratio of 20.17, a P/E/G ratio of 3.41 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 earnings per share for the quarter, topping analysts' consensus estimates of $0.55 by $0.01. OGE Energy had a return on equity of 9.48% and a net margin of 14.44%.The company had revenue of $711.90 million for the quarter, compared to analyst estimates of $782.73 million. During the same period in the prior year, the firm earned $0.53 earnings per share. OGE Energy's revenue for the quarter was down 4.0% on a year-over-year basis. On average, equities research analysts predict that OGE Energy Corporation will post 2.42 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on OGE shares. Wall Street Zen raised shares of OGE Energy from a "sell" rating to a "hold" rating in a research note on Saturday, August 1st. Weiss Ratings reissued a "buy (b)" rating on shares of OGE Energy in a research note on Friday, July 31st. 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 report on Monday, May 11th. 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. Finally, Morgan Stanley decreased their price target on OGE Energy from $51.00 to $49.00 and set an "equal weight" rating for the company in a report on Friday, August 21st. Four equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat, OGE Energy presently has a consensus rating of "Hold" and an average price target of $49.60.

About OGE Energy

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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