Magellan Asset Management Ltd Buys 73,114 Shares of OGE Energy Corporation $OGE

Key Points

• Magellan Asset Management increased its stake in OGE Energy by 48.4% in the first quarter, buying 73,114 additional shares and bringing its total holding to 224,027 shares worth about $10.7 million.
• OGE Energy reported Q1 earnings of $0.24 per share, matching analyst expectations, while revenue came in at $752.6 million, well above estimates. Analysts now expect the utility to earn 2.43 per share for the full year.
• The company announced a quarterly dividend of $0.425 per share, equal to a 3.5% annualized yield. Meanwhile, analysts remain cautious overall, with a consensus rating of Hold and a $49.30 price target.

Magellan Asset Management Ltd boosted its stake in OGE Energy Corporation (NYSE:OGE - Free Report) by 48.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 224,027 shares of the utilities provider's stock after purchasing an additional 73,114 shares during the quarter. Magellan Asset Management Ltd owned about 0.11% of OGE Energy worth $10,744,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Root Financial Partners LLC increased its holdings in shares of OGE Energy by 111.3% in the 1st quarter. Root Financial Partners LLC now owns 598 shares of the utilities provider's stock worth $29,000 after buying an additional 315 shares during the last quarter. Quest 10 Wealth Builders Inc. lifted its holdings in shares of OGE Energy by 618.3% during the 4th quarter. Quest 10 Wealth Builders Inc. now owns 783 shares of the utilities provider's stock worth $33,000 after acquiring an additional 674 shares during the last quarter. State of Wyoming purchased a new position in OGE Energy in the second quarter worth $34,000. Capital Advisors Ltd. LLC grew its position 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 worth $36,000 after acquiring an additional 739 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its stake in OGE Energy by 49.4% in the third quarter. Caitong International Asset Management Co. Ltd now owns 771 shares of the utilities provider's stock valued at $36,000 after acquiring an additional 255 shares during the last quarter. 71.84% of the stock is currently owned by institutional investors.

OGE Energy Price Performance

Shares of NYSE:OGE opened at $48.27 on Wednesday. The company has a quick ratio of 0.40, a current ratio of 0.66 and a debt-to-equity ratio of 1.09. The stock has a market cap of $9.96 billion, a PE ratio of 21.55, a PEG ratio of 3.59 and a beta of 0.53. The company's fifty day moving average is $48.03 and its 200 day moving average is $46.98. OGE Energy Corporation has a 52 week low of $41.69 and a 52 week high of $50.26.

OGE Energy (NYSE:OGE - Get Free Report) last posted its quarterly earnings results on Tuesday, April 28th. The utilities provider reported $0.24 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.24. OGE Energy had a net margin of 14.03% and a return on equity of 9.47%. The business had revenue of $752.60 million during the quarter, compared to analyst estimates of $616.02 million. During the same period in the prior year, the business posted $0.31 earnings per share. The company's revenue was up .7% on a year-over-year basis. Research analysts anticipate that OGE Energy Corporation will post 2.43 earnings per share for the current year.

OGE Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Monday, July 6th will be issued a dividend of $0.425 per share. The ex-dividend date is Monday, July 6th. This represents a $1.70 annualized dividend and a yield of 3.5%. OGE Energy's dividend payout ratio is currently 75.89%.

Insiders Place Their Bets

In related news, insider William H. Sultemeier sold 7,345 shares of the stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $47.97, for a total transaction of $352,339.65. Following the completion of the sale, the insider directly owned 74,497 shares in the company, valued at $3,573,621.09. This represents a 8.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.57% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

OGE has been the topic of a number of research reports. Morgan Stanley assumed coverage on OGE Energy in a research report on Wednesday, June 24th. They set an "equal weight" rating and a $50.00 price target on the stock. 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. Barclays raised their price objective on OGE Energy from $51.00 to $52.00 and gave the company an "overweight" rating in a report on Tuesday, July 14th. Wall Street Zen downgraded OGE Energy from a "hold" rating to a "sell" rating in a research report on Sunday, June 21st. Finally, Weiss Ratings upgraded shares of OGE Energy from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, May 4th. Four investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, OGE Energy has a consensus rating of "Hold" and a consensus price target of $49.30.

OGE Energy Company 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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