Magellan Asset Management Ltd Reduces Holdings in OGE Energy Corporation (NYSE:OGE)

Key Points

• Magellan Asset Management Ltd has reduced its holdings in OGE Energy Corporation by 7.5%, owning 134,896 shares worth $6.2 million after selling 10,923 shares in the first quarter.
• OGE Energy reported an EPS of $0.53, missing expectations by $0.05, but had a revenue of $741.6 million, surpassing estimates of $719.97 million.
• The company declared a quarterly dividend of $0.4213 per share, resulting in an annualized dividend of $1.69 and a yield of 3.7%.

Magellan Asset Management Ltd decreased its position in OGE Energy Corporation (NYSE:OGE - Free Report) by 7.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 134,896 shares of the utilities provider's stock after selling 10,923 shares during the period. Magellan Asset Management Ltd owned 0.07% of OGE Energy worth $6,200,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Alpine Bank Wealth Management purchased a new stake in shares of OGE Energy in the 1st quarter valued at approximately $31,000. Bessemer Group Inc. lifted its holdings in OGE Energy by 102.0% during the 4th quarter. Bessemer Group Inc. now owns 715 shares of the utilities provider's stock worth $30,000 after buying an additional 361 shares in the last quarter. First Command Advisory Services Inc. acquired a new stake in OGE Energy during the 1st quarter worth approximately $36,000. Clearstead Trust LLC acquired a new stake in OGE Energy during the 1st quarter worth approximately $42,000. Finally, NBT Bank N A NY increased its position in shares of OGE Energy by 100.0% in the 1st quarter. NBT Bank N A NY now owns 1,200 shares of the utilities provider's stock valued at $55,000 after purchasing an additional 600 shares during the last quarter. Hedge funds and other institutional investors own 71.84% of the company's stock.

OGE Energy Stock Down 1.0%

OGE stock opened at $45.39 on Friday. OGE Energy Corporation has a one year low of $38.80 and a one year high of $46.91. The stock has a market capitalization of $9.14 billion, a PE ratio of 18.60, a price-to-earnings-growth ratio of 3.16 and a beta of 0.57. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.48 and a current ratio of 0.78. The company has a fifty day moving average of $44.49 and a 200-day moving average of $44.35.

OGE Energy (NYSE:OGE - Get Free Report) last released its earnings results on Tuesday, July 29th. The utilities provider reported $0.53 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.05). OGE Energy had a return on equity of 10.60% and a net margin of 15.27%. The firm had revenue of $741.60 million during the quarter, compared to analyst estimates of $719.97 million. During the same quarter last year, the business posted $0.51 EPS. The firm's revenue was up 11.9% on a year-over-year basis. As a group, analysts expect that OGE Energy Corporation will post 2.27 EPS for the current year.

OGE Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 25th. Stockholders of record on Monday, July 7th were given a $0.4213 dividend. This represents a $1.69 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend was Monday, July 7th. OGE Energy's payout ratio is currently 68.85%.

Analyst Ratings Changes

OGE has been the topic of a number of recent analyst reports. Wall Street Zen downgraded shares of OGE Energy from a "hold" rating to a "sell" rating in a research report on Saturday. Wells Fargo & Company raised their price objective on shares of OGE Energy from $46.00 to $47.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 1st. LADENBURG THALM/SH SH raised shares of OGE Energy to a "hold" rating in a research report on Friday, May 9th. Finally, Barclays raised shares of OGE Energy from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $45.00 to $47.00 in a research report on Thursday, June 5th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, OGE Energy currently has an average rating of "Hold" and an average price target of $46.80.

Insider Buying and Selling at OGE Energy

In other news, VP Donnie O. Jones sold 11,351 shares of the business's stock in a transaction that occurred 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 $1,935,643.92. The trade was a 20.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.55% of the stock is currently owned by corporate insiders.

OGE Energy Company 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.

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