Neo Ivy Capital Management Takes $760,000 Position in OGE Energy Corporation (NYSE:OGE)

Key Points

• Neo Ivy Capital Management invested approximately $760,000 in OGE Energy Corporation, acquiring 16,534 shares of the utility provider's stock in the first quarter.
• Multiple hedge funds have increased their stakes in OGE, with Norges Bank leading by purchasing shares worth about $68.9 million in the fourth quarter.
• OGE Energy recently reported a quarterly earnings of $0.31 EPS, surpassing analyst expectations, with a 25.3% increase in year-over-year revenue.

Neo Ivy Capital Management acquired a new stake in shares of OGE Energy Corporation (NYSE:OGE - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 16,534 shares of the utilities provider's stock, valued at approximately $760,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Headlands Technologies LLC bought a new position in OGE Energy in the fourth quarter worth about $27,000. Bessemer Group Inc. boosted its stake in OGE Energy by 102.0% during the fourth quarter. Bessemer Group Inc. now owns 715 shares of the utilities provider's stock worth $30,000 after acquiring an additional 361 shares in the last quarter. Alpine Bank Wealth Management purchased a new stake in OGE Energy in the first quarter worth about $31,000. First Command Advisory Services Inc. purchased a new stake in OGE Energy in the first quarter worth about $36,000. Finally, NBT Bank N A NY increased its stake in shares of OGE Energy by 100.0% during the first 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 in the last quarter. 71.84% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, VP Donnie O. Jones sold 11,351 shares of the firm'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 transaction, the vice president owned 43,932 shares of the company's stock, valued at approximately $1,935,643.92. This trade represents a 20.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider William H. Sultemeier sold 6,650 shares of the business's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $45.54, for a total transaction of $302,841.00. Following the sale, the insider owned 72,548 shares of the company's stock, valued at $3,303,835.92. This trade represents a 8.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.53% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

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

OGE Energy Stock Performance

Shares of OGE stock traded up $0.42 during trading hours on Wednesday, reaching $45.33. The company had a trading volume of 257,478 shares, compared to its average volume of 1,169,262. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.47 and a current ratio of 0.73. The business has a fifty day moving average price of $44.28 and a 200-day moving average price of $44.15. OGE Energy Corporation has a one year low of $38.42 and a one year high of $46.91. The firm has a market cap of $9.13 billion, a PE ratio of 18.73, a price-to-earnings-growth ratio of 3.08 and a beta of 0.59.

OGE Energy (NYSE:OGE - Get Free Report) last announced its earnings results on Wednesday, July 30th. The utilities provider reported $0.53 earnings per share for the quarter, missing analysts' consensus estimates of $0.58 by ($0.05). The company had revenue of $741.60 million for the quarter, compared to analysts' expectations of $719.97 million. OGE Energy had a net margin of 15.48% and a return on equity of 10.58%. OGE Energy's quarterly revenue was up 11.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.51 earnings per share. Sell-side analysts predict that OGE Energy Corporation will post 2.27 earnings per share for the current fiscal year.

OGE Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 25th. Shareholders of record on Monday, July 7th were paid a dividend of $0.4213 per share. The ex-dividend date was Monday, July 7th. This represents a $1.69 dividend on an annualized basis and a dividend yield of 3.72%. OGE Energy's dividend payout ratio is currently 69.42%.

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.