OGE Energy Corporation $OGE Shares Purchased by Bank of America Corp DE

Key Points

• Bank of America increased its OGE Energy stake by 9.2% in the second quarter, adding 89,102 shares to own 1.06 million shares valued at approximately $51.4 million. Institutional investors collectively hold 71.84% of OGE’s outstanding stock.
• Analyst sentiment remains moderately positive, with six Buy and six Hold ratings producing a consensus “Moderate Buy” rating and a $49.80 price target. However, several firms recently lowered their targets, including Morgan Stanley to $46 and BMO Capital Markets to $49.
• OGE reported quarterly EPS of $0.56, narrowly beating estimates, while revenue of $711.9 million fell short of forecasts and declined 4% year over year. The stock opened at $45.46, below its 50-day and 200-day moving averages.

Bank of America Corp DE increased its position in shares of OGE Energy Corporation (NYSE:OGE - Free Report) by 9.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,056,937 shares of the utilities provider's stock after buying an additional 89,102 shares during the period. Bank of America Corp DE owned 0.51% of OGE Energy worth $51,431,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Root Financial Partners LLC increased its stake 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 valued at $29,000 after purchasing an additional 315 shares in the last quarter. Capital Advisors Ltd. LLC increased its position in shares of OGE Energy by 14,780.0% in the first quarter. Capital Advisors Ltd. LLC now owns 744 shares of the utilities provider's stock valued at $36,000 after buying an additional 739 shares in the last quarter. Clearstead Trust LLC purchased a new stake in shares of OGE Energy in the second quarter valued at approximately $37,000. Clearstead Advisors LLC increased its position in shares of OGE Energy by 96.2% in the fourth quarter. Clearstead Advisors LLC now owns 881 shares of the utilities provider's stock valued at $38,000 after buying an additional 432 shares in the last quarter. Finally, SJS Investment Consulting Inc. raised its stake in shares of OGE Energy by 177.2% during the 1st quarter. SJS Investment Consulting Inc. now owns 804 shares of the utilities provider's stock worth $39,000 after buying an additional 514 shares during the period. Institutional investors and hedge funds own 71.84% of the company's stock.

Insider Buying and Selling

In other news, SVP Donnie Jones sold 6,508 shares of the firm's stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $46.11, for a total value of $300,083.88. Following the completion of the transaction, the senior vice president owned 40,555 shares of the company's stock, valued at approximately $1,869,991.05. This trade represents a 13.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.57% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on OGE shares. BMO Capital Markets decreased their price objective on shares of OGE Energy from $50.00 to $49.00 and set a "market perform" rating on the stock in a report on Wednesday, July 22nd. Argus restated a "buy" rating on shares of OGE Energy in a research report on Wednesday, September 16th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of OGE Energy in a research note on Friday, July 31st. JPMorgan Chase & Co. decreased their price target on shares of OGE Energy from $55.00 to $54.00 and set an "overweight" rating on the stock in a research note on Wednesday, September 9th. Finally, Morgan Stanley lowered their price objective on OGE Energy from $49.00 to $46.00 and set an "equal weight" rating on the stock in a report on Friday. Six analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $49.80.

OGE Energy Stock Performance

NYSE:OGE opened at $45.46 on Monday. The company's 50-day moving average is $47.24 and its two-hundred day moving average is $47.67. OGE Energy Corporation has a 1-year low of $41.69 and a 1-year high of $50.59. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.77 and a quick ratio of 0.47. The firm has a market capitalization of $9.39 billion, a price-to-earnings ratio of 20.03, a PEG ratio of 2.99 and a beta of 0.52.

OGE Energy (NYSE:OGE - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The utilities provider reported $0.56 EPS for the quarter, beating analysts' consensus estimates of $0.55 by $0.01. The firm had revenue of $711.90 million for the quarter, compared to analysts' expectations of $782.73 million. OGE Energy had a return on equity of 9.48% and a net margin of 14.44%.The firm's quarterly revenue was down 4.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.53 earnings per share. Analysts forecast that OGE Energy Corporation will post 2.42 EPS for the current year.

OGE Energy Company Profile

OGE Energy Corp. is an Oklahoma City-based energy holding company whose principal subsidiary is Oklahoma Gas and Electric Company (OG&E). OG&E is a regulated electric utility that generates, transmits, distributes and sells electricity to residential, commercial and industrial customers.

OG&E serves customers across Oklahoma and in western Arkansas. Its operations include a portfolio of power-generation resources, electric transmission and distribution infrastructure, and related customer and energy-management services.

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