State of Alaska Department of Revenue Sells 28,650 Shares of OGE Energy Corporation $OGE

Key Points

• State of Alaska Department of Revenue reduced its OGE Energy stake by 11.5%, selling 28,650 shares and retaining 220,220 shares valued at approximately $10 million. Institutional investors collectively own 71.84% of the company.
• OGE Energy reported quarterly EPS of $0.56, slightly above analyst expectations, while revenue fell 4% year over year to $711.9 million. Analysts expect full-year EPS of $2.43.
• The company increased its quarterly dividend to $0.4288 per share, equivalent to an annualized $1.72 payout and a 3.6% yield. Analyst sentiment remains a “Moderate Buy,” with a consensus price target of $49.73.

State of Alaska Department of Revenue cut its holdings in shares of OGE Energy Corporation (NYSE:OGE - Free Report) by 11.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 220,220 shares of the utilities provider's stock after selling 28,650 shares during the period. State of Alaska Department of Revenue owned 0.11% of OGE Energy worth $10,001,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Operose Advisors LLC purchased a new stake in OGE Energy in the second quarter worth $26,000. Root Financial Partners LLC increased its position in OGE Energy by 111.3% during 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 during the period. Markowski Investments purchased a new position in OGE Energy during the 2nd quarter valued at $29,000. Capital Advisors Ltd. LLC raised its holdings in OGE Energy by 14,780.0% in the 1st quarter. Capital Advisors Ltd. LLC now owns 744 shares of the utilities provider's stock worth $36,000 after purchasing an additional 739 shares in the last quarter. Finally, Clearstead Trust LLC purchased a new stake in shares of OGE Energy in the 2nd quarter worth about $37,000. Institutional investors own 71.84% of the company's stock.

Insider Buying and Selling at OGE Energy

In related news, SVP Donnie Jones sold 6,508 shares of the stock in a transaction dated 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 directly owned 40,555 shares in the company, valued at $1,869,991.05. This trade represents a 13.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.57% of the stock is owned by corporate insiders.

OGE Energy Price Performance

Shares of OGE stock opened at $47.03 on Friday. The stock has a market cap of $9.72 billion, a price-to-earnings ratio of 20.93, a PEG ratio of 3.11 and a beta of 0.50. The business's fifty day moving average is $46.19 and its 200 day moving average is $47.40. OGE Energy Corporation has a twelve month low of $41.69 and a twelve month high of $50.59. The company has a quick ratio of 0.47, a current ratio of 0.77 and a debt-to-equity ratio of 1.12.

OGE Energy (NYSE:OGE - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The utilities provider reported $0.56 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.55 by $0.01. The business had revenue of $711.90 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.53 earnings per share. Research analysts expect that OGE Energy Corporation will post 2.43 EPS for the current fiscal year.

OGE Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Monday, October 5th will be given a $0.4288 dividend. The ex-dividend date of this dividend is Monday, October 5th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.6%. This is a boost from OGE Energy's previous quarterly dividend of $0.4250. OGE Energy's payout ratio is currently 75.77%.

Analyst Ratings Changes

OGE has been the topic of a number of research reports. BMO Capital Markets cut their target price on shares of OGE Energy from $50.00 to $49.00 and set a "market perform" rating on the stock in a research note on Wednesday, July 22nd. Royal Bank Of Canada upgraded shares of OGE Energy from a "sector perform" rating to an "outperform" rating and boosted their price target for the company from $50.00 to $54.00 in a research report on Wednesday, September 2nd. Argus reissued a "buy" rating on shares of OGE Energy in a research note on Wednesday, September 16th. Morgan Stanley lowered their price objective on shares of OGE Energy from $49.00 to $46.00 and set an "equal weight" rating for the company in a report on Friday, September 18th. Finally, Barclays raised their price objective on shares of OGE Energy from $51.00 to $52.00 and gave the stock an "overweight" rating in a report on Tuesday, July 14th. Seven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $49.73.

OGE Energy Profile

OGE Energy Corp. NYSE: OGE is an energy holding company headquartered in Oklahoma City, Oklahoma. Through its principal subsidiary, Oklahoma Gas and Electric Company (OG&E), the company provides regulated electric utility services, including the generation, transmission, distribution and retail sale of electricity.

OG&E serves residential, commercial and industrial customers across Oklahoma and western Arkansas. Its operations include a portfolio of power-generation facilities and an electric transmission and distribution network supporting the communities and businesses within its service territory.

OGE Energy traces its utility operations to the founding of Oklahoma Gas and Electric in 1902.

Want to see what other hedge funds are holding OGE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for OGE Energy Corporation (NYSE:OGE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.