State Street Corp Purchases 198,593 Shares of OGE Energy Corporation $OGE

Key Points

• State Street increased its OGE Energy stake by 2.8%, purchasing 198,593 shares to own 7.23 million shares valued at approximately $351.6 million, or 3.5% of the company.
• Institutional ownership stands at 71.84%, with several investors increasing their positions, including Tidal Investments, which more than doubled its stake during the second quarter.
• OGE Energy’s latest quarterly EPS of $0.56 narrowly exceeded estimates, although revenue fell 4% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $49.80, above the reported $44.67 share price.

State Street Corp raised its position in OGE Energy Corporation (NYSE:OGE - Free Report) by 2.8% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 7,226,476 shares of the utilities provider's stock after buying an additional 198,593 shares during the period. State Street Corp owned 3.50% of OGE Energy worth $351,640,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the business. The Manufacturers Life Insurance Company increased its position in shares of OGE Energy by 0.7% during the second quarter. The Manufacturers Life Insurance Company now owns 1,157,004 shares of the utilities provider's stock valued at $56,300,000 after acquiring an additional 7,624 shares during the last quarter. Sequoia Financial Advisors LLC increased its position in shares of OGE Energy by 46.0% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 15,930 shares of the utilities provider's stock valued at $775,000 after purchasing an additional 5,018 shares during the last quarter. Tidal Investments LLC increased its position in shares of OGE Energy by 107.8% during the 2nd quarter. Tidal Investments LLC now owns 678,233 shares of the utilities provider's stock valued at $33,003,000 after purchasing an additional 351,819 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC raised its stake in shares of OGE Energy by 20.3% during the 2nd quarter. Pinnacle Wealth Management Advisory Group LLC now owns 8,406 shares of the utilities provider's stock worth $409,000 after purchasing an additional 1,416 shares during the period. Finally, Integrated Wealth Concepts LLC boosted its holdings in shares of OGE Energy by 58.8% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 15,784 shares of the utilities provider's stock worth $768,000 after buying an additional 5,842 shares during the last quarter. 71.84% of the stock is owned by institutional investors.

OGE Energy Stock Down 1.0%

OGE opened at $44.67 on Thursday. OGE Energy Corporation has a 12 month low of $41.69 and a 12 month high of $50.59. The company has a market cap of $9.23 billion, a PE ratio of 19.68, a price-to-earnings-growth ratio of 2.96 and a beta of 0.52. The company has a current ratio of 0.77, a quick ratio of 0.47 and a debt-to-equity ratio of 1.12. The company has a 50 day moving average of $46.99 and a 200 day moving average of $47.60.

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

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on OGE. Wall Street Zen upgraded shares of OGE Energy from a "sell" rating to a "hold" rating in a report on Saturday, August 1st. Argus restated a "buy" rating on shares of OGE Energy in a research note on Wednesday, September 16th. Barclays upped their price objective on OGE Energy from $51.00 to $52.00 and gave the company an "overweight" rating in a research note on Tuesday, July 14th. Royal Bank Of Canada raised OGE Energy from a "sector perform" rating to an "outperform" rating and raised their target price for the stock from $50.00 to $54.00 in a research report on Wednesday, September 2nd. Finally, JPMorgan Chase & Co. dropped their price target on OGE Energy from $55.00 to $54.00 and set an "overweight" rating on the stock in a research report on Wednesday, September 9th. Six investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, OGE Energy has an average rating of "Moderate Buy" and an average target price of $49.80.

Insiders Place Their Bets

In other news, SVP Donnie Jones sold 6,508 shares of the company's stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $46.11, for a total transaction of $300,083.88. Following the sale, the senior vice president directly owned 40,555 shares in the company, valued at $1,869,991.05. This represents a 13.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.57% of the stock is owned by insiders.

OGE Energy 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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