OGE Energy (NYSE:OGE) Hits New 12-Month High - Here's What Happened

Key Points

• OGE Energy shares hit a 52-week high, trading as high as $50.59 after closing the prior session at $49.11.
• The company beat quarterly estimates, reporting EPS of $1.52 versus $1.36 expected and revenue of $1.18 billion, up 13.2% year over year.
• OGE raised its quarterly dividend to $0.4288 per share, equivalent to an annualized $1.72 and a 3.4% yield; analysts’ consensus rating remains “Hold,” with a $50 target price.

OGE Energy Corporation (NYSE:OGE - Get Free Report)'s stock price reached a new 52-week high on Wednesday. The stock traded as high as $50.59 and last traded at $50.6540, with a volume of 1,282,709 shares traded. The stock had previously closed at $49.11.

Analyst Ratings Changes

A number of equities analysts recently weighed in on OGE shares. Weiss Ratings restated a "buy (b)" rating on shares of OGE Energy in a research report on Thursday, October 29th. Barclays increased their price objective on shares of OGE Energy from $48.00 to $50.00 and gave the company an "equal weight" rating in a report on Friday, October 30th. JPMorgan Chase & Co. decreased their target price 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. Royal Bank Of Canada upgraded OGE Energy from a "sector perform" rating to an "outperform" rating and boosted their target price for the stock from $50.00 to $54.00 in a report on Wednesday, September 2nd. Finally, BMO Capital Markets lowered their target price on OGE Energy from $50.00 to $49.00 and set a "market perform" rating on the stock in a report on Wednesday, July 22nd. Five analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, OGE Energy presently has an average rating of "Hold" and a consensus target price of $50.00.

OGE Energy Stock Performance

The firm's 50-day moving average price is $46.67 and its two-hundred day moving average price is $47.16. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.52 and a current ratio of 0.81. The stock has a market cap of $10.49 billion, a price-to-earnings ratio of 19.15, a PEG ratio of 3.30 and a beta of 0.48.

OGE Energy (NYSE:OGE - Get Free Report) last announced its quarterly earnings data on Tuesday, October 27th. The utilities provider reported $1.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.36 by $0.16. OGE Energy had a net margin of 16.36% and a return on equity of 10.97%. The firm had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.12 billion. During the same quarter in the prior year, the firm posted $1.14 earnings per share. OGE Energy's quarterly revenue was up 13.2% on a year-over-year basis. On average, analysts expect that OGE Energy Corporation will post 2.42 EPS for the current fiscal year.

OGE Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 30th. Stockholders of record on Monday, October 5th were issued a dividend of $0.4288 per share. The ex-dividend date was Monday, October 5th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.4%. This is an increase from OGE Energy's previous quarterly dividend of $0.4250. OGE Energy's payout ratio is 64.91%.

Insider Activity at OGE Energy

In related news, SVP Donnie Jones sold 6,508 shares of the company's stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $46.11, for a total value of $300,083.88. Following the transaction, the senior vice president directly owned 40,555 shares in the company, valued at approximately $1,869,991.05. This represents a 13.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.57% of the company's stock.

Institutional Investors Weigh In On OGE Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OGE. AlphaCore Capital LLC boosted its holdings in OGE Energy by 89.8% in the third quarter. AlphaCore Capital LLC now owns 14,039 shares of the utilities provider's stock valued at $638,000 after purchasing an additional 6,644 shares during the period. Parallel Advisors LLC grew its stake in OGE Energy by 41.0% during the 3rd quarter. Parallel Advisors LLC now owns 6,166 shares of the utilities provider's stock worth $280,000 after purchasing an additional 1,792 shares in the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in OGE Energy during the 3rd quarter worth about $246,000. Heritage Family Offices LLP purchased a new stake in OGE Energy during the 3rd quarter worth about $109,000. Finally, Quest 10 Wealth Builders Inc. raised its position in OGE Energy by 61.0% in the 3rd quarter. Quest 10 Wealth Builders Inc. now owns 1,262 shares of the utilities provider's stock valued at $57,000 after purchasing an additional 478 shares in the last quarter. Hedge funds and other institutional investors own 71.84% of the company's stock.

About OGE Energy

OGE Energy Corp. NYSE: OGE is an energy holding company headquartered in Oklahoma City, Oklahoma. Its principal subsidiary, Oklahoma Gas and Electric Company (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 diverse generation fleet and the infrastructure needed to deliver electricity, including transmission and distribution networks, customer service programs and energy-efficiency offerings.

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.