Morgan Stanley Initiates Coverage on OGE Energy (NYSE:OGE)

Equities researchers at Morgan Stanley assumed coverage on shares of OGE Energy (NYSE:OGE) in a note issued to investors on Wednesday,Benzinga reports. The brokerage set an “equal weight” rating and a $50.00 price target on the utilities provider’s stock. Morgan Stanley’s price target indicates a potential upside of 3.31% from the company’s current price.

A number of other equities research analysts have also weighed in on the stock. LADENBURG THALM/SH SH boosted their target price on shares of OGE Energy from $42.50 to $47.00 and gave the stock a “neutral” rating in a report on Monday, May 11th. JPMorgan Chase & Co. began coverage on OGE Energy in a report on Friday, March 20th. They issued an “overweight” rating and a $52.00 price objective for the company. Weiss Ratings raised OGE Energy from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 4th. Wall Street Zen downgraded OGE Energy from a “hold” rating to a “sell” rating in a report on Sunday. Finally, Wells Fargo & Company upped their price target on OGE Energy from $47.00 to $48.00 and gave the company an “equal weight” rating in a research report on Thursday, April 30th. Four equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $49.20.

OGE Energy Price Performance

Shares of OGE opened at $48.40 on Wednesday. The company has a quick ratio of 0.40, a current ratio of 0.66 and a debt-to-equity ratio of 1.09. The stock has a market cap of $9.99 billion, a PE ratio of 21.61, a PEG ratio of 3.53 and a beta of 0.53. OGE Energy has a 12-month low of $41.69 and a 12-month high of $50.13. The business has a 50-day simple moving average of $47.57 and a two-hundred day simple moving average of $46.16.

OGE Energy (NYSE:OGE) last announced its quarterly earnings results on Tuesday, April 28th. The utilities provider reported $0.24 EPS for the quarter, meeting analysts’ consensus estimates of $0.24. OGE Energy had a return on equity of 9.47% and a net margin of 14.03%.The firm had revenue of $752.60 million for the quarter, compared to analyst estimates of $616.02 million. During the same period last year, the firm posted $0.31 earnings per share. The business’s revenue for the quarter was up .7% on a year-over-year basis. Analysts anticipate that OGE Energy will post 2.42 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider William H. Sultemeier sold 7,345 shares of OGE Energy stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $47.97, for a total value of $352,339.65. Following the completion of the transaction, the insider directly owned 74,497 shares of the company’s stock, valued at approximately $3,573,621.09. This trade represents a 8.97% decrease in their position. 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 hedge funds have recently added to or reduced their stakes in OGE. 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 acquiring an additional 315 shares in the last quarter. Capital Advisors Ltd. LLC grew its stake in shares of OGE Energy by 14,780.0% in the 1st 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 during the period. Caitong International Asset Management Co. Ltd raised its stake in OGE Energy by 49.4% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 771 shares of the utilities provider’s stock worth $36,000 after buying an additional 255 shares during the period. State of Wyoming bought a new position in OGE Energy in the second quarter worth approximately $34,000. Finally, Quest 10 Wealth Builders Inc. grew its stake in OGE Energy by 618.3% in the fourth quarter. Quest 10 Wealth Builders Inc. now owns 783 shares of the utilities provider’s stock valued at $33,000 after acquiring an additional 674 shares during the period. 71.84% of the stock is currently owned by institutional investors.

About OGE Energy

OGE Energy Corp. (NYSE:OGE) is an energy and infrastructure holding company headquartered in Oklahoma City, Oklahoma. Through its principal subsidiary, Oklahoma Gas & Electric Company, the company provides regulated electric service to residential, commercial and industrial customers across Oklahoma and western Arkansas. Its diversified generation mix includes coal, natural gas and wind-powered facilities, complemented by ongoing investments in grid modernization and smart technology to enhance reliability and customer satisfaction.

In addition to its core electric utility operations, OGE Energy Corp.