New York State Common Retirement Fund Trims Stake in OGE Energy Corp. (NYSE:OGE)
New York State Common Retirement Fund lowered its stake in shares of OGE Energy Corp. (NYSE:OGE) by 11.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 270,850 shares of the utilities provider’s stock after selling 34,200 shares during the quarter. New York State Common Retirement Fund owned about 0.14% of OGE Energy worth $8,123,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Tompkins Financial Corp increased its position in shares of OGE Energy by 250.0% during the second quarter. Tompkins Financial Corp now owns 1,400 shares of the utilities provider’s stock valued at $43,000 after buying an additional 1,000 shares during the period. Mondrian Investment Partners LTD bought a new stake in OGE Energy during the second quarter worth about $46,000. Orion Portfolio Solutions LLC boosted its stake in OGE Energy by 244.7% during the second quarter. Orion Portfolio Solutions LLC now owns 1,782 shares of the utilities provider’s stock worth $54,000 after acquiring an additional 1,265 shares in the last quarter. Meeder Asset Management Inc. boosted its stake in OGE Energy by 34.2% during the third quarter. Meeder Asset Management Inc. now owns 2,062 shares of the utilities provider’s stock worth $62,000 after acquiring an additional 526 shares in the last quarter. Finally, WASHINGTON TRUST Co bought a new stake in OGE Energy during the third quarter worth about $90,000. Institutional investors own 64.22% of the company’s stock.
OGE has been the topic of several analyst reports. Guggenheim upgraded shares of OGE Energy from a “neutral” rating to a “buy” rating and set a $37.00 target price on the stock in a research note on Thursday, August 20th. The Goldman Sachs Group upgraded shares of OGE Energy from a “sell” rating to a “neutral” rating and lowered their price objective for the company from $36.00 to $35.00 in a research report on Monday, October 19th. Wells Fargo & Company upgraded shares of OGE Energy from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $35.00 to $36.00 in a research report on Thursday, October 15th. Barclays increased their price objective on shares of OGE Energy from $33.00 to $36.00 and gave the company an “equal weight” rating in a research report on Wednesday. Finally, Mizuho downgraded shares of OGE Energy from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $35.00 to $34.00 in a research report on Monday, November 16th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $35.44.
OGE Energy (NYSE:OGE) last posted its earnings results on Thursday, November 5th. The utilities provider reported $1.04 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.09 by ($0.05). OGE Energy had a negative net margin of 5.53% and a positive return on equity of 11.22%. The company had revenue of $702.10 million for the quarter, compared to analysts’ expectations of $749.22 million. During the same period in the previous year, the business posted $1.25 earnings per share. The business’s revenue was down 7.1% on a year-over-year basis. On average, equities research analysts forecast that OGE Energy Corp. will post 2.02 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, October 30th. Stockholders of record on Tuesday, October 13th were issued a $0.4025 dividend. This represents a $1.61 annualized dividend and a dividend yield of 4.77%. The ex-dividend date was Friday, October 9th. This is a positive change from OGE Energy’s previous quarterly dividend of $0.39. OGE Energy’s dividend payout ratio (DPR) is 74.54%.
In other news, VP Patricia D. Horn sold 23,401 shares of the firm’s stock in a transaction dated Tuesday, November 17th. The shares were sold at an average price of $34.31, for a total value of $802,888.31. Following the completion of the sale, the vice president now owns 26,154 shares in the company, valued at approximately $897,343.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director J. Michael Sanner bought 2,000 shares of the stock in a transaction dated Thursday, November 12th. The stock was purchased at an average price of $33.70 per share, with a total value of $67,400.00. Insiders sold a total of 38,701 shares of company stock valued at $1,326,748 in the last 90 days. Company insiders own 0.52% of the company’s stock.
About OGE Energy
OGE Energy Corp., together with its subsidiaries, operates as an energy and energy services provider that offers physical delivery and related services for electricity and natural gas primarily in the south central United States. It operates in two segments, Electric Utility and Natural Gas Midstream Operations.
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