OGE Energy Corporation (NYSE:OGE) Cut to Sell at Zacks Investment Research
OGE Energy Corporation (NYSE:OGE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Thursday.
According to Zacks, “OGE Energy’s second-quarter earnings surpassed the Zacks Consensus Estimate and were also up year over year. The company’s operating revenues in the quarter also improved from the prior-year period. However, the company reiterated its bottom-line guidance for 2017. Moreover, the company needs to watch out for stringent government regulations, as any change in the regulatory environment could impact the company's earnings. The company also faces challenges in the form of severe weather conditions and natural calamities that can potentially disrupt its normal operations. Further, operational risks related to its transmission and distribution segments, may hurt growth. Nevertheless, OGE Energy is the largest electric utility in Oklahoma and its well-positioned regulated utility and unregulated midstream gas businesses carry low risk. Also its share price has outperformed the broader industry’s price over the last one year.”
OGE has been the topic of a number of other research reports. Jefferies Group LLC reaffirmed a “hold” rating and set a $35.00 target price on shares of OGE Energy Corporation in a research report on Friday, May 5th. Evercore ISI assumed coverage on shares of OGE Energy Corporation in a research report on Monday, July 24th. They set an “outperform” rating and a $37.00 target price on the stock. BidaskClub lowered shares of OGE Energy Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Finally, Goldman Sachs Group, Inc. (The) assumed coverage on shares of OGE Energy Corporation in a research report on Thursday, July 20th. They set a “neutral” rating and a $35.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. OGE Energy Corporation currently has a consensus rating of “Hold” and an average price target of $35.17.
OGE Energy Corporation (OGE) opened at 36.03 on Thursday. OGE Energy Corporation has a 1-year low of $29.57 and a 1-year high of $37.41. The company has a market capitalization of $7.20 billion, a P/E ratio of 18.86 and a beta of 0.88. The firm’s 50-day moving average is $35.25 and its 200-day moving average is $35.10.
OGE Energy Corporation (NYSE:OGE) last announced its earnings results on Thursday, August 3rd. The utilities provider reported $0.52 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.05. OGE Energy Corporation had a net margin of 16.50% and a return on equity of 11.06%. The business had revenue of $586.40 million for the quarter, compared to analyst estimates of $563 million. During the same quarter in the previous year, the firm posted $0.35 earnings per share. OGE Energy Corporation’s revenue was up 6.3% compared to the same quarter last year. Equities research analysts predict that OGE Energy Corporation will post $1.96 EPS for the current year.
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In other OGE Energy Corporation news, insider H Scott Forbes sold 4,670 shares of OGE Energy Corporation stock in a transaction on Monday, August 7th. The shares were sold at an average price of $36.19, for a total transaction of $169,007.30. Following the sale, the insider now owns 18,311 shares in the company, valued at $662,675.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.48% of the stock is owned by insiders.
Large investors have recently bought and sold shares of the company. BlackRock Inc. increased its stake in OGE Energy Corporation by 3,734.0% in the first quarter. BlackRock Inc. now owns 21,620,533 shares of the utilities provider’s stock worth $756,286,000 after buying an additional 21,056,622 shares in the last quarter. Vanguard Group Inc. increased its stake in OGE Energy Corporation by 5.4% in the first quarter. Vanguard Group Inc. now owns 17,531,492 shares of the utilities provider’s stock worth $613,251,000 after buying an additional 902,185 shares in the last quarter. State Street Corp increased its stake in OGE Energy Corporation by 8.6% in the first quarter. State Street Corp now owns 7,493,727 shares of the utilities provider’s stock worth $262,117,000 after buying an additional 593,719 shares in the last quarter. Bank of New York Mellon Corp increased its stake in OGE Energy Corporation by 7.5% in the first quarter. Bank of New York Mellon Corp now owns 2,828,310 shares of the utilities provider’s stock worth $98,934,000 after buying an additional 196,463 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in OGE Energy Corporation by 1.4% in the first quarter. Goldman Sachs Group Inc. now owns 1,946,540 shares of the utilities provider’s stock worth $68,090,000 after buying an additional 27,796 shares in the last quarter. Hedge funds and other institutional investors own 61.79% of the company’s stock.
About OGE Energy Corporation
OGE Energy Corp. (OGE Energy) is an energy and energy services provider offering physical delivery and related services for both electricity and natural gas primarily in the south central United States. The Company operates through two segments: electric utility and natural gas midstream operations. The electric utility segment generates, transmits, distributes and sells electric energy in Oklahoma and western Arkansas.
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