Synovus Financial Corp Raises Stock Position in OGE Energy Corp. (NYSE:OGE)

Synovus Financial Corp grew its holdings in OGE Energy Corp. (NYSE:OGE) by 10.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 22,101 shares of the utilities provider’s stock after acquiring an additional 2,179 shares during the period. Synovus Financial Corp’s holdings in OGE Energy were worth $715,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of OGE. Freedman Financial Associates Inc. purchased a new position in shares of OGE Energy in the 4th quarter valued at $32,000. Certified Advisory Corp purchased a new position in shares of OGE Energy in the 1st quarter valued at $34,000. Allred Capital Management LLC purchased a new position in shares of OGE Energy in the 1st quarter valued at $44,000. Whittier Trust Co. purchased a new position in shares of OGE Energy in the 1st quarter valued at $65,000. Finally, Tompkins Financial Corp raised its stake in shares of OGE Energy by 78.6% in the 4th quarter. Tompkins Financial Corp now owns 2,500 shares of the utilities provider’s stock valued at $80,000 after acquiring an additional 1,100 shares during the period. 63.93% of the stock is currently owned by institutional investors and hedge funds.

OGE opened at $34.89 on Friday. The business has a 50-day moving average of $33.57. The company has a market cap of $6.98 billion, a P/E ratio of 18.86, a P/E/G ratio of 3.67 and a beta of 0.66. OGE Energy Corp. has a 1-year low of $28.25 and a 1-year high of $35.24. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.27 and a quick ratio of 0.19.

OGE Energy (NYSE:OGE) last released its earnings results on Thursday, May 6th. The utilities provider reported $0.26 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.08. The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $458.94 million. OGE Energy had a net margin of 11.16% and a return on equity of 13.22%. During the same quarter in the previous year, the firm earned ($2.46) EPS. As a group, sell-side analysts expect that OGE Energy Corp. will post 2.12 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, July 30th. Stockholders of record on Monday, July 12th will be given a $0.4025 dividend. This represents a $1.61 annualized dividend and a dividend yield of 4.61%. The ex-dividend date is Friday, July 9th. OGE Energy’s payout ratio is currently 77.40%.

Several equities research analysts recently issued reports on the stock. Barclays raised shares of OGE Energy from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $33.00 to $37.00 in a research note on Tuesday, May 25th. Bank of America reaffirmed a “neutral” rating and set a $34.00 price target on shares of OGE Energy in a research note on Wednesday, March 17th. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and set a $34.00 price target on shares of OGE Energy in a research note on Monday, March 15th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $35.00.

OGE Energy Company Profile

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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Institutional Ownership by Quarter for OGE Energy (NYSE:OGE)

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