Eastern Bank Buys New Stake in OGE Energy Corp. (NYSE:OGE)

Eastern Bank purchased a new position in shares of OGE Energy Corp. (NYSE:OGE) in the third quarter, Holdings Channel.com reports. The firm purchased 4,344 shares of the utilities provider’s stock, valued at approximately $178,000.

Several other institutional investors and hedge funds have also made changes to their positions in OGE. Pinnacle Bancorp Inc. boosted its holdings in shares of OGE Energy by 392.8% in the 1st quarter. Pinnacle Bancorp Inc. now owns 823 shares of the utilities provider’s stock valued at $28,000 after buying an additional 656 shares in the last quarter. V Square Quantitative Management LLC acquired a new stake in shares of OGE Energy in the 3rd quarter valued at about $30,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in OGE Energy during the 2nd quarter worth approximately $35,000. Kimelman & Baird LLC acquired a new position in OGE Energy during the second quarter worth approximately $38,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in OGE Energy by 23.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 1,483 shares of the utilities provider’s stock valued at $53,000 after buying an additional 278 shares during the last quarter. 71.84% of the stock is owned by institutional investors and hedge funds.

OGE Energy Trading Down 0.1 %

Shares of OGE Energy stock opened at $40.98 on Friday. The company has a quick ratio of 0.36, a current ratio of 0.71 and a debt-to-equity ratio of 1.08. The firm has a market cap of $8.23 billion, a price-to-earnings ratio of 20.09, a price-to-earnings-growth ratio of 3.63 and a beta of 0.74. OGE Energy Corp. has a 52-week low of $32.06 and a 52-week high of $41.48. The company’s 50-day simple moving average is $40.23 and its 200-day simple moving average is $37.50.

OGE Energy (NYSE:OGE) last announced its quarterly earnings data on Wednesday, August 7th. The utilities provider reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.05. OGE Energy had a return on equity of 9.15% and a net margin of 14.83%. The firm had revenue of $662.60 million for the quarter, compared to analyst estimates of $837.51 million. During the same quarter in the prior year, the company posted $0.44 earnings per share. OGE Energy’s quarterly revenue was up 9.5% on a year-over-year basis. As a group, equities research analysts anticipate that OGE Energy Corp. will post 2.14 earnings per share for the current year.

OGE Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Monday, October 7th will be paid a $0.4213 dividend. This is a boost from OGE Energy’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Monday, October 7th. This represents a $1.69 annualized dividend and a dividend yield of 4.11%. OGE Energy’s dividend payout ratio (DPR) is 82.35%.

Analysts Set New Price Targets

OGE has been the topic of a number of research reports. Evercore ISI raised their target price on shares of OGE Energy from $36.00 to $40.00 and gave the stock an “in-line” rating in a research report on Thursday, August 8th. Barclays lifted their price objective on shares of OGE Energy from $39.00 to $42.00 and gave the company an “equal weight” rating in a research note on Monday. Finally, Jefferies Financial Group began coverage on shares of OGE Energy in a research note on Thursday, September 19th. They set a “buy” rating and a $46.00 target price for the company. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $39.40.

OGE Energy Profile

OGE Energy Corp., together with its subsidiaries, operates as an energy services provider in the United States. The company generates, transmits, distributes, and sells electric energy. In addition, it provides retail electric service to approximately 896,000 customers, which covers a service area of approximately 30,000 square miles in Oklahoma and western Arkansas; and owns and operates coal-fired, natural gas-fired, wind-powered, and solar-powered generating assets.