The Manufacturers Life Insurance Company Sells 59,587 Shares of OGE Energy Corp. (NYSE:OGE)

The Manufacturers Life Insurance Company cut its position in OGE Energy Corp. (NYSE:OGE) by 4.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,328,518 shares of the utilities provider’s stock after selling 59,587 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.66% of OGE Energy worth $47,428,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Pinnacle Bancorp Inc. raised its stake in shares of OGE Energy by 392.8% in the first quarter. Pinnacle Bancorp Inc. now owns 823 shares of the utilities provider’s stock valued at $28,000 after buying an additional 656 shares during the period. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of OGE Energy in the second quarter valued at $35,000. Voisard Asset Management Group Inc. bought a new stake in shares of OGE Energy in the fourth quarter valued at $36,000. Allspring Global Investments Holdings LLC raised its stake in shares of 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 period. Finally, Gradient Investments LLC bought a new stake in shares of OGE Energy in the second quarter valued at $68,000. 71.84% of the stock is currently owned by institutional investors.

OGE Energy Trading Up 0.6 %

Shares of OGE stock opened at $40.84 on Monday. 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 business has a 50-day moving average price of $39.54 and a two-hundred day moving average price of $36.66. OGE Energy Corp. has a 12-month low of $31.25 and a 12-month high of $41.48. The firm has a market cap of $8.20 billion, a P/E ratio of 20.73, a price-to-earnings-growth ratio of 3.63 and a beta of 0.74.

OGE Energy (NYSE:OGE) last released its earnings results on Wednesday, August 7th. The utilities provider reported $0.51 earnings per share for the quarter, beating 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 company had revenue of $662.60 million during the quarter, compared to analyst estimates of $837.51 million. During the same quarter in the previous year, the company posted $0.44 EPS. OGE Energy’s revenue for the quarter was up 9.5% on a year-over-year basis. Equities analysts anticipate that OGE Energy Corp. will post 2.14 EPS for the current fiscal year.

OGE Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Monday, October 7th will be given a dividend of $0.4213 per share. This is a positive change from OGE Energy’s previous quarterly dividend of $0.42. The ex-dividend date is Monday, October 7th. This represents a $1.69 dividend on an annualized basis and a yield of 4.13%. OGE Energy’s dividend payout ratio is presently 84.77%.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Jefferies Financial Group began coverage on OGE Energy in a research note on Thursday, September 19th. They issued a “buy” rating and a $46.00 target price on the stock. Barclays lifted their price target on OGE Energy from $36.00 to $39.00 and gave the company an “equal weight” rating in a research report on Monday, August 12th. Finally, Evercore ISI lifted their price target on OGE Energy from $36.00 to $40.00 and gave the company an “in-line” rating in a research report on Thursday, August 8th. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $36.86.

OGE Energy Company 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.