JPMorgan Chase & Co. Cuts OGE Energy (NYSE:OGE) Price Target to $54.00

OGE Energy (NYSE:OGE) had its price target trimmed by JPMorgan Chase & Co. from $55.00 to $54.00 in a report published on Wednesday,Benzinga reports. The firm currently has an overweight rating on the utilities provider’s stock.

OGE has been the topic of a number of other research reports. BMO Capital Markets dropped their price target on shares of OGE Energy from $50.00 to $49.00 and set a “market perform” rating on the stock in a research note on Wednesday, July 22nd. Royal Bank Of Canada upgraded shares of OGE Energy from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $50.00 to $54.00 in a research note on Wednesday, September 2nd. Wall Street Zen raised shares of OGE Energy from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Weiss Ratings reiterated a “buy (b)” rating on shares of OGE Energy in a research note on Friday, July 31st. Finally, Barclays upped their target price on shares of OGE Energy from $51.00 to $52.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 14th. Five equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $50.10.

OGE Energy Stock Down 0.1%

Shares of NYSE:OGE opened at $46.56 on Wednesday. The stock has a fifty day simple moving average of $47.50 and a two-hundred day simple moving average of $47.78. The stock has a market capitalization of $9.62 billion, a price-to-earnings ratio of 20.51, a PEG ratio of 3.06 and a beta of 0.52. OGE Energy has a 12-month low of $41.69 and a 12-month high of $50.59. The company has a current ratio of 0.77, a quick ratio of 0.47 and a debt-to-equity ratio of 1.12.

OGE Energy (NYSE:OGE) last released its earnings results on Tuesday, July 28th. The utilities provider reported $0.56 EPS for the quarter, topping the consensus estimate of $0.55 by $0.01. OGE Energy had a return on equity of 9.48% and a net margin of 14.44%.The business had revenue of $711.90 million for the quarter, compared to the consensus estimate of $782.73 million. During the same period in the previous year, the company posted $0.53 earnings per share. The company’s revenue for the quarter was down 4.0% compared to the same quarter last year. On average, research analysts anticipate that OGE Energy will post 2.42 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP Donnie Jones sold 6,508 shares of the company’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $46.11, for a total transaction of $300,083.88. Following the transaction, the senior vice president directly owned 40,555 shares of the company’s stock, valued at $1,869,991.05. This represents a 13.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.57% of the stock is currently owned by insiders.

Hedge Funds Weigh In On OGE Energy

Hedge funds have recently bought and sold shares of the business. BlackRock Inc. bought a new position in OGE Energy during the second quarter valued at approximately $1,277,554,000. California State Teachers Retirement System boosted its holdings in OGE Energy by 4,758.9% in the second quarter. California State Teachers Retirement System now owns 11,614,315 shares of the utilities provider’s stock worth $565,153,000 after purchasing an additional 11,375,283 shares during the last quarter. Norges Bank bought a new stake in OGE Energy in the 4th quarter worth approximately $119,028,000. Morgan Stanley grew its position in OGE Energy by 103.2% in the 4th quarter. Morgan Stanley now owns 4,628,210 shares of the utilities provider’s stock worth $197,625,000 after purchasing an additional 2,350,574 shares during the period. Finally, Bank of New York Mellon Corp purchased a new stake in OGE Energy during the 2nd quarter valued at $102,382,000. Hedge funds and other institutional investors own 71.84% of the company’s stock.

OGE Energy Company Profile

OGE Energy Corp. is an Oklahoma City-based energy holding company whose principal subsidiary is Oklahoma Gas and Electric Company (OG&E). OG&E is a regulated electric utility that generates, transmits, distributes and sells electricity to residential, commercial and industrial customers.

OG&E serves customers across Oklahoma and in western Arkansas. Its operations include a portfolio of power-generation resources, electric transmission and distribution infrastructure, and related customer and energy-management services.