OLD National Bancorp IN Has $380,000 Stock Position in OGE Energy Corp. (NYSE:OGE)

Posted by Defense World Staff on Apr 26th, 2023

OLD National Bancorp IN trimmed its holdings in shares of OGE Energy Corp. (NYSE:OGE – Get Rating) by 6.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,609 shares of the utilities provider’s stock after selling 670 shares during the period. OLD National Bancorp IN’s holdings in OGE Energy were worth $380,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently bought and sold shares of OGE. Spire Wealth Management increased its position in OGE Energy by 189.9% in the 4th quarter. Spire Wealth Management now owns 777 shares of the utilities provider’s stock worth $31,000 after purchasing an additional 509 shares during the last quarter. Ten Capital Wealth Advisors LLC bought a new stake in OGE Energy during the 3rd quarter valued at approximately $42,000. Quadrant Capital Group LLC boosted its stake in OGE Energy by 39.5% during the 3rd quarter. Quadrant Capital Group LLC now owns 1,169 shares of the utilities provider’s stock valued at $43,000 after purchasing an additional 331 shares during the period. Hanson & Doremus Investment Management bought a new stake in OGE Energy during the 4th quarter valued at approximately $47,000. Finally, Wipfli Financial Advisors LLC bought a new stake in shares of OGE Energy in the 3rd quarter worth approximately $75,000. 67.78% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

OGE has been the subject of a number of research reports. UBS Group downgraded OGE Energy from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $41.00 to $39.00 in a research report on Tuesday, February 28th. LADENBURG THALM/SH SH initiated coverage on OGE Energy in a research report on Thursday, April 20th. They issued a “neutral” rating and a $37.00 price objective for the company. Bank of America downgraded OGE Energy from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $41.00 to $39.00 in a research report on Friday, February 24th. Mizuho reduced their price objective on OGE Energy from $40.00 to $36.00 and set a “neutral” rating for the company in a research report on Thursday, March 23rd. Finally, StockNews.com started coverage on OGE Energy in a report on Thursday, March 16th. They set a “hold” rating for the company. Eight investment analysts have rated the stock with a hold rating, According to MarketBeat, OGE Energy currently has a consensus rating of “Hold” and an average price target of $38.75.

Insiders Place Their Bets

In other OGE Energy news, Director David L. Hauser bought 1,000 shares of the business’s stock in a transaction on Tuesday, March 14th. The stock was purchased at an average cost of $35.09 per share, for a total transaction of $35,090.00. Following the completion of the purchase, the director now directly owns 3,000 shares of the company’s stock, valued at $105,270. The acquisition was disclosed in a filing with the SEC, which is available at this link. In related news, Director David E. Rainbolt purchased 5,000 shares of the stock in a transaction dated Monday, February 27th. The stock was bought at an average cost of $36.65 per share, for a total transaction of $183,250.00. Following the completion of the acquisition, the director now owns 15,000 shares of the company’s stock, valued at $549,750. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director David L. Hauser purchased 1,000 shares of the stock in a transaction dated Tuesday, March 14th. The shares were bought at an average price of $35.09 per share, with a total value of $35,090.00. Following the completion of the acquisition, the director now directly owns 3,000 shares of the company’s stock, valued at approximately $105,270. The disclosure for this purchase can be found here. Insiders acquired 6,100 shares of company stock worth $221,925 over the last three months. Insiders own 12.90% of the company’s stock.

OGE Energy Price Performance

NYSE:OGE opened at $37.93 on Wednesday. The stock’s 50-day simple moving average is $36.87 and its 200 day simple moving average is $37.89. The company has a market cap of $7.60 billion, a P/E ratio of 11.46, a P/E/G ratio of 1.84 and a beta of 0.73. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.58 and a current ratio of 0.74. OGE Energy Corp. has a 52-week low of $33.28 and a 52-week high of $42.91.

OGE Energy (NYSE:OGE – Get Rating) last issued its quarterly earnings data on Thursday, February 23rd. The utilities provider reported $0.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.30. The company had revenue of $711.90 million during the quarter, compared to analysts’ expectations of $1.06 billion. OGE Energy had a return on equity of 15.33% and a net margin of 19.72%. The business’s revenue was up 22.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.27 earnings per share. As a group, sell-side analysts forecast that OGE Energy Corp. will post 2.02 EPS for the current fiscal year.

OGE Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 28th. Investors of record on Monday, April 10th will be paid a $0.4141 dividend. This is a boost from OGE Energy’s previous quarterly dividend of $0.41. This represents a $1.66 annualized dividend and a dividend yield of 4.37%. The ex-dividend date is Thursday, April 6th. OGE Energy’s payout ratio is 50.15%.

About OGE Energy

(Get Rating)

OGE Energy Corp. is a holding company with investments in energy and energy service providers, offering physical delivery and related services for electricity in Oklahoma and western Arkansas and natural gas, crude oil and NGLs across the U.S. OGE Energy conducts these activities through two business segments: Electric Utility and Natural Gas Midstream Operations.