PNC Financial Services Group Inc. Sells 27,244 Shares of OGE Energy Corp. (NYSE:OGE)

PNC Financial Services Group Inc. cut its stake in OGE Energy Corp. (NYSE:OGE) by 25.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 78,032 shares of the utilities provider’s stock after selling 27,244 shares during the period. PNC Financial Services Group Inc.’s holdings in OGE Energy were worth $3,201,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. 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 worth $53,000 after acquiring an additional 278 shares during the last quarter. B. Riley Wealth Advisors Inc. grew its position in shares of OGE Energy by 3.1% during the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 9,579 shares of the utilities provider’s stock worth $342,000 after buying an additional 290 shares during the period. Centennial Wealth Advisory LLC grew its position in shares of OGE Energy by 3.8% during the 3rd quarter. Centennial Wealth Advisory LLC now owns 8,120 shares of the utilities provider’s stock worth $333,000 after buying an additional 300 shares during the period. Fifth Third Bancorp grew its position in shares of OGE Energy by 3.2% during the 2nd quarter. Fifth Third Bancorp now owns 9,856 shares of the utilities provider’s stock worth $352,000 after buying an additional 303 shares during the period. Finally, Blue Trust Inc. grew its position in shares of OGE Energy by 12.8% during the 2nd quarter. Blue Trust Inc. now owns 2,742 shares of the utilities provider’s stock worth $94,000 after buying an additional 312 shares during the period. 71.84% of the stock is owned by institutional investors.

OGE Energy Price Performance

Shares of NYSE OGE opened at $43.81 on Monday. The stock has a market cap of $8.80 billion, a P/E ratio of 22.70, a P/E/G ratio of 3.94 and a beta of 0.74. The firm has a 50 day moving average price of $41.17 and a 200 day moving average price of $38.70. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.51 and a current ratio of 0.86. OGE Energy Corp. has a 52-week low of $32.06 and a 52-week high of $44.33.

OGE Energy (NYSE:OGE) last released its quarterly earnings results on Tuesday, November 5th. The utilities provider reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.12 by ($0.03). The company had revenue of $965.40 million during the quarter, compared to analyst estimates of $1.02 billion. OGE Energy had a net margin of 13.89% and a return on equity of 8.59%. The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.20 EPS. Analysts expect that OGE Energy Corp. will post 2.15 EPS for the current year.

OGE Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Monday, October 7th were given a $0.4213 dividend. This represents a $1.69 dividend on an annualized basis and a dividend yield of 3.85%. The ex-dividend date of this dividend was Monday, October 7th. This is a positive change from OGE Energy’s previous quarterly dividend of $0.42. OGE Energy’s payout ratio is currently 87.05%.

Insider Transactions at OGE Energy

In other news, VP Cristina F. Mcquistion sold 5,008 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $42.84, for a total value of $214,542.72. Following the sale, the vice president now owns 20,918 shares of the company’s stock, valued at $896,127.12. The trade was a 19.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.53% of the stock is currently owned by insiders.

Analysts Set New Price Targets

OGE has been the subject of several analyst reports. Evercore ISI lifted their price target 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 target on shares of OGE Energy from $39.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. Finally, Jefferies Financial Group started coverage on shares of OGE Energy in a research report on Thursday, September 19th. They set a “buy” rating and a $46.00 price target for the company. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $39.40.

About OGE Energy

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.