State of New Jersey Common Pension Fund D Cuts Position in OGE Energy Corp. (NYSE:OGE)

State of New Jersey Common Pension Fund D reduced its stake in OGE Energy Corp. (NYSE:OGE - Free Report) by 10.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 105,409 shares of the utilities provider's stock after selling 12,714 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.05% of OGE Energy worth $4,324,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in OGE. V Square Quantitative Management LLC purchased a new position in shares of OGE Energy during the 3rd quarter valued at approximately $30,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of OGE Energy in the 2nd quarter worth $35,000. Kimelman & Baird LLC acquired a new position in shares of OGE Energy in the second quarter worth about $38,000. Allspring Global Investments Holdings LLC raised its holdings in shares of OGE Energy by 23.1% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,483 shares of the utilities provider's stock worth $53,000 after purchasing an additional 278 shares during the period. Finally, Fortitude Family Office LLC bought a new stake in OGE Energy during the 3rd quarter valued at $63,000. 71.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on OGE. Evercore ISI boosted 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. Jefferies Financial Group assumed coverage on shares of OGE Energy in a research note on Thursday, September 19th. They issued a "buy" rating and a $46.00 price target on the stock. Finally, Barclays increased their target price on OGE Energy from $39.00 to $42.00 and gave the stock an "equal weight" rating in a report on Monday, October 21st. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat, OGE Energy has an average rating of "Hold" and a consensus price target of $39.40.

OGE Energy Stock Performance

Shares of OGE stock traded down $0.37 during trading hours on Wednesday, reaching $42.95. 1,208,008 shares of the company's stock were exchanged, compared to its average volume of 1,300,992. OGE Energy Corp. has a 1 year low of $32.06 and a 1 year high of $44.09. The company has a market cap of $8.63 billion, a P/E ratio of 22.25, a price-to-earnings-growth ratio of 3.89 and a beta of 0.74. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.86 and a quick ratio of 0.51. The company's 50 day moving average is $40.74 and its two-hundred day moving average is $38.29.

OGE Energy (NYSE:OGE - Get Free Report) last issued its quarterly earnings results on Tuesday, November 5th. The utilities provider reported $1.09 earnings per share for the quarter, missing analysts' consensus estimates of $1.12 by ($0.03). OGE Energy had a return on equity of 8.59% and a net margin of 13.89%. The company had revenue of $965.40 million during the quarter, compared to analyst estimates of $1.02 billion. During the same period in the prior year, the company posted $1.20 earnings per share. The company's revenue was up 2.1% on a year-over-year basis. Equities research analysts anticipate that OGE Energy Corp. will post 2.15 EPS for the current fiscal year.

OGE Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Monday, October 7th were issued a dividend of $0.4213 per share. This is an increase from OGE Energy's previous quarterly dividend of $0.42. This represents a $1.69 annualized dividend and a yield of 3.92%. The ex-dividend date was Monday, October 7th. OGE Energy's dividend payout ratio (DPR) is 87.05%.

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.