OGE Energy (NYSE:OGE) Announces Quarterly Earnings Results

OGE Energy (NYSE:OGE) released its earnings results on Wednesday. The utilities provider reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.26), Briefing.com reports. The company had revenue of $596.80 million for the quarter, compared to analysts’ expectations of $607.37 million. OGE Energy had a return on equity of 9.37% and a net margin of 15.59%. The firm’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.19 EPS. OGE Energy updated its FY24 guidance to $2.06 to $2.18 EPS and its FY 2024 guidance to 2.060-2.180 EPS.

OGE Energy Stock Performance

Shares of OGE stock traded down $0.14 during trading hours on Thursday, hitting $34.91. The company’s stock had a trading volume of 1,118,457 shares, compared to its average volume of 1,600,460. The company has a 50 day moving average of $33.74 and a 200 day moving average of $34.10. The stock has a market cap of $7.00 billion, a PE ratio of 16.87, a price-to-earnings-growth ratio of 3.25 and a beta of 0.72. The company has a current ratio of 0.65, a quick ratio of 0.30 and a debt-to-equity ratio of 0.96. OGE Energy has a 12-month low of $31.25 and a 12-month high of $38.04.

OGE Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 26th. Stockholders of record on Monday, April 8th were issued a $0.418 dividend. This represents a $1.67 annualized dividend and a dividend yield of 4.79%. The ex-dividend date was Friday, April 5th. OGE Energy’s dividend payout ratio (DPR) is currently 80.68%.

Insider Activity at OGE Energy

In related news, VP Cristina F. Mcquistion sold 4,187 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $33.92, for a total value of $142,023.04. Following the completion of the transaction, the vice president now directly owns 25,926 shares in the company, valued at approximately $879,409.92. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Barclays downgraded shares of OGE Energy from an “overweight” rating to an “equal weight” rating and set a $34.00 target price on the stock. in a research report on Monday, April 22nd. LADENBURG THALM/SH SH downgraded shares of OGE Energy from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $36.00 to $34.00 in a research report on Tuesday, January 16th. StockNews.com raised shares of OGE Energy from a “sell” rating to a “hold” rating in a research report on Tuesday, April 23rd. Finally, TheStreet downgraded shares of OGE Energy from a “b” rating to a “c+” rating in a report on Wednesday, February 21st. Five research analysts have rated the stock with a hold rating, According to MarketBeat.com, OGE Energy has a consensus rating of “Hold” and an average target price of $33.40.

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.