Bank of Nova Scotia Purchases Shares of 60,400 OGE Energy Corp. (NYSE:OGE)

Bank of Nova Scotia acquired a new stake in shares of OGE Energy Corp. (NYSE:OGE) during the fourth quarter, according to its most recent disclosure with the SEC. The fund acquired 60,400 shares of the utilities provider’s stock, valued at approximately $2,492,000.

Other hedge funds also recently made changes to their positions in the company. Headlands Technologies LLC purchased a new position in OGE Energy during the fourth quarter valued at approximately $27,000. Stonebridge Financial Group LLC bought a new position in OGE Energy in the 4th quarter worth $35,000. Principal Securities Inc. increased its stake in OGE Energy by 204.7% in the 4th quarter. Principal Securities Inc. now owns 981 shares of the utilities provider’s stock worth $40,000 after buying an additional 659 shares in the last quarter. BankPlus Trust Department bought a new stake in OGE Energy during the fourth quarter valued at about $44,000. Finally, Lee Danner & Bass Inc. purchased a new position in shares of OGE Energy in the fourth quarter valued at about $45,000. 71.84% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

OGE has been the topic of a number of research analyst reports. Argus raised OGE Energy from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a report on Friday. LADENBURG THALM/SH SH upgraded shares of OGE Energy to a “hold” rating in a research report on Monday, March 17th. Evercore ISI upgraded shares of OGE Energy from an “in-line” rating to an “outperform” rating and boosted their price target for the stock from $40.00 to $47.00 in a research note on Tuesday, January 21st. Finally, Barclays raised their price objective on OGE Energy from $42.00 to $44.00 and gave the company an “equal weight” rating in a research report on Tuesday, February 25th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, OGE Energy presently has an average rating of “Moderate Buy” and an average target price of $46.00.

OGE Energy Price Performance

NYSE:OGE opened at $44.14 on Friday. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.73 and a quick ratio of 0.51. The business has a 50 day simple moving average of $44.37 and a 200-day simple moving average of $42.60. The firm has a market capitalization of $8.89 billion, a price-to-earnings ratio of 20.06, a PEG ratio of 3.30 and a beta of 0.57. OGE Energy Corp. has a 1 year low of $32.37 and a 1 year high of $46.91.

OGE Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 25th. Investors of record on Monday, April 7th will be given a $0.4213 dividend. This represents a $1.69 dividend on an annualized basis and a yield of 3.82%. The ex-dividend date of this dividend is Monday, April 7th. OGE Energy’s dividend payout ratio (DPR) is currently 76.36%.

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.