Boston, MA 09/25/2014 (wallstreetpr) – OGE Energy Corp. (NYSE:OGE) shareholders can have something to cheer about after the company’s board of directors approved an 11% increase in dividends. The Dividends will be paid on October 30, 2014 to shareholders on record as of October 10, 2014
Dividends to Grow by 10% Annually
The 11% increase in dividends equates to $1 per share annually, which shareholders stand to earn on each share held in the company. There was also other good news coming with the announcement as OGE Energy Corp. (NYSE:OGE) reiterated plans to grow its dividend offer by 10% annually for the next five years. Analysts at Jefferies remain bullish on the stock currently rating it as a ‘buy’ with a share price target of $40.
The announcement of an improved Dividend comes weeks after the company announced the appointment of Steve Merrill as the new Chief Financial officer, having served at different capacities in the company.
67 Years of Consecutive Dividends
OGE Energy Corp. (NYSE:OGE)’s average stock rating in the market stands at a ‘Buy’ with an average share price target of $40.60. OGE Energy Corp dividend for this quarter will stand at $0.25 a share up from $0.225 issued in the last quarter. The increase in dividend offer according to the company’s chairman and CEO, Pete Delaney, was made possible by an increase in cash distribution form Enable Midstream Partners
OGE Energy Corp. (NYSE:OGE) has been able to offer dividends for 67 years much to the delight of loyal shareholders. The company last reported it’s earnings on the 7th of August slightly missing estimates by $0.01 with earnings per share coming in at $0.50. Despite missing estimate in terms of earnings per share, it still represented an improvement compared to previous quarter earnings per share of $0.46.Revenue, on the other hand, was up coming in at $611.80 million compared to analysts’ estimates of $594.60 million.
