5 Best High-Dividend Stocks to Buy Now

2. OGE Energy Corp. (NYSE:OGE)

Dividend Yield as of October 11: 4.76%

OGE Energy Corp. (NYSE:OGE) is an Oklahoma-based utility company that generates and distributes electrical energy to its consumers in the state. In Q2 2022, the company posted revenue of $803.7 million, up 39.2% from the same period last year. The company’s net income stood at $100.7 million, compared with $85.1 million in the prior-year quarter. Its higher revenues were due to the recovery of its capital investments.

On September 27, OGE Energy Corp. (NYSE:OGE) declared a 1% hike in its quarterly dividend to $0.4141 per share. This was the company’s 15th consecutive year of dividend growth, which places it as one of the best dividend stocks on our list. The stock’s dividend yield stood at 4.76%, as of October 11.

In September, Mizuho raised its price target on OGE Energy Corp. (NYSE:OGE) to $42 with a Neutral rating on the shares, as the company’s electric rate case settlement got approved by the state’s Corporation Commission.

At the end of Q2 2022, 13 hedge funds in Insider Monkey’s database owned stakes in OGE Energy Corp. (NYSE:OGE), worth $213 million. In comparison, 20 hedge funds held positions in the company in the previous quarter, with a total stake value of over $228.8 million.