OGE Energy price target raised to $35 from $32 at Ladenburg

Ladenburg raised the firm’s price target on OGE Energy to $35 from $32 and keeps a Neutral rating on the shares. The company reached an uncontested settlement in Oklahoma that is largely in line with the recommendations of Oklahoma Corporation Commission staff providing for a $139M increase in rates before depreciation changes, the analyst tells investors in a research note. The firm says the settlement adopts OGE’s actual capital structure including 53.5% equity ratio and maintains the company’s current 9.5% authorized return on equity.