OGE Energy upgraded to Buy from Neutral at Ladenburg

Ladenburg analyst Paul Fremont upgraded OGE Energy to Buy from Neutral with a price target of $39, up from $37, following the company’s announcement that it plans to replace two aging power generation units with a new gas combustion turbine. The firm estimates 4c accretion associated with this planned new investment, which is expected to be in service in 2026, and estimates three-year compound annual growth of 6.1% off of the mid-point of the company’s 2023 guidance, the analyst tells investors.