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OGE Energy
(NYSE:OGE)
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Rating:64Neutral
Price Target:
$49.00
â–²(6.45% Upside)
Action:Reiterated
Date:10/09/26
OGE scores as a mid-range utility: solid margins and supportive operating cash flow are tempered most by an unusually severe TTM revenue decline, elevated leverage, and historically volatile free cash flow. The latest earnings call was constructive with reaffirmed guidance and financing progress, while technicals are mixed and valuation is a modest positive supported by the dividend yield.
Positive Factors
Regulated utility earnings base
OG&E’s regulated operating model provides a recurring customer-funded revenue base and a framework for recovering prudently incurred costs plus an authorized return. This supports earnings visibility and allows approved capital investment to expand the rate base over time.
Negative Factors
Severe recent revenue decline
The approximately 91% TTM revenue decline is a major deterioration in the reported top line, even though margins remain solid. If the decline reflects more than a temporary distortion, it could weaken confidence in demand trends and reduce visibility into near-term earnings momentum.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulated utility earnings base
OG&E’s regulated operating model provides a recurring customer-funded revenue base and a framework for recovering prudently incurred costs plus an authorized return. This supports earnings visibility and allows approved capital investment to expand the rate base over time.
Read all positive factors
OGE Energy Key Performance Indicators (KPIs)
Any
Operating Income by Segment
Shows operating profit from each business unit (for example, regulated utility operations versus nonregulated activities), revealing which parts of the company drive cash flow and margins. Shifts in segment operating income expose where regulatory rulings, fuel costs, weather, or operational changes are improving or hurting core profitability and where management is allocating capital.
Shows operating profit from each business unit (for example, regulated utility operations versus nonregulated activities), revealing which parts of the company drive cash flow and margins. Shifts in segment operating income expose where regulatory rulings, fuel costs, weather, or operational changes are improving or hurting core profitability and where management is allocating capital.
Data provided by:
The Fly
The FlyOGE Energy (OGE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.00B
Dividend Yield3.52%
Average Volume (3M)2.01M
Price to Earnings (P/E)21.1
Beta (1Y)0.23
Revenue Growth0.63%
EPS Growth-6.14%
CountryUS
Employees2,248
SectorUtilities
Sector Strength65
IndustryRegulated Electric
Share Statistics
EPS (TTM)2.29
Shares Outstanding206,581,280
10 Day Avg. Volume1,980,821
30 Day Avg. Volume2,008,601
Financial Highlights & Ratios
PEG Ratio3.10
Price to Book (P/B)1.73
Price to Sales (P/S)2.64
P/FCF Ratio104.25
Enterprise Value/Market Cap1.60
Enterprise Value/Revenue4.93
Enterprise Value/Gross Profit9.20
Enterprise Value/Ebitda11.80
Forecast
1Y Price Target
$50.18Price Target Upside9.02% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)2.45
Revenue Forecast (FY)$3.40B
OGE Energy Business Overview & Revenue Model
Company Description
OGE Energy Corp., along with its various subsidiaries, operates as a comprehensive energy and utility provider. The company facilitates the physical delivery and associated services for electricity, natural gas, crude oil, and natural gas liquids ...
How the Company Makes Money
OGE primarily makes money through its regulated electric utility subsidiary, OG&E, by earning revenues from selling electricity and providing transmission and distribution services to end customers in its service territory. As a regulated utility,...
OGE Energy Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Positive
The call presented a predominately constructive picture: year-over-year improvements in consolidated and electric company earnings, reaffirmed guidance, completed financing and a clear pipeline of capacity additions and commercial activity. Management emphasized proactive regulatory filings (large-load tariff, Google special contract) and consumer protection measures, and reported a record system peak and steady customer growth. Offsetting risks include higher O&M, a wider holding-company loss driven by higher interest and the absence of a prior one-time benefit, timing shifts that delayed ~200 MW of load into later in the year, and remaining regulatory/approval uncertainties (NTCs, rate review, ROFR/SPP processes) that could affect project timing and capital recovery. On balance, the positive operational and financial developments and the company’s active regulatory and financing progress outweigh the short-term timing and regulatory risks.Positive Updates
Improved Consolidated Financial Results
Consolidated net income of approximately $116 million (EPS $0.56) vs $108 million (EPS $0.53) in Q2 2025, representing ~7.4% increase in net income and ~5.7% increase in EPS year-over-year.
Negative Updates
Holding Company Loss Widened
Holding company reported a loss of approximately $4 million (EPS impact ~$0.02) vs a loss of less than $1 million in the same period of 2025, driven primarily by higher interest expense and the absence of a one-time midstream-related benefit recognized in 2025.
Read all updates
Q2-2026 Updates
Positive
Negative
Improved Consolidated Financial Results
Consolidated net income of approximately $116 million (EPS $0.56) vs $108 million (EPS $0.53) in Q2 2025, representing ~7.4% increase in net income and ~5.7% increase in EPS year-over-year.
Read all positive updates
Company Guidance
OGE reaffirmed 2026 consolidated earnings guidance of $2.38–$2.48 per share (midpoint $2.43) after reporting Q2 consolidated net income of ~ $116 million, or $0.56 per share (electric company net income ~ $120 million, $0.58 per share; holding company loss ~ $4 million, $0.02 per share), and noted nearly 70% of expected annual earnings remain in the back half of the year; management cited ~1% customer growth, two large customers shifting roughly 200 MW of ramp into later in the year, and a new system peak of >6,800 MW (about 180 MW above the August 2024 record). Capacity additions and plans include 550 MW to the grid in 2026 (Horseshoe Lake and Tinker), an additional 300 MW from Frontier Storage next year and Horseshoe Lake units 13, 14 and 29 adding 450 MW, against a historical average of roughly 300–400 MW per year; regulatory and tariff actions include a proposed customer affordability charge estimated to benefit residential customers by $25–$30 million annually for a typical 1 GW data center and a large-load tariff requiring 100% upfront interconnection funding, a minimum 15‑year commitment, minimum billing and collateral, early-termination/capacity-reduction fees and a consumer protection charge. Financing-wise, OGE completed planned 2026 financings and continues to target FFO-to-debt of about 17% over the planning horizon, while expecting Frontier’s positive proposed order to be adopted shortly, preparing an Oklahoma rate review this quarter, and monitoring SPP NTCs (potentially in Q4).OGE Energy Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
62
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.24B | 3.26B | 2.99B | 2.67B | 3.38B | 3.65B |
| Gross Profit | 1.73B | 1.44B | 1.39B | 1.26B | 1.21B | 1.06B |
| EBITDA | 1.35B | 1.39B | 1.31B | 1.20B | 1.42B | 1.46B |
| Net Income | 470.80M | 470.70M | 441.50M | 416.80M | 665.70M | 737.30M |
Balance Sheet | ||||||
| Total Assets | 14.63B | 14.37B | 13.72B | 12.79B | 12.54B | 12.61B |
| Cash, Cash Equivalents and Short-Term Investments | 900.00K | 200.00K | 600.00K | 200.00K | 88.10M | 0.00 |
| Total Debt | 5.84B | 5.66B | 5.52B | 4.84B | 4.55B | 4.98B |
| Total Liabilities | 9.65B | 9.39B | 9.08B | 8.28B | 8.13B | 8.55B |
| Stockholders Equity | 4.98B | 4.98B | 4.64B | 4.51B | 4.41B | 4.06B |
Cash Flow | ||||||
| Free Cash Flow | 1.21B | 82.70M | -278.10M | 54.10M | -98.50M | -1.01B |
| Operating Cash Flow | 943.00M | 1.14B | 812.80M | 1.23B | 952.40M | -229.90M |
| Investing Cash Flow | -519.80M | -1.13B | -1.16B | -1.27B | -96.40M | -832.50M |
| Financing Cash Flow | -422.80M | -10.90M | 348.80M | -48.10M | -767.90M | 1.06B |
OGE Energy Technical Analysis
Positive
46.03
Price Trends
46.01
Positive
46.73
Positive
46.22
Positive
Market Momentum
0.71
Negative
64.64
Neutral
88.98
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OGE, the sentiment is Positive. The current price of 46.03 is below the 20-day moving average (MA) of 46.46, above the 50-day MA of 46.01, and below the 200-day MA of 46.22, indicating a bullish trend. The MACD of 0.71 indicates Negative momentum. The RSI at 64.64 is Neutral, neither overbought nor oversold. The STOCH value of 88.98 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for OGE.
OGE Energy Risk Analysis
OGE Energy disclosed 25 risk factors in its most recent earnings report. OGE Energy reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
OGE Energy Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
64 Neutral | $10.00B | 21.14 | 9.56% | 3.52% | 0.63% | -6.14% | |
60 Neutral | $8.14B | 22.76 | 9.36% | 2.50% | -1.11% | 8.18% | |
60 Neutral | $19.46B | 21.00 | 9.06% | 3.29% | 3.60% | 10.06% | |
58 Neutral | $18.06B | 21.97 | 11.04% | 3.03% | 6.83% | -2.08% | |
56 Neutral | $12.83B | 19.90 | 9.04% | 3.44% | 5.69% | 6.83% | |
52 Neutral | $6.42B | 32.31 | 5.67% | 2.90% | 9.97% | -7.29% |
* Utilities Sector Average
OGE
OGE Energy
48.41
3.61
8.06%
LNT
Alliant Energy
69.66
2.88
4.31%
IDA
IdaCorp
140.68
7.57
5.69%
PNW
Pinnacle West Capital
105.88
17.50
19.80%
TXNM
TXNM Energy
58.27
3.12
5.65%
EVRG
Evergy
84.43
8.76
11.58%
OGE Energy Corporate Events
Executive/Board Changes
OGE Energy Names John Laws as New COO
Positive
Oct 8, 2026
On October 5, 2026, Oklahoma Gas and Electric Company’s board appointed John Laws as chief operating officer, effective January 4, 2027, marking a leadership transition at the regulated utility subsidiary of OGE Energy. Laws, who became OGE&...
Business Operations and StrategyExecutive/Board Changes
OGE Energy Adds Veteran Energy Executive to Board
Positive
Aug 3, 2026
On July 28, 2026, OGE Energy’s board elected Richard (Rick) E. Muncrief, the retired president and CEO of Devon Energy, as a director effective August 1, 2026, with his initial term running until the annual shareholders’ meeting on May...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.