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OGE Energy Corp OGE

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Morningstar’s Analysis

Valuation
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Improved Outlook for OGE's Midstream Investment

Charles Fishman, CFA Equity Analyst

Analyst Note

| Charles Fishman, CFA |

We are increasing our fair value estimate to $36 per share from $35.50 after OGE Energy reported weak utility earnings in the first quarter, reaffirmed full-year earnings guidance, and reaffirmed its 5% average annual EPS utility growth target through 2025. Utility EPS were $0.06 in the recently ended quarter versus $0.10 in the same period last year. Consolidated first-quarter EPS, including OGE’s investment in Enable Midstream Partners, were $0.26 versus adjusted EPS of $0.23 last year.

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Company Profile

Business Description

OGE Energy is a holding company for Oklahoma Gas & Electric, a regulated utility offering electricity generation, transmission, and distribution to more than 800,000 customers in Oklahoma and western Arkansas. OGE Energy also owns a 25.5% limited partner interest and a 50% general partner interest in Enable Midstream Partners, a midstream services business that provides gathering, processing, transporting, and storing of natural gas. In February 2021, Enable announced it would merge with Energy Transfer.

Contact
321 North Harvey, P.O. Box 321
Oklahoma, OK, 73101-0321
T +1 405 553-3000
Sector Utilities
Industry Utilities - Regulated Electric
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type High Yield
Employees 2,360

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