OGE Energy (NYSE:OGE) Releases FY24 Earnings Guidance

OGE Energy (NYSE:OGE) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $2.06 to $2.18 for the period, compared to the consensus estimate of $2.13. OGE Energy also updated its FY 2024 guidance to 2.060-2.180 EPS.

Analyst Ratings Changes

A number of brokerages have recently weighed in on OGE. TheStreet lowered OGE Energy from a b rating to a c+ rating in a research note on Wednesday, February 21st. LADENBURG THALM/SH SH lowered OGE Energy from a buy rating to a neutral rating and lowered their target price for the stock from $36.00 to $34.00 in a research note on Tuesday, January 16th. StockNews.com upgraded OGE Energy from a sell rating to a hold rating in a research note on Tuesday, April 23rd. Finally, Barclays lowered OGE Energy from an overweight rating to an equal weight rating and set a $34.00 target price on the stock. in a research note on Monday, April 22nd. Five equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, the company currently has a consensus rating of Hold and a consensus price target of $33.40.

OGE Energy Price Performance

OGE stock traded up $0.16 during midday trading on Friday, reaching $35.18. The company had a trading volume of 1,549,718 shares, compared to its average volume of 1,617,650. OGE Energy has a 1-year low of $31.25 and a 1-year high of $38.04. The stock has a 50 day moving average price of $33.81 and a 200-day moving average price of $34.11. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.51 and a quick ratio of 0.30. The company has a market capitalization of $7.06 billion, a price-to-earnings ratio of 17.86, a price-to-earnings-growth ratio of 3.28 and a beta of 0.72.

OGE Energy (NYSE:OGE) last released its earnings results on Wednesday, May 1st. The utilities provider reported $0.09 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.26). OGE Energy had a net margin of 14.63% and a return on equity of 8.89%. The firm had revenue of $596.80 million during the quarter, compared to the consensus estimate of $607.37 million. During the same period in the prior year, the business earned $0.19 earnings per share. OGE Energy’s quarterly revenue was up 7.0% compared to the same quarter last year. Equities research analysts expect that OGE Energy will post 2.13 earnings per share for the current year.

OGE Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 26th. Shareholders of record on Monday, April 8th were paid a dividend of $0.418 per share. This represents a $1.67 annualized dividend and a yield of 4.75%. The ex-dividend date of this dividend was Friday, April 5th. OGE Energy’s payout ratio is presently 84.77%.

Insider Activity

In other OGE Energy news, VP Cristina F. Mcquistion sold 4,187 shares of the business’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $33.92, for a total transaction of $142,023.04. Following the completion of the transaction, the vice president now owns 25,926 shares of the company’s stock, valued at $879,409.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.53% of the company’s stock.

OGE Energy Company Profile

OGE Energy Corp., together with its subsidiaries, operates as an energy services provider in the United States. The company generates, transmits, distributes, and sells electric energy. In addition, it provides retail electric service to approximately 896,000 customers, which covers a service area of approximately 30,000 square miles in Oklahoma and western Arkansas; and owns and operates coal-fired, natural gas-fired, wind-powered, and solar-powered generating assets.