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OGE Energy
(NYSE:OGE)
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Rating:63Neutral
Price Target:
$50.00
â–²(1.46% Upside)
Action:Reiterated
Date:08/04/26
OGE’s score is driven primarily by steady utility profitability but constrained by elevated leverage, volatile free cash flow, and an unusually sharp TTM revenue decline that raises near-term confidence risk. The earnings call was a meaningful positive (reaffirmed guidance, major large-load wins, improving credit outlook), but technical indicators remain weak and valuation looks only fair despite a solid dividend yield.
Positive Factors
Large-load commercial contracts (Google)
Long-term, credit-backed agreements with a high-credit counterparty materially improve durable demand visibility and underwrite incremental rate-base investment. These contracts shift interconnection cost risk away from the utility and support multiyear revenue stability and capital planning.
Negative Factors
Elevated leverage limits financial flexibility
Sustained high debt-to-equity reduces optionality for incremental investment and increases sensitivity to rate-case timing and interest costs. Elevated leverage constrains ability to absorb cost overruns or pursue aggressive project schedules without further refinancing or equity, raising medium-term financing risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Large-load commercial contracts (Google)
Long-term, credit-backed agreements with a high-credit counterparty materially improve durable demand visibility and underwrite incremental rate-base investment. These contracts shift interconnection cost risk away from the utility and support multiyear revenue stability and capital planning.
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.
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The Fly
The FlyOGE Energy (OGE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.78B
Dividend Yield3.59%
Average Volume (3M)1.28M
Price to Earnings (P/E)20.7
Beta (1Y)0.22
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. Volume1,293,414
30 Day Avg. Volume1,278,407
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$50.25Price Target Upside1.97% Upside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)2.43
Revenue Forecast (FY)$3.37B
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 Energy primarily makes money through its regulated electric utility operations (OG&E). Revenue is generated mainly from selling and delivering electricity to customers within its service territory. Because OG&E is a regulated monopoly in its f...
OGE Energy Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call presented a constructive growth story: material long-term commercial wins (Google), sizeable capacity additions and contracts (including 600 MW solar), affirmed 2026 guidance, improved credit outlook from Moody's, and financing actions that satisfy 2026 needs. Near-term results were weaker due to milder weather and timing of O&M, leading to noticeable Q1 earnings declines versus prior year and some persistent holding-company losses. Several high-impact projects remain subject to regulatory approvals and timing, introducing execution and financing uncertainty. On balance, the positive strategic developments, contract wins, capacity buildout and improved credit metrics materially outweigh the near-term quarter weakness and remaining execution risks.Positive Updates
New Google Large-Load Agreements
Company will file long-term special contracts with Google to serve multiple previously announced data centers in Muskogee and Stillwater; Google will pay 100% of interconnection costs and its fair share of site power, and agreements include multiyear commitments, minimum charges, exit provisions and strong credit support.
Negative Updates
Quarterly Earnings and Net Income Decline
Consolidated net income was approximately $50 million (EPS $0.24) in Q1 2026 versus $63 million (EPS $0.31) in Q1 2025 — a decline of ~$13 million (≈-20.6% net income) and EPS decline of ≈-22.6% year-over-year.
Read all updates
Q1-2026 Updates
Positive
Negative
New Google Large-Load Agreements
Company will file long-term special contracts with Google to serve multiple previously announced data centers in Muskogee and Stillwater; Google will pay 100% of interconnection costs and its fair share of site power, and agreements include multiyear commitments, minimum charges, exit provisions and strong credit support.
Read all positive updates
Company Guidance
OGE reaffirmed 2026 consolidated earnings guidance of $2.43 per share (range $2.38–$2.48) assuming normal weather after reporting Q1 consolidated net income of ≈$50 million, or $0.24 per diluted share (Q1 typically ~10% of annual earnings); the electric utility earned ≈$58 million ($0.28) vs. $71 million ($0.35) a year ago and the holding company lost ≈$8 million ($0.04). Management said weather‑normalized load was stable, maintained full‑year load growth guidance of 4%–6% with service‑area customer growth just under 1%, and noted ~24% load growth over the past five years. Capital actions and timing called out include a commissioned 98‑MW Tinker plant (Feb), ~450 MW of CTs at Horseshoe Lake due online in Q4 plus two additional 450‑MW units under construction, a 300‑MW Frontier storage project (pre‑approval expected in August), 1.7 GW of capacity under contract (including 600 MW nameplate from two solar projects), SPP transmission NTC acceptance expected in October, and a stand‑alone large‑load tariff filing targeted by July 1. On financing and credit, OGE completed an April debt issuance, issued common equity in 2025, has flexibility to exercise ~4.6 million forward shares through May 2027, expects to maintain FFO‑to‑debt around ~17%, and noted Moody’s moved outlooks to stable while lowering the parent downgrade threshold to 17%.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 | 1.36B | 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 | 1.12B | 82.70M | -278.10M | 54.10M | -98.50M | -1.01B |
| Operating Cash Flow | 1.12B | 1.14B | 812.80M | 1.23B | 952.40M | -229.90M |
| Investing Cash Flow | -803.10M | -1.13B | -1.16B | -1.27B | -96.40M | -832.50M |
| Financing Cash Flow | -315.00M | -10.90M | 348.80M | -48.10M | -767.90M | 1.06B |
OGE Energy Technical Analysis
Negative
49.28
Price Trends
47.88
Negative
47.60
Negative
45.70
Positive
Market Momentum
-0.34
Positive
40.51
Neutral
12.03
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OGE, the sentiment is Negative. The current price of 49.28 is above the 20-day moving average (MA) of 48.38, above the 50-day MA of 47.88, and above the 200-day MA of 45.70, indicating a neutral trend. The MACD of -0.34 indicates Positive momentum. The RSI at 40.51 is Neutral, neither overbought nor oversold. The STOCH value of 12.03 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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% | |
63 Neutral | $9.78B | 20.68 | 9.56% | 3.45% | 0.63% | -6.14% | |
61 Neutral | $5.71B | 21.54 | 6.30% | 4.09% | 3.78% | -17.06% | |
60 Neutral | $8.27B | 23.12 | 9.36% | 2.36% | -1.11% | 8.18% | |
60 Neutral | $12.24B | 18.50 | 9.04% | 3.44% | 4.84% | 5.77% | |
60 Neutral | $19.13B | 21.67 | 10.82% | 3.16% | 1.99% | 0.63% | |
59 Neutral | $18.28B | 22.33 | 11.04% | 2.78% | 6.83% | -2.08% |
* Utilities Sector Average
OGE
OGE Energy
47.02
3.47
7.96%
LNT
Alliant Energy
69.37
6.02
9.50%
IDA
IdaCorp
141.84
20.64
17.02%
PNW
Pinnacle West Capital
101.03
12.00
13.48%
POR
Portland GE
49.05
8.68
21.51%
EVRG
Evergy
83.38
13.47
19.26%
OGE Energy Corporate Events
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...
Business Operations and StrategyPrivate Placements and Financing
OGE Energy Expands Revolving Credit Facilities to 2031
Positive
Jun 15, 2026
On June 12, 2026, OGE Energy Corp. and subsidiary Oklahoma Gas and Electric Company entered into second amended and restated unsecured five-year revolving credit facilities of $650 million each, replacing prior $550 million facilities established ...
Executive/Board ChangesDividendsShareholder Meetings
OGE Energy Shareholders Reaffirm Governance and Declare Dividend
Positive
May 14, 2026
At its May 14, 2026 annual meeting, OGE Energy shareholders elected eight directors to terms expiring in 2027, ratified Ernst Young LLP as the company’s independent auditor for 2026, and approved on an advisory basis the compensation of nam...
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.