Oge Energy Corp. (OGE)
NYSE:OGE
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OGE Energy
(NYSE:OGE)
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Rating:64Neutral
Price Target:
$50.00
â–²(4.25% Upside)
Action:ReiteratedDate:02/18/26
The score is driven primarily by solid but constrained financial fundamentals (good profitability offset by rising leverage, volatile/negative free cash flow, and incomplete latest-year financial data). Technicals are supportive with a clear uptrend, though overbought signals elevate near-term downside risk. Valuation is reasonable with a supportive dividend, and the earnings call added a positive boost via upgraded guidance and a clearer multi-year growth plan, tempered by execution and regulatory uncertainties tied to transmission and large capex.
Positive Factors
Stable regulated margins
OGE’s consistent mid-to-high single-digit net margins and very strong EBITDA margins reflect the protective nature of regulated utility economics. Stable allowed returns and rate recovery mechanisms underpin durable cash generation and support capex recovery over multi-year horizons.
Negative Factors
Rising leverage
An increasing debt-to-equity ratio reflects heavier reliance on balance-sheet financing for capital projects. Over time this narrows financial flexibility, raises interest burden and could limit future investment capacity or necessitate more equity issuance if credit metrics weaken under large incremental capex.
Read all positive and negative factors
Positive Factors
Negative Factors
Stable regulated margins
OGE’s consistent mid-to-high single-digit net margins and very strong EBITDA margins reflect the protective nature of regulated utility economics. Stable allowed returns and rate recovery mechanisms underpin durable cash generation and support capex recovery over multi-year horizons.
Read all positive factors
OGE Energy (OGE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.89B
Dividend Yield3.82%
Average Volume (3M)1.70M
Price to Earnings (P/E)31.1
Beta (1Y)0.28
Revenue Growth18.03%
EPS Growth29.46%
CountryUS
Employees2,291
SectorUtilities
Sector Strength65
IndustryRegulated Electric
Share Statistics
EPS (TTM)0.34
Shares Outstanding206,259,020
10 Day Avg. Volume1,878,628
30 Day Avg. Volume1,695,414
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 Cap1.57
Enterprise Value/Revenue4.77
Enterprise Value/Gross Profit9.62
Enterprise Value/Ebitda11.75
Forecast
1Y Price Target
$48.43Price Target Upside0.98% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)2.43
Revenue Forecast (FY)$3.33B
OGE Energy Business Overview & Revenue Model
Company Description
OGE Energy Corp., together with its subsidiaries, operates as an energy and energy services provider that offers physical delivery and related services for electricity, natural gas, crude oil, and natural gas liquids in the United States. The comp...
How the Company Makes Money
OGE Energy generates revenue primarily through the sale of electricity to residential, commercial, and industrial customers. The company operates under regulated utility rates, which allows it to earn a return on its investments in infrastructure ...
OGE Energy Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 29, 2026
Earnings Call Sentiment Positive
The call presents a predominantly positive picture: 2025 results exceeded guidance midpoints with solid EPS growth, upgraded 2026 guidance, explicit multi‑year growth targets, a robust IRP identifying significant capacity needs, and financing actions (equity issuance, planned debt) that support the capital plan through 2030. Operational strengths include strong load/customer growth, disciplined cost control (O&M per growth <1%), and recognition for safety and workplace performance. Key risks highlighted include material transmission obligations from SPP with remaining cost/timing uncertainty, the need for multiple regulatory approvals for generation and storage projects, a terminated third‑party storage PPA underscoring counterparty risk, and potential rate/affordability pressure from large incremental CapEx. Overall, the favorable financial results, clear growth plan, and secured financing outweigh the execution and regulatory uncertainties.Positive Updates
Strong Full-Year Earnings and Net Income Growth
Consolidated net income of ~$471 million, or $2.32 per diluted share for 2025, versus $442 million, or $2.19 per share in 2024 (EPS increase ~6%). Electric company net income rose to $500 million, or $2.47 per share, from $470 million, or $2.33 per share (~6% increase). Results finished at the upper end of original guidance and $0.05 above the midpoint.
Negative Updates
Holding Company Loss and Rising Interest Expense
Holding company reported a loss of ~$29 million, or $0.15 per share, slightly higher year-over-year primarily due to increased interest expense (partially offset by a one-time legacy midstream benefit).
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Full-Year Earnings and Net Income Growth
Consolidated net income of ~$471 million, or $2.32 per diluted share for 2025, versus $442 million, or $2.19 per share in 2024 (EPS increase ~6%). Electric company net income rose to $500 million, or $2.47 per share, from $470 million, or $2.33 per share (~6% increase). Results finished at the upper end of original guidance and $0.05 above the midpoint.
Read all positive updates
Company Guidance
OGE guided 2026 consolidated EPS of $2.43 (range $2.38–$2.48), with the midpoint ~7% above 2025’s midpoint and a new long‑term EPS growth target of 5%–7% off that higher base (with management expecting to deliver in the top half of the range in 2027–28); for context, 2025 consolidated EPS was $2.32 (net income ~$471M), electric company net income $500M ($2.47/share) and holding company loss $29M ($0.15/share). Near‑term operating and financial drivers include customer growth ~1% and weather‑normalized load guidance of 4%–6% for 2026 (after ~7% weather‑normalized load growth in 2025 and retail load up >24% since 2021), an IRP‑identified ~1.9 GW capacity need by 2031 (≈800 MW driven by SPP policy changes) plus the 300 MW Frontier storage preapproval, two RFPs with bid selection expected in Q3 and preapproval filings by year‑end, planned issuance of ~ $300M utility debt this year (no long‑term holding company debt), equity raised last November to fund roughly $1B of incremental CapEx through 2030, an indicated rate base growth of ~9% under the current plan, FFO/debt near 17% through 2030, a target dividend payout ratio of 60%–70%, and preliminary SPP ITP assignment (Seminole–Shreveport 765 kV and related projects) that could represent on the order of 20% of the current capital plan as estimates are refined.OGE Energy Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
58
Neutral
Cash Flow
45
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.26B | 2.99B | 2.67B | 3.38B | 3.65B |
| Gross Profit | 1.44B | 1.39B | 1.26B | 1.21B | 1.06B |
| EBITDA | 1.36B | 1.31B | 1.20B | 1.42B | 1.46B |
| Net Income | 470.70M | 441.50M | 416.80M | 665.70M | 737.30M |
Balance Sheet | |||||
| Total Assets | 14.37B | 13.72B | 12.79B | 12.54B | 12.61B |
| Cash, Cash Equivalents and Short-Term Investments | 200.00K | 600.00K | 200.00K | 88.10M | 0.00 |
| Total Debt | 5.66B | 5.52B | 4.84B | 4.55B | 4.98B |
| Total Liabilities | 9.39B | 9.08B | 8.28B | 8.13B | 8.55B |
| Stockholders Equity | 4.98B | 4.64B | 4.51B | 4.41B | 4.06B |
Cash Flow | |||||
| Free Cash Flow | 82.70M | -278.10M | 54.10M | -98.50M | -1.01B |
| Operating Cash Flow | 1.14B | 812.80M | 1.23B | 952.40M | -229.90M |
| Investing Cash Flow | -1.13B | -1.16B | -1.27B | -96.40M | -832.50M |
| Financing Cash Flow | -10.90M | 348.80M | -48.10M | -767.90M | 1.06B |
OGE Energy Technical Analysis
Positive
47.96
Price Trends
46.29
Positive
44.80
Positive
44.46
Positive
Market Momentum
0.21
Positive
56.02
Neutral
67.20
Neutral
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 47.96 is above the 20-day moving average (MA) of 47.75, above the 50-day MA of 46.29, and above the 200-day MA of 44.46, indicating a bullish trend. The MACD of 0.21 indicates Positive momentum. The RSI at 56.02 is Neutral, neither overbought nor oversold. The STOCH value of 67.20 is Neutral, 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 | $18.86B | 19.53 | 8.47% | 3.72% | 0.11% | -0.52% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
65 Neutral | $12.18B | 17.22 | 8.91% | 4.15% | 5.70% | -8.25% | |
64 Neutral | $9.89B | 31.15 | 9.89% | 3.82% | 18.03% | 29.46% | |
64 Neutral | $6.67B | 17.33 | 7.76% | 4.38% | 7.53% | -17.59% | |
62 Neutral | $18.45B | 20.63 | 11.22% | 3.11% | 7.76% | 23.48% | |
62 Neutral | $7.85B | 21.22 | 9.38% | 2.72% | -1.58% | 8.49% |
* Utilities Sector Average
OGE
OGE Energy
47.96
3.57
8.04%
LNT
Alliant Energy
71.76
9.35
14.98%
IDA
IdaCorp
142.97
28.77
25.20%
PNW
Pinnacle West Capital
100.75
9.17
10.01%
POR
Portland GE
52.77
10.05
23.52%
EVRG
Evergy
81.92
15.42
23.19%
OGE Energy Corporate Events
Business Operations and StrategyExecutive/Board Changes
OGE Energy Announces Leadership Transition Plans
Neutral
Dec 8, 2025
On December 3, 2025, OGE Energy announced that Donnie O. Jones, Vice President of Utility Operations at Oklahoma Gas and Electric Company, plans to retire at the end of 2026. This retirement marks a significant transition in the company’s le...
Business Operations and StrategyPrivate Placements and Financing
OGE Energy Announces Public Offering to Fund Capital Plan
Neutral
Nov 24, 2025
On November 20, 2025, OGE Energy Corp. announced the pricing of its public offering of 8,023,256 shares of common stock, with an additional 1,203,488 shares purchased by underwriters the following day. The proceeds from this offering are intended ...
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.