OGE Energy Corp.: 2Q26 Preview: Oklahoma CapEx Mounting

研报英文原文证据摘录

OGE Energy Corp.: 2Q26 Preview: Oklahoma CapEx Mounting

Equity Research

North America Power & Utilities

14 July 2026

OGE Energy Corp.

2Q26 Preview: Oklahoma CapEx

Mounting

Regulatory execution in Oklahoma (DC tariff) will be an OGE OVERWEIGHT

important item for 2H26 and we think OGE will see Unchanged

North America Power &

constructive outcomes; CapEx momentum continues as we Utilities POSITIVE

Unchanged

pencil in additional SPP Tx Capex. RAB CAGR now trending Price Target USD 52.00

raised 2% from USD 51.00closer to 10% through 2030 before additional RFP wins.

Quarter quiet. Maintain OW Price (13-Jul-26) USD 48.99

Potential Upside/Downside +6.1%

Source: Bloomberg, Barclays Research

What We Are Expecting On The Call: We are expecting OGE to reaffirm FY26 guidance of $2.38-

$2.48/sh with a midpoint of $2.43/sh, LT EPS CAGR in the 5-7% range, LT capital plan of $7.285bn Market Cap (USD mn) 10110

funded through debt and forward equity sale agreements, and forecasted FFO/Debt of 17% Shares Outstanding (mn) 206.37

through 2030. OGE's largest RAB drivers continue to be its three announced data center power Free Float (%) 99.29

contracts that it announced on April 29 for Google, along with identified SPP transmission 52 Wk Avg Daily Volume (mn) 1.4

CapEx that can make its way into the formal plan in 2H26. To comply with regulators and Dividend Yield (%) 3.47

facilitate further LL opportunities, OGE filed for a large load tariff on June 18th establishing a Return on Equity TTM (%) 9.59

framework that outlines fair share costs for large loads. Other drivers include the Oklahoma rate Current BVPS (USD) 23.93

review filed in Fall '26, Frontier Energy Storage in August, generation pre-approval filings, and Source: Bloomberg

SPP transmission NTC's in October.