First Read OGE Energy Corp In-Line Quarter, Focused on Next Growth Levers

研报英文原文证据摘录

First Read OGE Energy Corp In-Line Quarter, Focused on Next Growth Levers

Global Research

29 July 2026ab

First Read

EquitiesOGE Energy Corp

In-Line Quarter, Focused on Next Growth Levers United States

Electric Utilities

12-month rating Neutral

Q: How did the results compare vs expectations?

A: The company reported 2Q adj EPS of $0.56, on top of consensus. This is an increase 12m price target US$52.00

from the prior year when the company reported $0.53.

Price (28 Jul 2026) US$49.30

Q: What were the most noteworthy areas in the results?

RIC: OGE.N BBG: OGE USA: Second quarter earnings were higher YoY driven by higher OG&E earnings of $0.58

vs. the prior year quarter of $0.53 as warmer weather and lower depreciation/other Trading data and key metrics

interest expense more than offset higher O&M. HoldCo/Other Operations was a $0.02 52-wk range US$49.95-42.16

drag versus breakeven last year, reflecting higher interest expense and the absence of a Market cap. US$9.87b

one-time legacy midstream benefit recognized in 2025.

Shares o/s 200m (COM)

Free float 100%

Q: Has the company's outlook/guidance changed?

Avg. daily volume ('000) 519

A: The company reiterated 2026 guidance of $2.38-2.48 per share and capex guidance

Avg. daily value (m) US$25

over the 5-year plan of $7.3bln. Upsides still include Frontier Energy Storage, 2026 IRP

Common s/h equity (12/26E) US$5.32b

resources, and 2025 SPP ITP transmission upside. The Frontier Energy Storage remains

P/BV (12/26E) 1.9x

on track for an August order, the company expects to file their Oklahoma rate case

during Q3, Google’s special contract now has a September hearing, the extra-large Net debt to EBITDA (12/26E) 4.2x

power & light tariff hearing is set for November, generation pre-approval filings are EPS (UBS, diluted) (USD)