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 guidance of $2.06 to $2.18 for the period, compared to the consensus earnings per share estimate of $2.13. OGE Energy also updated its FY 2024 guidance to 2.060-2.180 EPS.

OGE Energy Price Performance

Shares of NYSE OGE traded up $0.16 during trading on Friday, hitting $35.18. 1,549,718 shares of the company were exchanged, compared to its average volume of 1,617,650. 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 firm’s fifty day moving average price is $33.81 and its 200 day moving average price is $34.11. OGE Energy has a 1 year low of $31.25 and a 1 year high of $38.04. The company has a market cap of $7.06 billion, a price-to-earnings ratio of 17.86, a PEG ratio of 3.28 and a beta of 0.72.

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

OGE Energy Cuts Dividend

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

Analyst Ratings Changes

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

Insider Activity

In related news, VP Cristina F. Mcquistion sold 4,187 shares of the company’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $33.92, for a total value of $142,023.04. Following the sale, the vice president now directly owns 25,926 shares of the company’s stock, valued at $879,409.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.53% of the company’s stock.

About OGE Energy

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.