OGE Energy (NYSE:OGE) Releases FY24 Earnings Guidance

OGE Energy (NYSE:OGE) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $2.06 to $2.18 for the period, compared to the consensus estimate of $2.13. OGE Energy also updated its FY 2024 guidance to 2.060-2.180 EPS.

OGE Energy Price Performance

OGE traded up $0.16 during trading on Friday, hitting $35.18. 1,549,718 shares of the stock traded hands, compared to its average volume of 1,617,650. The business has a 50 day moving average price of $33.81 and a 200 day moving average price of $34.11. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.51 and a quick ratio of 0.30. OGE Energy has a twelve month low of $31.25 and a twelve month 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 earnings results on Wednesday, May 1st. The utilities provider reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.26). The business had revenue of $596.80 million during the quarter, compared to the consensus estimate of $607.37 million. OGE Energy had a net margin of 14.63% and a return on equity of 8.89%. The business’s revenue was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.19 EPS. Equities research analysts forecast that OGE Energy will post 2.13 earnings per share for the current fiscal year.

OGE Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 26th. Shareholders 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 dividend on an annualized basis and a yield of 4.75%. OGE Energy’s dividend payout ratio is currently 84.77%.

Wall Street Analysts Forecast Growth

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

Insider Transactions at OGE Energy

In related news, VP Cristina F. Mcquistion sold 4,187 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $33.92, for a total transaction of $142,023.04. Following the completion of the sale, the vice president now owns 25,926 shares of the company’s stock, valued at $879,409.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate 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.