OGE Energy (NYSE:OGE) Updates FY24 Earnings Guidance

OGE Energy (NYSE:OGE) issued an update on its FY24 earnings guidance on Wednesday morning. 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

OGE stock traded up $0.16 during trading hours on Friday, hitting $35.18. 1,549,718 shares of the stock traded hands, compared to its average volume of 1,617,650. The stock has a 50-day simple moving average of $33.81 and a 200 day simple moving average of $34.11. OGE Energy has a one year low of $31.25 and a one year high of $38.04. The company has a market cap of $7.06 billion, a P/E ratio of 17.86, a P/E/G ratio of 3.28 and a beta of 0.72. The company has a current ratio of 0.51, a quick ratio of 0.30 and a debt-to-equity ratio of 0.96.

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

OGE Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 26th. Stockholders of record on Monday, April 8th were issued a dividend of $0.418 per share. This represents a $1.67 annualized dividend and a dividend yield of 4.75%. The ex-dividend date was Friday, April 5th. OGE Energy’s dividend payout ratio is 84.77%.

Analyst Ratings Changes

OGE has been the subject of several analyst reports. TheStreet downgraded OGE Energy from a b rating to a c+ rating in a report on Wednesday, February 21st. Barclays downgraded 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. LADENBURG THALM/SH SH downgraded OGE Energy from a buy rating to a neutral rating and reduced their price objective for the stock from $36.00 to $34.00 in a research note on Tuesday, January 16th. Finally, StockNews.com raised OGE Energy from a sell rating to a hold rating in a research note on Tuesday, April 23rd. Five analysts have rated the stock with a hold rating, According to data from MarketBeat, OGE Energy presently has an average rating of Hold and an average price target of $33.40.

Insider Buying and Selling

In other OGE Energy news, VP Cristina F. Mcquistion sold 4,187 shares of the company’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $33.92, for a total value of $142,023.04. Following the transaction, the vice president now directly owns 25,926 shares of the company’s stock, valued at approximately $879,409.92. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 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.