Overview

• Electric utility's 2025 EPS rose to $2.32, driven by higher operating revenue

• OG&E contributed earnings growth, offset by higher depreciation and interest expenses

• Company projects 2026 EPS midpoint at $2.43, targeting 5-7% annual growth

Outlook

• OGE Energy forecasts 2026 earnings of $2.43 per share, ranging from $2.38 to $2.48

• Company expects OG&E earnings of $2.57 per share in 2026

• OGE Energy anticipates 5%-7% annual EPS growth from 2026 midpoint

Result Drivers

• CAPITAL INVESTMENT RECOVERY - Higher operating revenue driven by recovery of capital investments contributed to OG&E's earnings growth

• STRONG LOAD GROWTH - OG&E's earnings benefited from strong load growth, despite higher expenses

• HIGHER INTEREST EXPENSE - Loss in other operations due to higher interest expense, partially offset by one-time benefit

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 8 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the electric utilities peer group is "buy."

• Wall Street's median 12-month price target for OGE Energy Corp is $47.00, about 0.2% above its February 17 closing price of $46.90

• The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 18 three months ago

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