No-Moat OGE Plans to Step Up Capital Expenditures; Poor Regulatory Framework Remains a Concern
We are reaffirming our $32 per share fair value estimate and no-moat rating after OGE Energy reported 2017 adjusted EPS of $1.92, $0.04 higher than our estimate and $0.02 more than consensus. Management also announced plans to step up grid modernization capital expenditures in 2019. The grid modernization investments are expected to average approximately $215 million per year.OGE initiated 2018 earnings guidance of $1.90-$2.05 per share, well below our $2.14 estimate. The negative variance is d...
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