OGE Posts Weak 2016 Results; ALJ Decision in Pending Rate Case Reduces Our Regulatory Concerns
We are reaffirming our $29 per share fair value estimate and no-moat and stable moat trend ratings after OGE Energy reported weaker-than-expected 2016 earnings and initiated 2017 guidance well above our estimate. EPS in 2016 was $1.69 versus $1.36 in 2015, below our $1.76 estimate and $1.75 consensus estimate.The delay in the pending Oklahoma rate case was the main driver in the difference between our estimate and reported results. We consider this a timing issue, so it does not have a material...
OGE Energy is a holding company. Through its subsidiaries, the company is an energy and energy services provider providing physical delivery and related services for both electricity and natural gas primarily in the south central United States Co. conducts these activities through two business segments: electric utility, which generates, transmits, distributes and sells electric energy in Oklahoma and western Arkansas; and natural gas midstream operations, which consist of the company's investment in Enable Midstream Partners, LP, which is primarily engaged in the business of gathering, processing, transporting and storing natural gas.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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