Morningstar

Morningstar, Inc.

Equity Bottom-Up

OGE Energy faces more uncertainty than a typical regulated utility. A below-average regulatory framework in Oklahoma and a significant investment in a midstream business in a very competitive market drive our no-moat rating, despite our view that OGE's regulated utility is well run and its service territory is in a strong economic region.In 2015, the Oklahoma Corporation Commission denied wholly owned Oklahoma Gas &amp; Electric's request for preapproval of the $1 billion Environmental Compliance…

We are reaffirming our no-moat rating and $37 per share fair value estimate after OGE Energy reported weak earnings for the 2019 first quarter but reaffirmed 2019 earnings guidance
Consolidated EPS for the quarter was $0.24 versus $0.27 in the same period last year. Our unchanged 2019 earnings estimate of $2.12 per share is flat versus 2018 and near the midpoint of management's $2.05-$2.20 guidance.

Oklahoma Gas &amp; Electric contributed $0.10 per share in the recently ended quarter versus $0.16…

OGE Energy faces more uncertainty than a typical regulated utility. A below-average regulatory framework in Oklahoma and a significant investment in a midstream business in a very competitive market drive our no-moat rating, despite our view that OGE's regulated utility for the most part is well run and its service territory is in a strong economic region.In 2015, the Oklahoma Corporation Commission denied wholly owned Oklahoma Gas &amp; Electric's request for preapproval of the $1 billion…

United States

OGE Energy Corp., through its principal subsidiary Oklahoma Gas and Electric Company, generates, transmits, and distributes electricity to wholesale and retail customers in communities in Oklahoma and western Arkansas. The Company, through Enogex Inc., operates natural gas transmission and gathering pipelines, has interests in gas processing plants, and markets electricity.

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