Barclays Maintains an 'Overweight' on OGE Energy (OGE); Staff Recommendation in OG&E Rate Case

Barclays maintains an 'Overweight' on OGE Energy (NYSE: OGE) price target of $59.00.

Barclays analyst says, "The Oklahoma Corporation Commission (OCC) Staff and other intervening parties filed testimony in OG&E's pending General Rate Case (GRC) proceeding, recommending a $6 million revenue decrease versus OG&E's requested $73 million increase.: Staff recommended an ROE range of 9.81 - 10.1% compared to OG&E's current 10.75% allowed ROE and compared to the requested 11% ROE, based on a 53% equity component of capital. The Attorney General recommended a 9.5% ROE, with no apparent revenue requirement recommendation...Despite the obvious disparity between Company request and the Staff Recommendation, we remain reasonably confident in the parties' ability to reach settlement by December 12. : We are assuming a 10.35% ROE in our current '12/'13E of $3.75/$3.95, respectively. We also estimate that a 50bp reduction results in approximately $0.10 in EPS...Our $59 price target is predicated on '13E of $3.95."

For an analyst ratings summary and ratings history on OGE Energy click here. For more ratings news on OGE Energy click here.

Shares of OGE Energy closed at $51.61 yesterday.

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