UPDATE: Mizuho Securities Downgrades OGE Energy (OGE) to Neutral
- Nasdaq dives 3%, S&P 500 on course to confirm a correction
- Kohl's (KSS) Shares Explode 30% as Takeover Battle Heats Up
- Cowen Sees Apple (AAPL) Likely to Bounce on Earnings, iPhone Upside and Flight to Quality
- Peloton (PTON) Stock Gains on Report Activist Investor is Pushing for Management Changes, Potential Sale
- Ukraine tensions lift dollar, yuan holds firm
Mizuho Securities analyst Anthony Crowdell downgraded OGE Energy (NYSE: OGE) from Buy to Neutral with a price target of $36.00 (from $39.00).
The analyst comments "We are downgrading shares of OGE to Neutral from Buy on valuation. The company has indicated that it will fully exit its ET position by the end of 2022, completing its transformation into a pure-play regulated utility. Consequently, we are removing the earnings contribution from the ET stake in all of our estimates. We expect OGE to use proceeds from the sale to fund capex at the utility and to pay down short-term debt. Our revised estimates are below consensus because we exclude any ET contribution in our forecast. We are lowering our PT to $36 (previously $39) to account for current market multiples."
Shares of OGE Energy closed at $36.65 yesterday.
You May Also Be Interested In
- UPDATE: Piper Sandler Upgrades M&T Bank (MTB) to Overweight
- Munich Re (MUV2:GR) (MURGY) PT Raised to EUR253 at Credit Suisse
- UPDATE: Baird Upgrades Equifax (EFX) to Outperform
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Downgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!