UPDATE: Mizuho Securities Downgrades OGE Energy (OGE) to Neutral

December 7, 2021 6:25 AM EST
Get Alerts OGE Hot Sheet
Price: $36.74 -1.53%

Rating Summary:
    8 Buy, 10 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 20 | Down: 13 | New: 19
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(Updated - December 7, 2021 6:25 AM EST)

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."

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 $36.65 yesterday.

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