OGE reported 1Q19 EPS of $0.24, in-line with consensus / us at $0.24 / 0.23. Results were down $0.03 from 1Q18 primarily due to drag associated with the the Sooner / Muskogee projects that have yet to be reflected in customer rates. Favorable weather and customer growth acted as partial offsets. Contribution from ENBL was down modestly YoY after a basis adjustment in OGE’s investment due to equity dilution (ENBL incentive comp). OGE is on track to deliver within its 2019 guidance and reaffirmed its $2.05-2.20 range (WRe $2.14). Expected guidance ranges for OG&E and ENBL remained the same as well.
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We believe the company’s recent track record of solid execution and signs of a more stable regulatory environment in Oklahoma have spurred the stock’s strong relative run over the last several months. In addition, OGE has one of the best balance sheets in the sector which was top of mind for investors following tax reform last year. ENBL volatility presents risk, but is also potential upside – Peer Perform.