Declared Dividend • May 21
First quarter dividend of US$0.42 announced Shareholders will receive a dividend of US$0.42. Ex-date: 6th July 2026 Payment date: 31st July 2026 Dividend yield will be 3.8%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (75% earnings payout ratio) but not covered by cash flows (156% cash payout ratio). The dividend has increased by an average of 4.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 24% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • May 21
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 6 highly experienced directors. Independent Director Lyle Ganske was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • May 16
OGE Energy Corp. Declares Third Quarter Dividend on Common Share, Payable on July 31, 2026 OGE Energy Corp. at its Annual Meeting of Shareholders held on May 14, 2026 announced that its board of directors also declared a third quarter dividend of $0.425 per common share of stock, to be paid July 31, 2026, to shareholders of record July 6, 2026. The dividend was unchanged from the previous quarter. Announcement • May 02
OGE Energy Corp. Provides Unchanged Consolidated Earnings Guidance for the Year 2026 OGE Energy Corp. provided earnings guidance for the year 2026. For the year, OGE Energy's 2026 consolidated earnings guidance remains unchanged and is projected to be $2.43 per average diluted share, within a range of $2.38 to $2.48 per average diluted share. The guidance assumes, among other things, normal weather for the remainder of the year. OG&E has significant seasonality in its earnings due to weather on a year-over-year basis. Announcement • Apr 03
OGE Energy Corp., Annual General Meeting, May 14, 2026 OGE Energy Corp., Annual General Meeting, May 14, 2026. Announcement • Feb 26
Oge Energy Corp. Announces Retirement of Director Judy R. Mcreynolds, Effective May 14, 2026 OGE Energy Corp. announced that Judy R. McReynolds, a member of the Board of Directors, informed the Company that she will not stand for re-election at the end of her term and will retire from the Board at the upcoming annual shareholder meeting scheduled for May 14, 2026. Her retirement will be effective on that date. Judy R. McReynolds' retirement follows more than 14 years of service on the Board and various Board committees, with five years as the Lead Director. Announcement • Feb 18
OGE Energy Corp. Approves Second Quarter Dividend, Payable on April 24, 2026 On February 17, 2026, the OGE Energy Corp.'s Board of Directors approved a second quarter dividend of $0.425 per common share of stock, to be paid April 24, 2026, to shareholders of record on April 6, 2026. Announcement • Jan 09
OG&E Appoints John Laws as Chief Commercial Officer to Lead Newly Established Commercial Organization OG&E appointed John Laws as Chief Commercial Officer, leading the company's newly established Commercial organization. John's leadership of the new Commercial organization will create innovative energy solutions for customers. His experience and vision will lead transformative programs and personalized services to strengthen the customer experience and deliver reliable energy at low costs. Announcement • Dec 04
OGE Energy Corp. Approves First Quarter Dividend, Payable on January 30, 2026 OGE Energy Corp. announced that its Board of Directors approved a first quarter dividend of $0.425 per common share of stock, to be paid on January 30, 2026, to shareholders of record on January 5, 2026. Announcement • Nov 21
OGE Energy Corp. has filed a Follow-on Equity Offering in the amount of $172.5 million. OGE Energy Corp. has filed a Follow-on Equity Offering in the amount of $172.5 million.
Security Name: Common Stock
Security Type: Common Stock Announcement • Oct 29
OGE Energy Corp. Provides Consolidated Earnings Guidance for the Full Year of 2025 OGE Energy Corp. provided consolidated earnings guidance for the full year of 2025. For the year, the company expects consolidated earnings guidance remains to be in the top half of its original 2025 earnings guidance range of $2.21 to $2.33 per average diluted share. Announcement • Jul 31
OGE Energy Corp. Announces Appointment of Lyle Ganske to Board of Directors OGE Energy Corp. announced the appointment of Lyle G. Ganske to the OGE Energy board of directors. Ganske will serve on the nominating, corporate governance and stewardship committee. Ganske brings more than 40 years' experience in advising boards of directors on fiduciary duty-related matters, corporate governance, and corporate transactions. He currently serves as Of Counsel at the law firm of Jones Day, after serving in multiple leadership roles including head of the firm's Global M&A Practice. Ganske's expertise includes corporate governance, executive compensation, and general corporate counsel, covering various industries such as energy, manufacturing, retail, telecom, utilities, and process industries.Ganske is a frequent speaker and coauthor of many articles on corporate governance. He serves on the advisory board of two private equity funds and on the board of multiple portfolio companies of those funds. Announcement • Jul 30
OGE Energy Corp. Provides Earnings Guidance for the Full Year 2025 OGE Energy Corp. provided earnings guidance for the full year 2025. For the year, the company's consolidated earnings guidance remains projected to be within a range of $2.21 to $2.33 per average diluted share. Due to year-to-date performance and continued strong economic growth in Oklahoma and Arkansas, OGE Energy's consolidated earnings are expected to be in the top half of its 2025 earnings guidance range. Announcement • May 16
OGE Energy Corp. Declares Third Quarter Dividend, Payable on July 25, 2025 The OGE Energy board of directors also declared a third quarter dividend of $0.42125 per common share of stock, to be paid July 25, 2025, to shareholders of record July 7, 2025. Announcement • Mar 06
OGE Energy Corp., Annual General Meeting, May 15, 2025 OGE Energy Corp., Annual General Meeting, May 15, 2025. Reported Earnings • Nov 05
Third quarter 2024 earnings released: EPS: US$1.09 (vs US$1.21 in 3Q 2023) Third quarter 2024 results: EPS: US$1.09 (down from US$1.21 in 3Q 2023). Revenue: US$965.4m (up 2.1% from 3Q 2023). Net income: US$218.7m (down 9.6% from 3Q 2023). Profit margin: 23% (down from 26% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • Nov 05
OGE Energy Corp. Provides Earnings Guidance for the Year 2024 OGE Energy Corp. provided earnings guidance for the year 2024. Company expected consolidated earnings at the top of its original guidance range of $2.06 to $2.18 per average diluted share. The guidance assumes, among other things, approval of the uncontested rate review settlement by the Oklahoma Corporation Commission in 2024, approximately 201.5 million average diluted shares outstanding, and normal weather for the remainder of the year. Declared Dividend • Sep 26
Second quarter dividend of US$0.42 announced Shareholders will receive a dividend of US$0.42. Ex-date: 7th October 2024 Payment date: 25th October 2024 Dividend yield will be 4.3%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (81% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 6.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 20% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: US$0.51 (vs US$0.44 in 2Q 2023) Second quarter 2024 results: EPS: US$0.51 (up from US$0.44 in 2Q 2023). Revenue: US$662.6m (up 9.5% from 2Q 2023). Net income: US$102.3m (up 16% from 2Q 2023). Profit margin: 15% (in line with 2Q 2023). Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Aug 07
OGE Energy Corp. Reaffirms Consolidated Earnings Guidance for the Year 2024 OGE Energy Corp. reaffirmed consolidated earnings guidance for the year 2024. For the period, the consolidated earnings guidance is reaffirmed and remains projected to be within a range of $2.06 to $2.18 per average diluted share. Due to strong load growth and warmer than normal weather in the first half of 2024, OGE Energy’s consolidated earnings are expected to be in the top half of its 2024 earnings guidance range. Upcoming Dividend • Jul 01
Upcoming dividend of US$0.42 per share Eligible shareholders must have bought the stock before 08 July 2024. Payment date: 26 July 2024. Payout ratio is on the higher end at 84%, and the cash payout ratio is above 100%. Trailing yield: 4.7%. Within top quartile of German dividend payers (4.7%). Lower than average of industry peers (5.6%). Declared Dividend • May 20
First quarter dividend of US$0.42 announced Shareholders will receive a dividend of US$0.42. Ex-date: 8th July 2024 Payment date: 26th July 2024 Dividend yield will be 4.7%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (84% earnings payout ratio) but not covered by cash flows (dividend approximately 14x free cash flows). The dividend has increased by an average of 7.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 20% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 18
OGE Energy Corp. Declares A Third Quarter Dividend, Payable on July 26, 2024 The OGE Energy board of directors declared a third quarter dividend of $0.4182 per common share of stock, to be paid July 26, 2024, to shareholders of record July 8, 2024. The dividend was unchanged from the previous quarter. Buy Or Sell Opportunity • May 17
Now 22% undervalued Over the last 90 days, the stock has risen 11% to €33.40. The fair value is estimated to be €42.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.8% over the last 3 years. Earnings per share has declined by 8.3%. For the next 3 years, revenue is forecast to grow by 4.9% per annum. Earnings are also forecast to grow by 6.8% per annum over the same time period. Announcement • May 03
OGE Energy Corp. Provides Earnings Guidance for the Fiscal Year 2024 OGE Energy Corp. provided earnings guidance for the fiscal year 2024. For the year, the company is projected to be $2.12 per average diluted share, within a range of $2.06 to $2.18 per average diluted share. Reported Earnings • May 02
First quarter 2024 earnings released: EPS: US$0.093 (vs US$0.19 in 1Q 2023) First quarter 2024 results: EPS: US$0.093 (down from US$0.19 in 1Q 2023). Revenue: US$596.8m (up 7.1% from 1Q 2023). Net income: US$18.6m (down 51% from 1Q 2023). Profit margin: 3.1% (down from 6.9% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Apr 02
OGE Energy Corp., Annual General Meeting, May 16, 2024 OGE Energy Corp., Annual General Meeting, May 16, 2024, at 10:00 Central Daylight. Agenda: To elect 10 directors; to ratify the appointment of Ernst& Young LLP as principal independent accountants for 2024; to consider holding an advisory vote to approve named executive officers compensation; to consider shareholder proposal regarding simple majority vote; and to attend to any other business properly presented at the meeting. Upcoming Dividend • Mar 29
Upcoming dividend of US$0.42 per share Eligible shareholders must have bought the stock before 05 April 2024. Payment date: 26 April 2024. Payout ratio is on the higher end at 80%, and the cash payout ratio is above 100%. Trailing yield: 4.9%. Within top quartile of German dividend payers (4.7%). Lower than average of industry peers (5.9%). Declared Dividend • Feb 23
Fourth quarter dividend of US$0.42 announced Shareholders will receive a dividend of US$0.42. Ex-date: 5th April 2024 Payment date: 26th April 2024 Dividend yield will be 5.1%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (80% earnings payout ratio) but not covered by cash flows (dividend approximately 6x free cash flows). The dividend has increased by an average of 7.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 15% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 22
Full year 2023 earnings released: EPS: US$2.08 (vs US$3.33 in FY 2022) Full year 2023 results: EPS: US$2.08 (down from US$3.33 in FY 2022). Revenue: US$2.67b (down 21% from FY 2022). Net income: US$416.8m (down 37% from FY 2022). Profit margin: 16% (down from 20% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Feb 22
OGE Energy Corp. Approves Second Quarter Dividend, Payable on April 26, 2024 OGE Energy Corp. announced that on February 19, 2024, the Company's Board of Directors approved a second quarter dividend of $0.4182 per common share of stock, to be paid April 26, 2024, to shareholders of record on April 8, 2024. Upcoming Dividend • Dec 29
Upcoming dividend of US$0.42 per share at 4.8% yield Eligible shareholders must have bought the stock before 05 January 2024. Payment date: 26 January 2024. Payout ratio is on the higher end at 79% but the company is not cash flow positive. Trailing yield: 4.8%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (5.4%). Announcement • Dec 07
OGE Energy Corp. Declares Quarterly Dividend, Payable on January 26, 2024 OGE Energy Corp. announced that its Board of Directors approved a first quarter dividend of $0.4182 per common share of stock, to be paid on January 26, 2024, to shareholders of record on January 8, 2024. Announcement • Nov 04
OGE Energy Corp. Revises Consolidated Earnings Guidance for the Year 2023 OGE Energy Corp. revised consolidated earnings guidance for the year 2023. The company's consolidated earnings guidance midpoint and range for 2023 have been increased and narrowed and the range is now projected to be $2.02 to $2.07 per average diluted share, increased from $1.93 to $2.07 per average diluted share. Reported Earnings • Nov 03
Third quarter 2023 earnings released: EPS: US$1.21 (vs US$1.31 in 3Q 2022) Third quarter 2023 results: EPS: US$1.21 (down from US$1.31 in 3Q 2022). Revenue: US$945.4m (down 26% from 3Q 2022). Net income: US$241.9m (down 8.0% from 3Q 2022). Profit margin: 26% (up from 21% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 4.9% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Board Change • Oct 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 4 highly experienced directors. Independent Director Cathy Gates was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 27
OGE Energy Corp. Board of Directors Declares Quarterly Dividend, Payable on October 27, 2023 OGE Energy Corp. announced that its Board of Directors approved a fourth quarter dividend of $0.4182 per common share of stock, to be paid on October 27, 2023, to shareholders of record on October 10, 2023. Announcement • Aug 10
OGE Energy Corp. Provides Earnings Guidance for the Fiscal Year 2023 OGE Energy Corp. provided earnings guidance for the fiscal year 2023. for the year, the company expects earnings of to be between $387 million to $416 million, or $1.93 to $2.07 per average diluted share, with a midpoint of $402 million, or $2.00 per average diluted share. Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: US$0.44 (vs US$0.36 in 2Q 2022) Second quarter 2023 results: EPS: US$0.44 (up from US$0.36 in 2Q 2022). Revenue: US$605.0m (down 25% from 2Q 2022). Net income: US$88.4m (up 21% from 2Q 2022). Profit margin: 15% (up from 9.1% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 3.9% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 30
Upcoming dividend of US$0.41 per share at 4.7% yield Eligible shareholders must have bought the stock before 07 July 2023. Payment date: 28 July 2023. Payout ratio is on the higher end at 78% but the company is not cash flow positive. Trailing yield: 4.7%. Within top quartile of German dividend payers (4.7%). In line with average of industry peers (5.0%). Announcement • May 05
OGE Energy Corp. Provides Earnings Guidance for the Year 2023 OGE Energy Corp. provided earnings guidance for the year 2023. OGE Energy's 2023 earnings guidance remains unchanged and is projected to be between $387 million to $416 million, or $1.93 to $2.07 per average diluted share, with a midpoint of $402 million, or $2.00 per average diluted share. OG&E is projected to earn approximately $400 million to $421 million, or $1.99 to $2.09 per average diluted share, with a midpoint of $411 million, or $2.04 per average diluted share. Reported Earnings • May 05
First quarter 2023 earnings released: EPS: US$0.19 (vs US$1.40 in 1Q 2022) First quarter 2023 results: EPS: US$0.19 (down from US$1.40 in 1Q 2022). Revenue: US$557.2m (down 5.4% from 1Q 2022). Net income: US$38.3m (down 86% from 1Q 2022). Profit margin: 6.9% (down from 47% in 1Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 4.0% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 30
Upcoming dividend of US$0.41 per share at 4.5% yield Eligible shareholders must have bought the stock before 06 April 2023. Payment date: 28 April 2023. Payout ratio is a comfortable 49% but the company is not cash flow positive. Trailing yield: 4.5%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (5.1%). Recent Insider Transactions • Mar 02
Independent Director recently bought €173k worth of stock On the 27th of February, David Rainbolt bought around 5k shares on-market at roughly €34.59 per share. This transaction amounted to 50% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold €166k more in shares than they bought in the last 12 months. Reported Earnings • Feb 24
Full year 2022 earnings released: EPS: US$3.33 (vs US$3.69 in FY 2021) Full year 2022 results: EPS: US$3.33 (down from US$3.69 in FY 2021). Revenue: US$3.38b (down 7.6% from FY 2021). Net income: US$665.7m (down 9.7% from FY 2021). Profit margin: 20% (in line with FY 2021). Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 30
Upcoming dividend of US$0.41 per share Eligible shareholders must have bought the stock before 06 January 2023. Payment date: 27 January 2023. Payout ratio is a comfortable 35% but the company is paying out more than the cash it is generating. Trailing yield: 4.1%. Lower than top quartile of German dividend payers (5.1%). In line with average of industry peers (4.4%). Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 2 highly experienced directors. Independent Director Luke Kissam was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 05
Third quarter 2022 earnings released: EPS: US$1.31 (vs US$1.26 in 3Q 2021) Third quarter 2022 results: EPS: US$1.31 (up from US$1.26 in 3Q 2021). Revenue: US$1.27b (up 47% from 3Q 2021). Net income: US$262.8m (up 4.1% from 3Q 2021). Profit margin: 21% (down from 29% in 3Q 2021). Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Nov 04
OGE Energy Corp. Provides Earnings Guidance for the Year 2022 OGE Energy Corp. provided earnings guidance for the year 2022. For the year, the company is projected to earn approximately $417.0 million to $425.0 million, or $2.08 to $2.12 per average diluted share, with a midpoint of $421.0 million, or $2.10 per average diluted share, in 2022. OG&E has significant seasonality in its earnings due to weather on a year over year basis. As indicated in its 2021 Form 10-K, OGE Energy did not issue guidance for its natural gas midstream operations segment and therefore did not issue 2022 consolidated earnings guidance. OGE Energy expects a loss of $2.0 million to $6.0 million, or $0.01 to $0.03 per average diluted share, at the holding company in 2022. Announcement • Sep 28
OGE Energy Corp. Declares Quarterly Dividend, Payable on October 28, 2022 OGE Energy Corp. announced that its Board of Directors approved a fourth quarter dividend of $0.4141 per common share of stock, to be paid on October 28, 2022, to shareholders of record on October 11, 2022. Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: US$0.36 (vs US$0.56 in 2Q 2021) Second quarter 2022 results: EPS: US$0.36 (down from US$0.56 in 2Q 2021). Revenue: US$803.7m (up 39% from 2Q 2021). Net income: US$73.1m (down 35% from 2Q 2021). Profit margin: 9.1% (down from 20% in 2Q 2021). Over the next year, revenue is forecast to grow 17% compared to a 4.8% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Aug 05
OGE Energy Corp. Provides Earning Guidance for 2022 OGE Energy Corp. provided earning guidance for 2022. OG&E's 2022 earnings guidance is unchanged and is between approximately $375 million to $395 million, or $1.87 to $1.97 per average diluted share. Due to warmer than expected weather in the first half of 2022, OG&E's earnings are expected to be in the top half of its 2022 earnings guidance range. Upcoming Dividend • Jul 01
Upcoming dividend of US$0.41 per share Eligible shareholders must have bought the stock before 08 July 2022. Payment date: 29 July 2022. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 4.3%. Lower than top quartile of German dividend payers (4.5%). In line with average of industry peers (4.5%). Announcement • May 20
OGE Energy Corp. Declares Third Quarter Dividend, Payable on July 29, 2022 The OGE Energy Corp. board of directors also declared a third quarter dividend of $0.41 per common share of stock, to be paid July 29, 2022, to shareholders of record July 11, 2022. The dividend was unchanged from the previous quarter. Announcement • May 10
OGE Energy Corp., Annual General Meeting, May 19, 2022 OGE Energy Corp., Annual General Meeting, May 19, 2022, at 10:00 Central Daylight. Agenda: To Elect board of directors; to ratify the appointment of Ernst & Young LLP as the company's principal independent accountants for 2022; to hold an advisory vote to approve named executive officer compensation; to approve amendment of the restated certificate of incorporation to eliminate supermajority voting provisions; and to discuss other matters. Reported Earnings • May 06
First quarter 2022 earnings released: EPS: US$1.40 (vs US$0.26 in 1Q 2021) First quarter 2022 results: EPS: US$1.40 (up from US$0.26 in 1Q 2021). Revenue: US$589.3m (down 64% from 1Q 2021). Net income: US$279.5m (up 430% from 1Q 2021). Profit margin: 47% (up from 3.2% in 1Q 2021). Over the next year, revenue is forecast to grow 44%, compared to a 3.2% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • May 06
OGE Energy Corp. Provides Earnings Guidance for the Year 2022 OGE Energy Corp. provided earnings guidance for the year 2022. For the year, earnings guidance is unchanged and is between approximately $375 million to $395 million, or $1.87 to $1.97 per average diluted share. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 3 highly experienced directors. Independent Director Luke Kissam was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Apr 02
VP of Governance & Corporate Secretary recently sold €146k worth of stock On the 28th of March, Patricia Horn sold around 4k shares on-market at roughly €36.40 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought €256k more than they sold in the last 12 months. Upcoming Dividend • Apr 01
Upcoming dividend of US$0.41 per share Eligible shareholders must have bought the stock before 08 April 2022. Payment date: 29 April 2022. Payout ratio is a comfortable 44% but the company is not cash flow positive. Trailing yield: 4.0%. Within top quartile of German dividend payers (3.7%). In line with average of industry peers (4.2%). Recent Insider Transactions • Mar 11
Insider recently sold €80k worth of stock On the 8th of March, Cristina McQuistion sold around 2k shares on-market at roughly €36.19 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought €403k more than they sold in the last 12 months. Reported Earnings • Feb 25
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: US$3.69 (up from US$0.87 loss in FY 2020). Revenue: US$3.65b (up 72% from FY 2020). Net income: US$737.3m (up US$911.0m from FY 2020). Profit margin: 20% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 27%. Over the next year, revenue is expected to shrink by 32% compared to a 7.5% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Buying Opportunity • Feb 04
Now 21% undervalued Over the last 90 days, the stock is up 14%. The fair value is estimated to be US$41.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% per annum over the last 3 years. The company has become profitable over the last year. Board Change • Feb 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 3 highly experienced directors. Independent Director Luke Kissam was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Dec 31
Upcoming dividend of US$0.41 per share Eligible shareholders must have bought the stock before 07 January 2022. Payment date: 28 January 2022. Payout ratio is a comfortable 68% but the company is not cash flow positive. Trailing yield: 4.3%. Within top quartile of German dividend payers (3.3%). Higher than average of industry peers (3.8%). Recent Insider Transactions • Nov 16
Independent Director recently bought €90k worth of stock On the 11th of November, David Rainbolt bought around 3k shares on-market at roughly €29.92 per share. In the last 3 months, they made an even bigger purchase worth €153k. Despite this recent purchase, insiders have collectively sold €365k more in shares than they bought in the last 12 months. Reported Earnings • Nov 05
Third quarter 2021 earnings released: EPS US$2.73 (vs US$0.89 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$1.73b (up 146% from 3Q 2020). Net income: US$546.7m (up 208% from 3Q 2020). Profit margin: 32% (up from 25% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 4% per year. Recent Insider Transactions • Aug 26
Independent Director recently bought €153k worth of stock On the 23rd of August, David Rainbolt bought around 5k shares on-market at roughly €30.51 per share. In the last 3 months, there was an even bigger purchase from another insider worth €225k. Despite this recent purchase, insiders have collectively sold €840k more in shares than they bought in the last 12 months. Recent Insider Transactions • Aug 12
Independent Director recently bought €225k worth of stock On the 10th of August, Luther Kissam bought around 8k shares on-market at roughly €29.97 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold €958k more in shares than they bought in the last 12 months. Reported Earnings • Aug 06
Second quarter 2021 earnings released: EPS US$0.56 (vs US$0.43 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$577.4m (up 15% from 2Q 2020). Net income: US$112.9m (up 31% from 2Q 2020). Profit margin: 20% (up from 17% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 02
Upcoming dividend of US$0.40 per share Eligible shareholders must have bought the stock before 09 July 2021. Payment date: 30 July 2021. Trailing yield: 4.7%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (3.8%). Executive Departure • May 27
Independent Director has left the company On the 20th of May, James Brandi's tenure as Independent Director ended after 11.3 years in the role. As of March 2021, James personally held 8.00k shares (€219k worth at the time). A total of 4 executives have left over the last 12 months. Announcement • May 21
OGE Energy Declares Third Quarter Dividend, Payable on July 30, 2021 The OGE Energy board of directors also declared a third quarter dividend of $0.4025 per common share of stock, to be paid July 30, 2021, to shareholders of record July 12, 2021. The dividend was unchanged from the previous quarter. Announcement • May 07
OGE Energy Corp. Provides Earnings Guidance for the Year 2021 OGE Energy Corp. provided earnings guidance for the year 2021. The company's earnings guidance remains unchanged and is between $352 million to $373 million, or $1.76 to $1.86 per average diluted share. Reported Earnings • May 07
First quarter 2021 earnings released: EPS US$0.26 (vs US$2.46 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$1.63b (up 278% from 1Q 2020). Net income: US$52.7m (up US$544.5m from 1Q 2020). Profit margin: 3.2% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Apr 02
Upcoming dividend of US$0.40 per share Eligible shareholders must have bought the stock before 09 April 2021. Payment date: 30 April 2021. Trailing yield: 5.0%. Within top quartile of German dividend payers (3.3%). Higher than average of industry peers (3.7%). Recent Insider Transactions • Mar 13
Insider recently sold €187k worth of stock On the 10th of March, Cristina McQuistion sold around 7k shares on-market at roughly €26.64 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €1.3m more than they bought in the last 12 months. Reported Earnings • Feb 26
Full year 2020 earnings released: US$0.87 loss per share (vs US$2.17 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: US$2.12b (down 4.9% from FY 2019). Net loss: US$173.7m (down 140% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 77% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Feb 26
Revenue misses expectations Revenue missed analyst estimates by 6.7%. Over the next year, revenue is forecast to grow 12%, compared to a 15% growth forecast for the Electric Utilities industry in Germany. Is New 90 Day High Low • Feb 26
New 90-day low: €24.00 The company is down 17% from its price of €28.80 on 27 November 2020. The German market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electric Utilities industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €33.10 per share. Announcement • Feb 19
Energy Transfer LP (NYSE:ET) entered into a definitive merger agreement to acquire Enable Midstream Partners, LP (NYSE:ENBL) from OGE Energy Corp. (NYSE:OGE), CenterPoint Energy, Inc. (NYSE:CNP) and others for $2.6 billion. Energy Transfer LP (NYSE:ET) entered into a definitive merger agreement to acquire Enable Midstream Partners, LP (NYSE:ENBL) from OGE Energy Corp. (NYSE:OGE), CenterPoint Energy, Inc. (NYSE:CNP) and others for $2.6 billion on February 16, 2021. Energy Transfer will acquire Enable in an all-equity transaction valued at approximately $7.2 billion. Under the terms of the agreement, Enable common unitholders will receive 0.8595 ET common units for each Enable common unit. In addition, each outstanding Enable Series A preferred unit will be exchanged for 0.0265 Series G preferred units of Energy Transfer. The transaction will include a $10 million cash payment for Enable’s general partner. Upon closing, Enable unitholders are expected to own approximately 12 percent of Energy Transfer’s outstanding common units. In case of termination, Enable will pay ET a termination fee of $97.5 million.
The transaction is subject to the satisfaction of customary closing conditions, including adoption of the Merger Agreement by holders of a majority of the outstanding Partnership Common Units, voting as a single class, entitled to vote thereon, Hart Scott Rodino Act clearance, registration statement effectiveness and listing/approval of ew shares on stock exchange. The transaction has been unanimously approved by the Board of Directors of ET and the Conflicts Committee and the Board of Directors of Enable. The two largest unitholders of Enable, OGE Energy Corp. and CenterPoint Energy, Inc., which also control the General Partner of Enable, have entered into support agreements, pursuant to which they have agreed to vote their Enable units in favor of the merger, upon effectiveness of the S-4 Registration Statement with the SEC. The transaction is expected to close in mid-2021. The transaction is expected to be immediately accretive to free cash flow post-distributions.
Citi and RBC Capital Markets acted as financial advisors and William N. Finnegan and Kevin M. Richardson of Latham & Watkins LLP acted as legal counsel to Energy Transfer. Goldman Sachs & Co. LLC acted as financial advisor and David P. Oelman, Stephen M. Gill and Scott D. Rubinsky of Vinson & Elkins LLP acted as legal counsel to Enable. Intrepid Partners, LLC acted as financial advisor and provided fairness opinion to Enable. Richards, Layton & Finger, PA acted as legal counsel to Enable’s conflicts committee. J.P. Morgan Securities LLC served as financial advisor and Baker Botts L.L.P. and Wachtell, Lipton, Rosen & Katz acted as legal advisors for CenterPoint Energy. Lazard and Morgan Stanley & Co. LLC acted as financial advisor and Jeff Schlegel of Jones Day acted as legal advisor for OGE. Upcoming Dividend • Jan 01
Upcoming Dividend of US$0.40 Per Share Will be paid on the 29th of January to those who are registered shareholders by the 8th of January. The trailing yield of 5.1% is in the top quartile of German dividend payers (3.5%), and it is higher than industry peers (3.5%).