Jeffries Raises its Price Target on OGE Energy (OGE)

OGE Energy Corp. (NYSE:OGE) is included among the 12 Best Utility Stocks to Buy for Dividends.

Jeffries Raises its Price Target on OGE Energy (OGE)

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OGE Energy Corp. (NYSE:OGE), through its subsidiary, operates as an energy services provider in the United States. With about 7,116 megawatts of capacity, the company generates, transmits, distributes, and sells electric energy.

OGE Energy Corp. (NYSE:OGE) received a lift on October 22 after Jefferies raised the stock’s price target from $52 to $55, while keeping a ‘Buy’ rating on its shares. The analyst expects a mostly positive “super cycle” of updates in the third quarter, with messages of “capex up & cost of capital down” from the utilities sector.

OGE Energy Corp. (NYSE:OGE) remains focused on expansion, with the aim of adding approximately 550 MW of capacity to meet the growing customer demand. This includes the new natural gas combustion turbines at Tinker as well as at Horseshoe Lake Units 11 and 12. These units are expected to be operational within the next year.

OGE Energy Corp. (NYSE:OGE) declared a quarterly dividend of $0.425 per share last month and boasts an annual dividend yield of 3.66% as of the writing of this piece.

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Disclosure: None.