OGE Energy (OGE) Launches Public Stock Offering

OGE Energy Corp. (NYSE:OGE) is included among the 14 Best Utility Dividend Stocks to Buy Now.

OGE Energy (OGE) Launches Public Stock Offering

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) announced on November 20 that it has launched a public offering of $345 million worth of common stock, while also granting underwriters an option to purchase up to $51.75 million in additional shares. The company intends to use the proceeds to fund capital expenditures, including the Horseshoe Lake generating units 13 and 14 and the Ft. Smith to Muskogee Transmission line, as well as for general corporate purposes, including debt repayment or refinancing.

In other news, Mizuho reiterated its ‘Buy’ rating on OGE Energy Corp. (NYSE:OGE) on November 17, while assigning a target of $47, representing an upside potential of 6.5%. Moreover, Wells Fargo also reiterated its ‘Hold’ rating on the stock on November 19.

While we acknowledge the potential of OGE as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than OGE and that has a 100x upside potential, check out our report about the cheapest AI stock.

READ NEXT: 10 Best Renewable Energy Dividend Stocks to Buy Now and 11 Best High Yield Energy Stocks to Buy Now.

Disclosure: None.