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OGE Energy Corp. Reports Operating Results (10-Q)

August 05, 2010 | About:
10qk

10qk

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OGE Energy Corp. (OGE) filed Quarterly Report for the period ended 2010-06-30.

Oge Energy Corp. has a market cap of $3.88 billion; its shares were traded at around $39.95 with a P/E ratio of 14.5 and P/S ratio of 1.4. The dividend yield of Oge Energy Corp. stocks is 3.6%. Oge Energy Corp. had an annual average earning growth of 2.9% over the past 10 years.OGE is in the portfolios of Stanley Druckenmiller of Duquesne Capital Management, LLC, Louis Moore Bacon of Moore Capital Management, LP, Steven Cohen of SAC Capital Advisors.

Highlight of Business Operations:

Net income attributable to OGE Energy was approximately $77.3 million, or $0.78 per diluted share, during the three months ended June 30, 2010, as compared to approximately $70.5 million, or $0.72 per diluted share, during the same period in 2009. The increase in net income attributable to OGE Energy of approximately $6.8 million, or 9.6 percent, or $0.06 per diluted share, during the three months ended June 30, 2010 as compared to the same period in 2009 was primarily due to:

Net income attributable to OGE Energy was approximately $101.5 million, or $1.03 per diluted share, during the six months ended June 30, 2010, as compared to approximately $87.3 million, or $0.91 per diluted share, during the same period in 2009. Included in net income attributable to OGE Energy during the six months ended June 30, 2010 was a one-time, non-cash charge of approximately $11.4 million, or $0.11 per diluted share, related to the elimination of the tax deduction for the Medicare Part D subsidy (discussed in Note 6 of Condensed Consolidated Financial Statements). The increase in net income attributable to OGE Energy of approximately $14.2 million, or 16.3 percent, or $0.12 per diluted share, during the six months ended June 30, 2010 as compared to the same period in 2009 was primarily due to:

The Company s 2010 ongoing earnings guidance remains unchanged and is between approximately $265 million and $290 million of net income, or $2.70 to $2.95 per average diluted share, and is projected to be at the upper end of the earnings range. However, certain key assumptions previously disclosed have changed which are listed below. All other assumptions are unchanged from those included in the earnings guidance in the Company s Annual Report on Form 10-K for the year ended December 31, 2009 (“2009 Form 10-K”).

The Company projects OG&E to earn approximately $207 million to $217 million, or $2.10 to $2.20 per average diluted share, in 2010. The key assumptions that have changed include:

The Company projects Enogex to earn at the top end of the range of approximately $63 million to $85 million, or $0.64 to $0.86 per average diluted share, in 2010. The key assumptions that have changed include:

Read the The complete Report

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