OGE Energy Corp. (OGE, Financial) filed Quarterly Report for the period ended 2010-09-30.
Oge Energy Corp. has a market cap of $4.25 billion; its shares were traded at around $43.79 with a P/E ratio of 15.7 and P/S ratio of 1.5. The dividend yield of Oge Energy Corp. stocks is 3.4%. Oge Energy Corp. had an annual average earning growth of 2.9% over the past 10 years.
Net income attributable to OGE Energy was $264.6 million, or $2.68 per diluted share, during the nine months ended September 30, 2010, as compared to $224.1 million, or $2.31 per diluted share, during the same period in 2009. Included in net income attributable to OGE Energy during the nine months ended September 30, 2010 was a one-time, non-cash charge of $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 7 of Notes to Condensed Consolidated Financial Statements). The increase in net income attributable to OGE Energy of $40.5 million, or 18.1 percent, or $0.37 per diluted share, during the nine months ended September 30, 2010 as compared to the same period in 2009 was primarily due to:
In January 2009, Enogex entered into a Facility Construction, Ownership and Operating Agreement for the installation of transportation and compression facilities necessary to provide gas delivery service to a new natural gas-fired electric generation facility near Pryor, Oklahoma. Construction of the required facilities was completed during August 2010. Aid in Construction payments of $37.2 million received in excess of construction costs have been recognized as Deferred Revenues on the Company s Condensed Consolidated Balance Sheet and will be amortized on a straight-line basis of $1.2 million per year over the life of the related Intrastate Firm Transportation Services agreement under which service will commence in June 2011.
The Company s 2010 ongoing earnings guidance has been increased from between $265 million and $290 million of net income, or $2.70 to $2.95 per average diluted share, to between $292 million and $302 million of net income, or $2.95 to $3.05 per average diluted share. The Company projects OG&E to earn at the upper end of the earnings range of $207 million to $217 million, or $2.10 to $2.20 per average diluted share, in 2010, which remained unchanged from the Company s previously reported ongoing earnings guidance, and the Company projects Enogex to earn between $84 million to $94 million, or $0.85 to $0.95 per average diluted share, in 2010, up from the Company s previously reported ongoing earnings
guidance of $63 million to $85 million, or $0.64 to $0.86 per average diluted share. However, certain key assumptions previously disclosed have changed which are shown 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”) and the Company s Form 10-Q for the quarter ended June 30, 2010.
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Oge Energy Corp. has a market cap of $4.25 billion; its shares were traded at around $43.79 with a P/E ratio of 15.7 and P/S ratio of 1.5. The dividend yield of Oge Energy Corp. stocks is 3.4%. Oge Energy Corp. had an annual average earning growth of 2.9% over the past 10 years.
Highlight of Business Operations:
Net income attributable to OGE Energy was $163.1 million, or $1.65 per diluted share, during the three months ended September 30, 2010, as compared to $136.8 million, or $1.40 per diluted share, during the same period in 2009. The increase in net income attributable to OGE Energy of $26.3 million, or 19.2 percent, or $0.25 per diluted share, during the three months ended September 30, 2010 as compared to the same period in 2009 was primarily due to:Net income attributable to OGE Energy was $264.6 million, or $2.68 per diluted share, during the nine months ended September 30, 2010, as compared to $224.1 million, or $2.31 per diluted share, during the same period in 2009. Included in net income attributable to OGE Energy during the nine months ended September 30, 2010 was a one-time, non-cash charge of $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 7 of Notes to Condensed Consolidated Financial Statements). The increase in net income attributable to OGE Energy of $40.5 million, or 18.1 percent, or $0.37 per diluted share, during the nine months ended September 30, 2010 as compared to the same period in 2009 was primarily due to:
In January 2009, Enogex entered into a Facility Construction, Ownership and Operating Agreement for the installation of transportation and compression facilities necessary to provide gas delivery service to a new natural gas-fired electric generation facility near Pryor, Oklahoma. Construction of the required facilities was completed during August 2010. Aid in Construction payments of $37.2 million received in excess of construction costs have been recognized as Deferred Revenues on the Company s Condensed Consolidated Balance Sheet and will be amortized on a straight-line basis of $1.2 million per year over the life of the related Intrastate Firm Transportation Services agreement under which service will commence in June 2011.
The Company s 2010 ongoing earnings guidance has been increased from between $265 million and $290 million of net income, or $2.70 to $2.95 per average diluted share, to between $292 million and $302 million of net income, or $2.95 to $3.05 per average diluted share. The Company projects OG&E to earn at the upper end of the earnings range of $207 million to $217 million, or $2.10 to $2.20 per average diluted share, in 2010, which remained unchanged from the Company s previously reported ongoing earnings guidance, and the Company projects Enogex to earn between $84 million to $94 million, or $0.85 to $0.95 per average diluted share, in 2010, up from the Company s previously reported ongoing earnings
guidance of $63 million to $85 million, or $0.64 to $0.86 per average diluted share. However, certain key assumptions previously disclosed have changed which are shown 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”) and the Company s Form 10-Q for the quarter ended June 30, 2010.
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