We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
OGE Energy (OGE) Reports Q4 Earnings, Sees Y/Y Revenue Increase
Read MoreHide Full Article
Shares of OGE Energy Corp. (OGE - Free Report) dropped 5% to reach $29.59 on Mar 1, reflecting investor skepticism following the company's lower-than-expected fourth-quarter results.
OGE Energy reported fourth-quarter 2020 adjusted earnings of 30 cents per share.
Including one-time items, the company reported GAAP earnings of 27 cents per share compared with earnings of 18 cents in the year-ago quarter.
For 2020, the company reported adjusted earnings of $2.08 per share. The company also reported GAAP loss of 87 cents per share against earnings of $2.16 recorded in 2019.
OGE Energy Corporation Price, Consensus and EPS Surprise
OGE Energy’s operating revenues of $485.4 million rose 2.7% from $472.5 million in the prior-year quarter. The year-over-year upside was primarily due to higher revenues from contracts with customers and other reduced revenues.
For 2020, the company generated revenues worth $2,122.3 million compared with $2,231.6 million recorded in 2019.
Operational Highlights
Total sales in the reported quarter amounted to 6.7 million megawatt-hours (MWh), which came in line with the prior-year quarter’s figure. Meanwhile, the company’s customer count inched up 1.1% to 867,389.
Cost of sales was $163.1 million compared with $161.6 million in the prior-year quarter.
Total operating expenses slipped 0.3% year over year to $239.8 million on account of reduced operation and maintenance expenses.
Operating income improved 17.4% to $82.5 million from the year-ago quarter’s $70.3 million.
Interest expenses totaled $39.6 million in the fourth quarter, up from $37.8 million a year ago.
Highlights
OGE Energy reported net loss of $173.7 million in 2020, down from the prior-year’s earnings of $433.6 million.
The OG&E segment’s net income declined 3.1% to $339 million in 2020 from $350 million reported in 2019. The decrease can be primarily attributed to higher depreciation and amortization expense on account of additional assets being placed into service, lower revenues from mild summer weather and COVID-19 impacts, higher income tax expense and higher interest expense driven by increased long-term debt outstanding.
The Natural Gas MidstreamOperations segment posted net loss of $515 million against earnings of $81.4 million in the prior year. The decrease was primarily led by decrease in equity in earnings of Enable related to the impairment of OGE Energy's investment in Enable recorded in March 2020.
Zacks Rank
OGE Energy currently carries a Zacks Rank #4 (Sell).
Xcel Energy Inc. (XEL - Free Report) posted fourth-quarter 2020 operating earnings of 54 cents per share, in line with the Zacks Consensus Estimate.
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2020 adjusted earnings of 40 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 2.6%.
CMS Energy Corp. (CMS - Free Report) reported fourth-quarter 2020 adjusted earnings per share of 56 cents, which surpassed the Zacks Consensus Estimate of 55 cents by 1.8%.
Zacks Top 10 Stocks for 2021
In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?
Last year's 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
Image: Bigstock
OGE Energy (OGE) Reports Q4 Earnings, Sees Y/Y Revenue Increase
Shares of OGE Energy Corp. (OGE - Free Report) dropped 5% to reach $29.59 on Mar 1, reflecting investor skepticism following the company's lower-than-expected fourth-quarter results.
OGE Energy reported fourth-quarter 2020 adjusted earnings of 30 cents per share.
Including one-time items, the company reported GAAP earnings of 27 cents per share compared with earnings of 18 cents in the year-ago quarter.
For 2020, the company reported adjusted earnings of $2.08 per share. The company also reported GAAP loss of 87 cents per share against earnings of $2.16 recorded in 2019.
OGE Energy Corporation Price, Consensus and EPS Surprise
OGE Energy Corporation price-consensus-eps-surprise-chart | OGE Energy Corporation Quote
Revenues
OGE Energy’s operating revenues of $485.4 million rose 2.7% from $472.5 million in the prior-year quarter. The year-over-year upside was primarily due to higher revenues from contracts with customers and other reduced revenues.
For 2020, the company generated revenues worth $2,122.3 million compared with $2,231.6 million recorded in 2019.
Operational Highlights
Total sales in the reported quarter amounted to 6.7 million megawatt-hours (MWh), which came in line with the prior-year quarter’s figure. Meanwhile, the company’s customer count inched up 1.1% to 867,389.
Cost of sales was $163.1 million compared with $161.6 million in the prior-year quarter.
Total operating expenses slipped 0.3% year over year to $239.8 million on account of reduced operation and maintenance expenses.
Operating income improved 17.4% to $82.5 million from the year-ago quarter’s $70.3 million.
Interest expenses totaled $39.6 million in the fourth quarter, up from $37.8 million a year ago.
Highlights
OGE Energy reported net loss of $173.7 million in 2020, down from the prior-year’s earnings of $433.6 million.
The OG&E segment’s net income declined 3.1% to $339 million in 2020 from $350 million reported in 2019. The decrease can be primarily attributed to higher depreciation and amortization expense on account of additional assets being placed into service, lower revenues from mild summer weather and COVID-19 impacts, higher income tax expense and higher interest expense driven by increased long-term debt outstanding.
The Natural Gas Midstream Operations segment posted net loss of $515 million against earnings of $81.4 million in the prior year. The decrease was primarily led by decrease in equity in earnings of Enable related to the impairment of OGE Energy's investment in Enable recorded in March 2020.
Zacks Rank
OGE Energy currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Utility Releases
Xcel Energy Inc. (XEL - Free Report) posted fourth-quarter 2020 operating earnings of 54 cents per share, in line with the Zacks Consensus Estimate.
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2020 adjusted earnings of 40 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 2.6%.
CMS Energy Corp. (CMS - Free Report) reported fourth-quarter 2020 adjusted earnings per share of 56 cents, which surpassed the Zacks Consensus Estimate of 55 cents by 1.8%.
Zacks Top 10 Stocks for 2021
In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?
Last year's 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
Access Zacks Top 10 Stocks for 2021 today >>