It has been about a month since the last earnings report for OGE Energy (OGE Quick QuoteOGE - Free Report) . Shares have added about 1.8% in that time frame, underperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is OGE Energy due for a pullback? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent drivers for OGE Energy Corporation before we dive into how investors and analysts have reacted as of late.

OGE Energy’s Q1 Earnings Match Estimates, Revenues Rise Y/Y

The company reported first-quarter 2026 earnings of 24 cents per share, down 22.6% from 31 cents in the year-ago period. The bottom line came in line with the Zacks Consensus Estimate.

OGE Energy’s Revenues

OGE’s operating revenues of $752.6 million increased 0.7% from $747.7 million recorded in the prior-year quarter. The top line missed the Zacks Consensus Estimate of $765 million by 1.7%.

OGE’s Operational Highlights

Total sales in the reported quarter were 8 million megawatt-hours (MWh), down from 8.2 MWh in the prior-year quarter. The company’s customer count rose 0.7% to 915,232.

In the first quarter of 2026, the cost of fuel, purchased power and direct transmission increased 3.9% to $336.7 million from $324 million in the prior year.

Total operating expenses in the first quarter of 2026 rose 4.3% to $302.8 million, primarily driven by higher other operation and maintenance expenses.

Operating income totaled $113.1 million in the first quarter of 2026, down 15.2% from the year-ago level of $133.3 million.

Financial Highlights of OGE

As of March 31, 2026, OGE Energy had cash and cash equivalents of $0.2 million, nearly unchanged from the level reported at the end of 2025.

Long-term debt stood at $5.37 billion as of March 31, 2026, remaining largely stable compared with Dec. 31, 2025.

During the first three months of 2026, OGE generated cash from operating activities worth $187.6 million compared with the year-ago figure of $46.7 million.

OGE’s 2026 Guidance

The company expects to generate earnings in the range of $2.38-$2.48 per share. The Zacks Consensus Estimate is pegged at $2.42, which is just below the midpoint of the company’s guided range.

How Have Estimates Been Moving Since Then?

It turns out, estimates review have trended downward during the past month.

VGM Scores

At this time, OGE Energy has a average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, the stock has a score of C on the value side, putting it in the middle 20% for value investors.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of this revision indicates a downward shift. Notably, OGE Energy has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

OGE Energy is part of the Zacks Utility - Electric Power industry. Over the past month, PG&E (PCG Quick QuotePCG - Free Report) , a stock from the same industry, has gained 1%. The company reported its results for the quarter ended March 2026 more than a month ago.

PG&E reported revenues of $6.88 billion in the last reported quarter, representing a year-over-year change of +15%. EPS of $0.43 for the same period compares with $0.33 a year ago.

For the current quarter, PG&E is expected to post earnings of $0.37 per share, indicating a change of +19.4% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for PG&E. Also, the stock has a VGM Score of B.