Analyst Note
| Travis Miller |We are reaffirming our $36 fair value estimate for OGE Energy after the company reported first-quarter earnings per share of $0.19 at its regulated distribution utility, OG&E, up from $0.16 during the first quarter of 2021, adjusting for the losses incurred during 2021's winter storm Uri. Results are on track to meet our full-year and long-term outlooks. We are reaffirming our no-moat and stable moat trend ratings.