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UPDATE: Jefferies Upgrades OGE Energy to Buy on Unconventional Play Option

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Jefferies raised its rating on OGE Energy (NYSE: OGE) from Hold to Buy and increased its price taget from $58.50 to $63.50.

Jefferies said, "We are upgrading OGE Energy to Buy from Hold based on a free option for increased gathering and processing volumes in the recently unveiled SCOOP unconventional play. Earlier this week Continental Resources (CLR, $78.67, Buy) unveiled a new very liquids rich unconventional play called the South Central Oklahoma Oil Province (SCOOP). OGE's midstream business, Enogex, has significant acreage dedication in this region and we believe the company's gathering and processing volumes will increase significantly when this area is developed over the next several years."

OGE Energy closed at $56.29 on Thursday.

Latest Ratings for OGE

DateFirmActionFromTo
Apr 2016Argus ResearchDowngradesBuyHold
Mar 2016BarclaysMaintainsEqual-weight
Jan 2016BarclaysMaintainsEqual-weight

View More Analyst Ratings for OGE
View the Latest Analyst Ratings

Posted-In: JefferiesAnalyst Color Upgrades Intraday Update Analyst Ratings

 

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