UPDATE: Jefferies Downgrades OGE Energy to Hold

According to Jefferies, OGE Energy

is downgraded to Hold. Jefferies said that it is downgrading OGE Energy to Hold from Buy based on lower assumed processing and gathering volumes at the company's midstream business. “Using a sum-of-the-parts valuation on 2013 earnings and cash flows, we calculate a PT of $58.50 (from $59.50). For Oklahoma Gas & Electric (regulated utility), we apply a 13.7x multiple, an average for the regulated utility group, which results in a PT of $39.00.” OGE Energy closed yesterday at $54.39.