UPDATE: Jefferies Downgrades OGE Energy to Hold on Lower Volume Guidance

Jefferies downgraded OGE Energy

from Buy to Hold and lowered the price target from $63.50 to $59.00. Jefferies commented, "We are downgrading OGE to Hold from Buy based on management's new volume guidance, which calls for less growth than our original forecast. The driver for this lower growth rate is weak NGL prices, which are causing drillers to focus on more profitable oil plays versus NGLs. With NGL prices forecasted to be weak throughout 1H13, we believe OGE will perform more in line with other regulated utilities." OGE Energy closed at $58.23 on Wednesday.