OGE Energy Corp. OGE continues to benefit from its strategic investments, which are focused on infrastructure upgradation. The company also stands to benefit from its efforts to expand its renewable energy generation portfolio, positioning it for sustained long-term growth.

However, this Zacks Rank #3 (Hold) company faces risks related to supply-chain disruption.

Factors Acting in Favor of OGE

Rising data center demand in Oklahoma is emerging as a meaningful growth driver for OGE Energy, supporting long-term electricity load growth and infrastructure investment opportunities. In April 2026, the company announced plans to power three Google data centers in Muskogee and Stillwater. The data centers and associated Electric Service Agreements are expected to support local economic development, strengthen grid reliability and provide benefits to existing OG&E customers.

The company offers the Renewable Energy Credit purchase program, the Green Power Wind Rider and the Utility Solar Program, which are rate options that make renewable energy resources available as a voluntary option to all OG&E Oklahoma retail customers. OG&E aims to continue to deploy more renewable energy sources that do not emit greenhouse gases. The company expects to deliver approximately 1.7 gigawatts (GW) of generation capacity by 2029 and plans to add another 1.8 GW by 2032.

The company plans to spend $7.3 billion between 2026 and 2030. With these capital investments, the company aims to maintain and improve the safety, resiliency and reliability of its distribution and transmission grid and generation fleet.

Challenges Faced by OGE

In recent times, factors like raw material inflation, logistical challenges and certain component shortages have resulted in supply-chain disruption within the utility market. These have also resulted in supply-chain disruption and may continue to cause delays in construction activities and equipment deliveries related to OGE Energy’s capital projects. 

Rising electricity production costs due to increased fuel prices, inflation and shortage of components also pose a risk for electricity manufacturers like OGE Energy. In the first quarter of 2026, the company’s fuel, purchased power and transmission expenses rose 3.9% year over year.

OGE’s Share Price Performance

In the past six months, shares of the company have risen 11.2% compared with the industry’s 4.1% growth.

 

Image Source: Zacks Investment Research

Stocks to Consider

Some better-ranked stocks from the same industry are Pampa Energia PAM, sporting a Zacks Rank #1 (Strong Buy), and Consolidated Edison ED and PG&E Corporation PCG, both carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

PAM’s long-term (three to five years) earnings growth rate is 2.92%. The company delivered an average earnings surprise of 80.9% in the last four quarters.

ED’s long-term earnings growth rate is 6.47%. The Zacks Consensus Estimate for ED’s 2026 earnings per share (EPS) implies an improvement of 6.84% year over year. 

PCG’s long-term earnings growth rate is 15.89%. The Zacks Consensus Estimate for PCG’s 2026 EPS implies an improvement of 10% year over year.