ONEOK (NYSE:OKE) Announces Earnings Results

ONEOK (NYSE:OKE) announced its quarterly earnings results on Tuesday. The utilities provider reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.03, Briefing.com reports. The company had revenue of $4.78 billion during the quarter, compared to analyst estimates of $5.84 billion. ONEOK had a return on equity of 15.94% and a net margin of 12.54%. During the same quarter last year, the firm posted $2.34 earnings per share. ONEOK updated its FY24 guidance to $4.92 EPS and its FY 2024 guidance to 4.920-4.920 EPS.

ONEOK Trading Up 0.0 %

OKE stock opened at $76.95 on Friday. ONEOK has a 1-year low of $55.91 and a 1-year high of $81.81. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.70 and a quick ratio of 0.67. The company has a market capitalization of $44.91 billion, a price-to-earnings ratio of 17.90, a PEG ratio of 4.70 and a beta of 1.64. The business has a 50 day simple moving average of $78.25 and a two-hundred day simple moving average of $71.95.

ONEOK Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Wednesday, May 1st will be paid a dividend of $0.99 per share. The ex-dividend date is Tuesday, April 30th. This represents a $3.96 dividend on an annualized basis and a dividend yield of 5.15%. ONEOK’s dividend payout ratio (DPR) is presently 92.09%.

Analyst Upgrades and Downgrades

OKE has been the topic of several recent analyst reports. Raymond James lifted their price target on shares of ONEOK from $80.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, January 19th. Morgan Stanley lifted their price target on shares of ONEOK from $84.00 to $85.00 and gave the company an “equal weight” rating in a report on Tuesday, March 26th. Wells Fargo & Company lifted their price target on shares of ONEOK from $81.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday. Citigroup lifted their price target on shares of ONEOK from $73.00 to $83.00 and gave the company a “buy” rating in a report on Tuesday, March 5th. Finally, US Capital Advisors cut shares of ONEOK from an “overweight” rating to a “hold” rating in a report on Wednesday, March 20th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $83.25.

Insiders Place Their Bets

In other ONEOK news, Director Wayne Thomas Smith purchased 2,700 shares of the company’s stock in a transaction on Friday, March 1st. The stock was acquired at an average cost of $75.25 per share, for a total transaction of $203,175.00. Following the purchase, the director now directly owns 2,700 shares of the company’s stock, valued at approximately $203,175. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.20% of the stock is currently owned by corporate insiders.

ONEOK declared that its Board of Directors has initiated a share buyback plan on Wednesday, January 17th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the utilities provider to purchase up to 4.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

About ONEOK

ONEOK, Inc engages in gathering, processing, fractionation, storage, transportation, and marketing of natural gas and natural gas liquids (NGL) in the United States. It operates through four segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude.