ONEOK (NYSE:OKE) Posts Quarterly Earnings Results, Beats Estimates By $0.03 EPS

ONEOK (NYSE:OKE) issued its quarterly earnings data on Tuesday. The utilities provider reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.03, Briefing.com reports. The business had revenue of $4.78 billion during the quarter, compared to the consensus estimate of $5.84 billion. ONEOK had a return on equity of 22.57% and a net margin of 15.04%. During the same period in the previous 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 Price Performance

Shares of OKE traded down $1.46 during mid-day trading on Wednesday, hitting $77.66. 672,923 shares of the company traded hands, compared to its average volume of 2,957,180. ONEOK has a one year low of $55.91 and a one year high of $81.81. The company has a current ratio of 0.90, a quick ratio of 0.67 and a debt-to-equity ratio of 1.29. The business has a 50-day moving average of $78.12 and a 200 day moving average of $71.88. The stock has a market capitalization of $45.33 billion, a price-to-earnings ratio of 14.26, a PEG ratio of 4.97 and a beta of 1.65.

ONEOK Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 1st will be paid a dividend of $0.99 per share. The ex-dividend date of this dividend is Tuesday, April 30th. This represents a $3.96 annualized dividend and a dividend yield of 5.10%. ONEOK’s dividend payout ratio (DPR) is currently 71.35%.

Analyst Ratings Changes

Several research analysts have issued reports on the company. US Capital Advisors cut ONEOK from an “overweight” rating to a “hold” rating in a report on Wednesday, March 20th. Wolfe Research raised shares of ONEOK from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 10th. Raymond James boosted their target price on shares of ONEOK from $80.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday, January 19th. Truist Financial boosted their target price on shares of ONEOK from $71.00 to $81.00 and gave the company a “hold” rating in a research note on Thursday, March 21st. Finally, UBS Group boosted their target price on shares of ONEOK from $80.00 to $87.00 and gave the company a “buy” rating in a research note on Tuesday, February 27th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $82.25.

ONEOK announced that its board has approved a stock buyback plan on Wednesday, January 17th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the utilities provider to repurchase up to 4.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at ONEOK

In other ONEOK news, Director Wayne Thomas Smith acquired 2,700 shares of ONEOK stock in a transaction on Friday, March 1st. The shares were purchased at an average cost of $75.25 per share, with a total value of $203,175.00. Following the completion of the purchase, the director now owns 2,700 shares in the company, valued at $203,175. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.20% of the company’s stock.

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.