ONEOK (NYSE:OKE) Releases FY24 Earnings Guidance

ONEOK (NYSE:OKE) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $4.92 for the period, compared to the consensus earnings per share estimate of $4.91.

Analyst Ratings Changes

Several brokerages recently commented on OKE. UBS Group raised their price objective on ONEOK from $80.00 to $87.00 and gave the stock a buy rating in a research note on Tuesday, February 27th. Mizuho boosted their price objective on shares of ONEOK from $75.00 to $81.00 and gave the company a neutral rating in a research report on Wednesday, March 20th. Raymond James boosted their target price on shares of ONEOK from $80.00 to $85.00 and gave the stock an outperform rating in a research note on Friday, January 19th. Citigroup increased their target price on shares of ONEOK from $73.00 to $83.00 and gave the company a buy rating in a research report on Tuesday, March 5th. Finally, StockNews.com raised shares of ONEOK from a sell rating to a hold rating in a research note on Wednesday, March 6th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, ONEOK has an average rating of Hold and an average price target of $82.25.

ONEOK Stock Performance

Shares of NYSE:OKE traded down $1.31 during trading on Tuesday, reaching $79.12. 4,136,841 shares of the company’s stock traded hands, compared to its average volume of 2,986,417. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.90 and a quick ratio of 0.67. The company has a 50 day moving average of $77.97 and a 200-day moving average of $71.81. The stock has a market capitalization of $46.18 billion, a P/E ratio of 14.67, a price-to-earnings-growth ratio of 4.95 and a beta of 1.65. ONEOK has a 12 month low of $55.91 and a 12 month high of $81.81.

ONEOK (NYSE:OKE) last posted its quarterly earnings results on Monday, February 26th. The utilities provider reported $1.18 EPS for the quarter, missing the consensus estimate of $1.21 by ($0.03). The company had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.57 billion. ONEOK had a return on equity of 22.57% and a net margin of 15.04%. During the same quarter in the prior year, the business posted $1.08 earnings per share. On average, equities analysts expect that ONEOK will post 4.99 EPS for the current year.

ONEOK Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Wednesday, May 1st will be given a $0.99 dividend. This represents a $3.96 dividend on an annualized basis and a yield of 5.01%. The ex-dividend date of this dividend is Tuesday, April 30th. ONEOK’s dividend payout ratio is presently 71.35%.

ONEOK announced that its board has authorized a stock repurchase program on Wednesday, January 17th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the utilities provider to repurchase up to 4.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other ONEOK news, Director Wayne Thomas Smith acquired 2,700 shares of the business’s stock in a transaction on Friday, March 1st. The shares were acquired at an average price of $75.25 per share, with a total value of $203,175.00. Following the completion of the transaction, the director now owns 2,700 shares in the company, valued at $203,175. The acquisition was disclosed in a legal filing with the SEC, which is available at 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.