ONEOK, Inc. (NYSE:OKE) Expected to Earn Q1 2024 Earnings of $0.92 Per Share

ONEOK, Inc. (NYSE:OKE) – Seaport Res Ptn issued their Q1 2024 earnings per share (EPS) estimates for ONEOK in a research report issued to clients and investors on Sunday, April 28th. Seaport Res Ptn analyst S. Sibal expects that the utilities provider will earn $0.92 per share for the quarter. Seaport Res Ptn has a “Buy” rating on the stock. The consensus estimate for ONEOK’s current full-year earnings is $4.99 per share. Seaport Res Ptn also issued estimates for ONEOK’s Q2 2024 earnings at $0.99 EPS, Q3 2024 earnings at $1.02 EPS, Q4 2024 earnings at $1.01 EPS, FY2025 earnings at $4.38 EPS, FY2026 earnings at $4.75 EPS and FY2027 earnings at $5.12 EPS.

A number of other research firms have also recently commented on OKE. UBS Group increased their target price on ONEOK from $80.00 to $87.00 and gave the stock a “buy” rating in a research note on Tuesday, February 27th. US Capital Advisors downgraded ONEOK from an “overweight” rating to a “hold” rating in a report on Wednesday, March 20th. Mizuho upped their price target on ONEOK from $75.00 to $81.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. JPMorgan Chase & Co. upped their price target on ONEOK from $81.00 to $85.00 and gave the company an “overweight” rating in a report on Wednesday, March 13th. Finally, Barclays upped their price target on ONEOK from $73.00 to $80.00 and gave the company an “equal weight” rating in a report on Thursday, March 7th. One research 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. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $82.25.

ONEOK Trading Down 2.8 %

NYSE OKE opened at $76.92 on Wednesday. ONEOK has a 12 month low of $55.91 and a 12 month high of $81.81. The stock has a market cap of $44.89 billion, a P/E ratio of 13.86, a P/E/G ratio of 4.97 and a beta of 1.65. The stock’s fifty day moving average price is $78.19 and its 200-day moving average price is $71.91. The company has a current ratio of 0.90, a quick ratio of 0.67 and a debt-to-equity ratio of 1.29.

ONEOK (NYSE:OKE) last released its earnings results on Tuesday, April 30th. The utilities provider reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.03. ONEOK had a return on equity of 22.57% and a net margin of 15.04%. The firm had revenue of $4.78 billion for the quarter, compared to analysts’ expectations of $5.84 billion. During the same period in the prior year, the firm posted $2.34 earnings per share.

ONEOK announced that its board has initiated 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 reacquire up to 4.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

ONEOK Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Wednesday, May 1st will be issued a $0.99 dividend. This represents a $3.96 dividend on an annualized basis and a yield of 5.15%. The ex-dividend date of this dividend is Tuesday, April 30th. ONEOK’s dividend payout ratio is 71.35%.

Insider Buying and Selling at ONEOK

In other news, Director Wayne Thomas Smith bought 2,700 shares of the stock in a transaction on Friday, March 1st. The shares were bought at an average price of $75.25 per share, with a total value of $203,175.00. Following the completion of the acquisition, the director now owns 2,700 shares in the company, valued at $203,175. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Fifth Third Bancorp raised its stake in shares of ONEOK by 16.2% in the fourth quarter. Fifth Third Bancorp now owns 21,800 shares of the utilities provider’s stock worth $1,531,000 after buying an additional 3,032 shares during the period. ELCO Management Co. LLC raised its stake in shares of ONEOK by 102.3% in the third quarter. ELCO Management Co. LLC now owns 26,432 shares of the utilities provider’s stock worth $1,677,000 after buying an additional 13,367 shares during the period. Federated Hermes Inc. raised its stake in shares of ONEOK by 31.6% in the fourth quarter. Federated Hermes Inc. now owns 160,596 shares of the utilities provider’s stock worth $11,277,000 after buying an additional 38,560 shares during the period. Meiji Yasuda Asset Management Co Ltd. raised its stake in shares of ONEOK by 11.4% in the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 7,729 shares of the utilities provider’s stock worth $490,000 after buying an additional 790 shares during the period. Finally, Vontobel Holding Ltd. raised its stake in shares of ONEOK by 32.1% in the fourth quarter. Vontobel Holding Ltd. now owns 72,394 shares of the utilities provider’s stock worth $5,084,000 after buying an additional 17,612 shares during the period. Institutional investors own 69.13% 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.