ONEOK, Inc. (NYSE:OKE) to Post Q2 2024 Earnings of $1.18 Per Share, US Capital Advisors Forecasts

ONEOK, Inc. (NYSE:OKE) – Investment analysts at US Capital Advisors raised their Q2 2024 earnings estimates for shares of ONEOK in a report released on Monday, April 29th. US Capital Advisors analyst J. Carreker now anticipates that the utilities provider will earn $1.18 per share for the quarter, up from their prior forecast of $1.17. US Capital Advisors has a “Hold” rating on the stock. The consensus estimate for ONEOK’s current full-year earnings is $5.01 per share. US Capital Advisors also issued estimates for ONEOK’s Q3 2024 earnings at $1.22 EPS, Q4 2024 earnings at $1.33 EPS and FY2025 earnings at $5.35 EPS.

ONEOK (NYSE:OKE) last posted its earnings results on Tuesday, April 30th. The utilities provider reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.03. ONEOK had a net margin of 12.54% and a return on equity of 16.87%. The company had revenue of $4.78 billion during the quarter, compared to analyst estimates of $5.84 billion. During the same period in the prior year, the business posted $2.34 earnings per share.

Several other analysts have also recently weighed in on OKE. Mizuho lifted their price target on shares of ONEOK from $75.00 to $81.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. StockNews.com raised shares of ONEOK from a “sell” rating to a “hold” rating in a research note on Wednesday, March 6th. UBS Group raised their price objective on shares of ONEOK from $80.00 to $87.00 and gave the stock a “buy” rating in a report on Tuesday, February 27th. Stifel Nicolaus upped their target price on ONEOK from $81.00 to $88.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. Finally, Seaport Res Ptn upgraded ONEOK from a “neutral” rating to a “buy” rating in a research note on Thursday, February 8th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $83.25.

ONEOK Price Performance

Shares of OKE stock opened at $76.95 on Thursday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.67 and a current ratio of 0.90. ONEOK has a fifty-two week low of $55.91 and a fifty-two week high of $81.81. The firm has a market cap of $44.91 billion, a P/E ratio of 17.90, a P/E/G ratio of 4.81 and a beta of 1.64. The business’s 50 day moving average price is $78.25 and its 200-day moving average price is $71.95.

ONEOK Announces Dividend

The business 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 annualized dividend and a yield of 5.15%. The ex-dividend date is Tuesday, April 30th. ONEOK’s dividend payout ratio (DPR) is 92.09%.

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

Insider Activity

In other news, Director Wayne Thomas Smith bought 2,700 shares of the firm’s stock in a transaction on Friday, March 1st. The stock was acquired at an average cost 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 of the company’s stock, valued at $203,175. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Fifth Third Bancorp raised its position in ONEOK by 16.2% in the 4th 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 last quarter. ELCO Management Co. LLC lifted its position in ONEOK by 102.3% during the third quarter. ELCO Management Co. LLC now owns 26,432 shares of the utilities provider’s stock valued at $1,677,000 after purchasing an additional 13,367 shares during the period. Federated Hermes Inc. boosted its holdings in 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 purchasing an additional 38,560 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. grew its position in ONEOK by 11.4% in the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 7,729 shares of the utilities provider’s stock worth $490,000 after purchasing an additional 790 shares during the period. Finally, Vontobel Holding Ltd. raised its stake in ONEOK by 32.1% during the 4th quarter. Vontobel Holding Ltd. now owns 72,394 shares of the utilities provider’s stock valued at $5,084,000 after buying an additional 17,612 shares during the last quarter. Hedge funds and other 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.