ONEOK, Inc. Announces Quarterly Dividend of $0.99 (NYSE:OKE)

ONEOK, Inc. (NYSE:OKE) declared a quarterly dividend on Wednesday, October 16th, RTT News reports. Stockholders of record on Friday, November 1st will be paid a dividend of 0.99 per share by the utilities provider on Thursday, November 14th. This represents a $3.96 annualized dividend and a dividend yield of 4.14%.

ONEOK has increased its dividend payment by an average of 0.7% annually over the last three years. ONEOK has a dividend payout ratio of 65.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect ONEOK to earn $5.64 per share next year, which means the company should continue to be able to cover its $3.96 annual dividend with an expected future payout ratio of 70.2%.

ONEOK Stock Up 0.7 %

NYSE OKE traded up $0.67 during mid-day trading on Wednesday, reaching $95.65. The stock had a trading volume of 2,084,830 shares, compared to its average volume of 2,753,850. The company has a fifty day moving average price of $91.07 and a 200 day moving average price of $84.36. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.62 and a quick ratio of 0.41. ONEOK has a 1 year low of $63.33 and a 1 year high of $98.01. The stock has a market cap of $55.83 billion, a PE ratio of 22.28, a price-to-earnings-growth ratio of 4.68 and a beta of 1.67.

ONEOK (NYSE:OKE) last announced its quarterly earnings results on Monday, August 5th. The utilities provider reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. ONEOK had a return on equity of 15.54% and a net margin of 13.41%. The firm had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $5.52 billion. During the same period in the prior year, the company posted $1.04 earnings per share. On average, research analysts expect that ONEOK will post 5.09 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Mizuho boosted their price objective on shares of ONEOK from $81.00 to $85.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Wells Fargo & Company raised their price target on ONEOK from $91.00 to $100.00 and gave the stock an “overweight” rating in a research note on Friday, August 30th. Tudor Pickering upgraded ONEOK to a “hold” rating in a research report on Thursday, July 18th. Truist Financial raised their price objective on shares of ONEOK from $81.00 to $83.00 and gave the stock a “hold” rating in a report on Wednesday, July 31st. Finally, Citigroup increased their price target on shares of ONEOK from $85.00 to $102.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Eight analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $93.08.

Insider Activity

In other ONEOK news, Director Pattye L. Moore sold 3,379 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $92.01, for a total value of $310,901.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company 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.