ONEOK (NYSE:OKE) Posts Quarterly Earnings Results, Misses Estimates By $0.05 EPS

ONEOK (NYSE:OKE) announced its earnings results on Tuesday. The utilities provider reported $1.18 EPS for the quarter, missing the consensus estimate of $1.23 by ($0.05), Briefing.com reports. ONEOK had a return on equity of 15.54% and a net margin of 13.41%. The business had revenue of $5.02 billion for the quarter, compared to analyst estimates of $5.81 billion. During the same quarter in the previous year, the company posted $0.99 EPS. ONEOK updated its FY24 guidance to $5.11 EPS and its FY 2024 guidance to 5.110-5.110 EPS.

ONEOK Price Performance

NYSE:OKE traded up $1.75 during mid-day trading on Wednesday, reaching $97.30. The stock had a trading volume of 1,316,334 shares, compared to its average volume of 2,719,087. ONEOK has a 12 month low of $63.33 and a 12 month high of $98.43. The stock has a market capitalization of $56.83 billion, a PE ratio of 20.98, a P/E/G ratio of 4.17 and a beta of 1.67. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.62 and a quick ratio of 0.41. The stock has a 50-day simple moving average of $93.18 and a two-hundred day simple moving average of $85.56.

ONEOK Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Friday, November 1st will be issued a dividend of $0.99 per share. This represents a $3.96 dividend on an annualized basis and a dividend yield of 4.07%. The ex-dividend date of this dividend is Friday, November 1st. ONEOK’s dividend payout ratio (DPR) is presently 86.27%.

Insiders Place Their Bets

In other news, Director Pattye L. Moore sold 3,379 shares of the business’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $92.01, for a total transaction of $310,901.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on OKE shares. Bank of America started coverage on shares of ONEOK in a report on Thursday, October 17th. They set a “buy” rating and a $105.00 target price for the company. Scotiabank increased their target price on shares of ONEOK from $88.00 to $102.00 and gave the stock a “sector outperform” rating in a report on Friday, August 30th. Morgan Stanley upgraded shares of ONEOK from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $103.00 to $111.00 in a report on Monday, September 16th. Tudor Pickering upgraded shares of ONEOK to a “hold” rating in a report on Thursday, July 18th. Finally, Royal Bank of Canada increased their price target on shares of ONEOK from $89.00 to $98.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 16th. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $96.00.

ONEOK Company Profile

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.