Zacks: Analysts Anticipate ONEOK, Inc. (OKE) Will Post Quarterly Sales of $2.55 Billion
Equities research analysts expect ONEOK, Inc. (NYSE:OKE) to post sales of $2.55 billion for the current quarter, according to Zacks. Three analysts have issued estimates for ONEOK’s earnings, with estimates ranging from $2.37 billion to $2.81 billion. ONEOK reported sales of $2.13 billion in the same quarter last year, which indicates a positive year over year growth rate of 19.7%. The business is expected to announce its next earnings results on Tuesday, August 1st.
On average, analysts expect that ONEOK will report full year sales of $2.55 billion for the current year, with estimates ranging from $10.34 billion to $12.18 billion. For the next year, analysts forecast that the business will post sales of $12.56 billion per share, with estimates ranging from $11.21 billion to $15.10 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for ONEOK.
ONEOK (NYSE:OKE) last announced its earnings results on Tuesday, May 2nd. The utilities provider reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by $0.04. ONEOK had a net margin of 3.60% and a return on equity of 10.33%. The company had revenue of $2.75 billion for the quarter, compared to the consensus estimate of $2.82 billion.
A number of equities analysts recently commented on OKE shares. BMO Capital Markets reiterated a “hold” rating and set a $53.00 target price on shares of ONEOK in a research note on Wednesday, March 1st. Jefferies Group LLC upgraded shares of ONEOK from an “underperform” rating to a “hold” rating and boosted their target price for the stock from $14.00 to $51.00 in a research note on Thursday, February 23rd. Zacks Investment Research upgraded shares of ONEOK from a “hold” rating to a “buy” rating and set a $63.00 target price for the company in a research note on Wednesday, March 8th. Royal Bank Of Canada reiterated a “hold” rating and set a $58.00 target price on shares of ONEOK in a research note on Friday, May 12th. Finally, TheStreet upgraded shares of ONEOK from a “c+” rating to a “b-” rating in a research note on Monday, March 6th. Nine equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $56.91.
Institutional investors have recently added to or reduced their stakes in the stock. HighTower Advisors LLC increased its position in ONEOK by 8.3% in the third quarter. HighTower Advisors LLC now owns 10,175 shares of the utilities provider’s stock valued at $522,000 after buying an additional 780 shares in the last quarter. Capital Innovations LLC bought a new position in ONEOK during the third quarter valued at about $245,000. Ontario Teachers Pension Plan Board increased its position in ONEOK by 32.3% in the third quarter. Ontario Teachers Pension Plan Board now owns 8,832 shares of the utilities provider’s stock valued at $454,000 after buying an additional 2,155 shares in the last quarter. Candriam Luxembourg S.C.A. increased its position in ONEOK by 544.7% in the third quarter. Candriam Luxembourg S.C.A. now owns 64,610 shares of the utilities provider’s stock valued at $3,320,000 after buying an additional 54,588 shares in the last quarter. Finally, Tuttle Tactical Management LLC bought a new position in ONEOK during the third quarter valued at about $151,000. Institutional investors own 81.59% of the company’s stock.
Shares of ONEOK (NYSE:OKE) traded up 4.06% during mid-day trading on Friday, hitting $50.97. The stock had a trading volume of 3,277,993 shares. The firm has a market cap of $10.75 billion, a PE ratio of 30.43 and a beta of 1.28. ONEOK has a 12 month low of $42.79 and a 12 month high of $59.47. The stock’s 50-day moving average is $50.68 and its 200 day moving average is $54.24.
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ONEOK, Inc is the sole general partner of ONEOK Partners, L.P. (ONEOK Partners), a master limited partnership engaged in the gathering, processing, storage and transportation of natural gas in the United States. The Company operates through three business segments: Natural Gas Gathering and Processing, Natural Gas Liquids and Natural Gas Pipelines.
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