ONEOK (NYSE:OKE) Announces Earnings Results

ONEOK (NYSE:OKE) posted its quarterly earnings results on Monday. The utilities provider reported $1.55 earnings per share for the quarter, topping analysts’ consensus estimates of $1.48 by $0.07, Zacks reports. The business had revenue of $9.07 billion for the quarter, compared to analysts’ expectations of $8.77 billion. ONEOK had a net margin of 10.58% and a return on equity of 15.12%.

ONEOK Stock Performance

OKE stock traded up $0.20 during midday trading on Monday, reaching $87.53. The company had a trading volume of 4,665,651 shares, compared to its average volume of 4,628,554. The firm has a market capitalization of $55.08 billion, a PE ratio of 16.09, a P/E/G ratio of 4.90 and a beta of 0.96. The stock has a 50 day moving average price of $77.00 and a 200 day moving average price of $73.65. ONEOK has a fifty-two week low of $64.02 and a fifty-two week high of $103.64. The company has a quick ratio of 0.75, a current ratio of 0.90 and a debt-to-equity ratio of 1.44.

ONEOK Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Monday, February 2nd were paid a $1.07 dividend. The ex-dividend date was Monday, February 2nd. This is an increase from ONEOK’s previous quarterly dividend of $1.03. This represents a $4.28 dividend on an annualized basis and a yield of 4.9%. ONEOK’s payout ratio is presently 78.68%.

Analyst Ratings Changes

OKE has been the subject of a number of research reports. Morgan Stanley reiterated an “overweight” rating and set a $104.00 price target on shares of ONEOK in a research report on Wednesday, January 28th. Citigroup reduced their price target on shares of ONEOK from $102.00 to $95.00 and set a “buy” rating on the stock in a report on Friday, October 31st. Mizuho set a $89.00 price objective on shares of ONEOK in a research note on Monday. UBS Group lowered their target price on ONEOK from $114.00 to $103.00 and set a “buy” rating on the stock in a report on Thursday, January 22nd. Finally, Stifel Nicolaus set a $94.00 price objective on ONEOK in a research report on Thursday, October 30th. Seven equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $86.27.

Hedge Funds Weigh In On ONEOK

Hedge funds and other institutional investors have recently made changes to their positions in the business. Brighton Jones LLC grew its holdings in ONEOK by 137.1% during the fourth quarter. Brighton Jones LLC now owns 15,278 shares of the utilities provider’s stock worth $1,534,000 after acquiring an additional 8,834 shares during the period. Empowered Funds LLC raised its holdings in shares of ONEOK by 0.8% in the 1st quarter. Empowered Funds LLC now owns 17,957 shares of the utilities provider’s stock worth $1,782,000 after purchasing an additional 137 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in ONEOK during the first quarter valued at approximately $216,000. Federated Hermes Inc. increased its holdings in shares of ONEOK by 14.0% in the second quarter. Federated Hermes Inc. now owns 3,120 shares of the utilities provider’s stock valued at $255,000 after buying an additional 383 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its holdings in shares of ONEOK by 3.9% during the second quarter. NewEdge Advisors LLC now owns 130,347 shares of the utilities provider’s stock valued at $10,640,000 after purchasing an additional 4,902 shares during the last quarter. 69.13% of the stock is currently owned by institutional investors and hedge funds.

About ONEOK

ONEOK, Inc (NYSE: OKE) is a publicly traded midstream energy company headquartered in Tulsa, Oklahoma. The company owns and operates a portfolio of natural gas and natural gas liquids (NGL) pipelines, processing facilities, fractionators and storage and terminal assets. Its operations are focused on gathering, processing, transporting, fractionating and marketing NGLs and interstate natural gas, providing critical infrastructure that connects hydrocarbon production to refineries, petrochemical plants and other end markets.

ONEOK’s asset base includes pipeline systems and processing plants that move and condition natural gas, along with infrastructure for the transportation, storage and fractionation of NGLs such as ethane, propane and butane.