ONEOK (NYSE:OKE) Announces Quarterly Earnings Results

ONEOK (NYSE:OKE) released its quarterly earnings data on Monday. The utilities provider reported $1.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.07, FiscalAI reports. ONEOK had a return on equity of 16.06% and a net margin of 10.03%.The company had revenue of $12.05 billion during the quarter, compared to analysts’ expectations of $8.95 billion.

ONEOK Stock Performance

Shares of OKE traded down $2.76 during midday trading on Monday, reaching $88.05. 4,521,919 shares of the stock were exchanged, compared to its average volume of 4,423,178. The stock’s 50 day simple moving average is $89.09 and its 200 day simple moving average is $86.68. The company has a market cap of $55.48 billion, a P/E ratio of 15.70, a PEG ratio of 4.93 and a beta of 0.73. ONEOK has a twelve month low of $64.02 and a twelve month high of $96.07. The company has a quick ratio of 0.56, a current ratio of 0.71 and a debt-to-equity ratio of 1.37.

ONEOK Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Monday, August 3rd will be issued a dividend of $1.07 per share. The ex-dividend date of this dividend is Monday, August 3rd. This represents a $4.28 dividend on an annualized basis and a dividend yield of 4.9%. ONEOK’s dividend payout ratio (DPR) is currently 76.29%.

Hedge Funds Weigh In On ONEOK

Hedge funds have recently bought and sold shares of the business. Brighton Jones LLC increased its holdings in shares of 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 purchasing an additional 8,834 shares during the period. Empowered Funds LLC boosted its stake in shares of ONEOK by 0.8% in the first quarter. Empowered Funds LLC now owns 17,957 shares of the utilities provider’s stock valued at $1,782,000 after buying an additional 137 shares during the period. Acadian Asset Management LLC bought a new stake in shares of ONEOK in the first quarter valued at approximately $216,000. Federated Hermes Inc. grew its position in ONEOK by 14.0% during the second quarter. Federated Hermes Inc. now owns 3,120 shares of the utilities provider’s stock worth $255,000 after buying an additional 383 shares in the last quarter. Finally, NewEdge Advisors LLC grew its position in ONEOK by 3.9% during the second quarter. NewEdge Advisors LLC now owns 130,347 shares of the utilities provider’s stock worth $10,640,000 after buying an additional 4,902 shares in the last quarter. 69.13% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

OKE has been the topic of a number of recent analyst reports. Morgan Stanley reissued an “equal weight” rating and set a $103.00 target price (down from $113.00) on shares of ONEOK in a report on Wednesday, July 29th. Jefferies Financial Group raised their price target on ONEOK from $98.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, April 8th. Freedom Capital upgraded shares of ONEOK from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 5th. Royal Bank Of Canada upped their price objective on shares of ONEOK from $84.00 to $90.00 and gave the company a “sector perform” rating in a report on Tuesday, July 21st. Finally, Raymond James Financial restated an “outperform” rating and set a $92.00 target price on shares of ONEOK in a research note on Thursday, April 30th. Seven analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat, ONEOK currently has a consensus rating of “Hold” and a consensus price target of $91.81.

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.