ONEOK (NYSE:OKE) Updates FY24 Earnings Guidance

ONEOK (NYSE:OKE) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $4.92 for the period, compared to the consensus earnings per share estimate of $4.91. ONEOK also updated its FY 2024 guidance to 4.920-4.920 EPS.

Wall Street Analyst Weigh In

OKE has been the topic of a number of research reports. Raymond James raised their price target on ONEOK from $80.00 to $85.00 and gave the stock an outperform rating in a report on Friday, January 19th. Wolfe Research raised ONEOK from an underperform rating to a peer perform rating in a report on Wednesday, January 10th. Citigroup increased their price target on ONEOK from $73.00 to $83.00 and gave the stock a buy rating in a report on Tuesday, March 5th. Mizuho boosted their price objective on shares of ONEOK from $75.00 to $81.00 and gave the company a neutral rating in a research note on Wednesday, March 20th. Finally, JPMorgan Chase & Co. raised their target price on shares of ONEOK from $81.00 to $85.00 and gave the stock an overweight rating in a research note on Wednesday, March 13th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Hold and a consensus target price of $82.25.

ONEOK Price Performance

NYSE OKE traded down $2.29 during mid-day trading on Tuesday, hitting $79.13. The stock had a trading volume of 4,163,724 shares, compared to its average volume of 2,986,888. The company has a 50 day simple moving average of $78.12 and a 200 day simple moving average of $71.88. The company has a quick ratio of 0.67, a current ratio of 0.90 and a debt-to-equity ratio of 1.29. The company has a market cap of $46.18 billion, a price-to-earnings ratio of 14.26, a P/E/G ratio of 4.95 and a beta of 1.65. ONEOK has a 52-week low of $55.91 and a 52-week high of $81.81.

ONEOK (NYSE:OKE) last released its quarterly earnings results on Monday, February 26th. The utilities provider reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by ($0.03). ONEOK had a return on equity of 22.57% and a net margin of 15.04%. The firm had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.57 billion. During the same period last year, the firm earned $1.08 EPS. Equities analysts forecast that ONEOK will post 4.99 EPS for the current fiscal year.

ONEOK Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 1st will be paid a dividend of $0.99 per share. The ex-dividend date of this dividend is Tuesday, April 30th. This represents a $3.96 dividend on an annualized basis and a dividend yield of 5.00%. ONEOK’s dividend payout ratio (DPR) is 71.35%.

ONEOK announced that its Board of Directors has approved a share repurchase plan on Wednesday, January 17th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the utilities provider to reacquire up to 4.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In related news, Director Wayne Thomas Smith acquired 2,700 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was purchased at an average price of $75.25 per share, for a total transaction of $203,175.00. Following the transaction, the director now owns 2,700 shares in the company, valued at approximately $203,175. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.20% of the stock is currently owned by company insiders.

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.