ONEOK (NYSE:OKE) Announces Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Posted by Defense World Staff on Aug 8th, 2023

ONEOK (NYSE:OKE – Get Free Report) posted its quarterly earnings results on Monday. The utilities provider reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.04, Briefing.com reports. ONEOK had a net margin of 11.09% and a return on equity of 36.54%. During the same period last year, the business posted $0.92 EPS. ONEOK updated its FY23 guidance to $5.54 EPS and its FY 2023 guidance to $5.54-$5.54 EPS.

ONEOK Stock Down 0.1 %

NYSE OKE opened at $65.18 on Tuesday. The stock has a market capitalization of $29.17 billion, a P/E ratio of 12.30, a price-to-earnings-growth ratio of 1.88 and a beta of 1.69. ONEOK has a 52 week low of $50.50 and a 52 week high of $71.57. The company has a debt-to-equity ratio of 1.78, a quick ratio of 0.92 and a current ratio of 1.18. The stock has a fifty day moving average of $62.12 and a 200-day moving average of $63.93.

ONEOK Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 14th. Shareholders of record on Tuesday, August 1st will be issued a dividend of $0.955 per share. This represents a $3.82 annualized dividend and a yield of 5.86%. The ex-dividend date is Monday, July 31st. ONEOK’s dividend payout ratio is 72.08%.

Insider Activity

In other news, Director Brian L. Derksen acquired 4,900 shares of the stock in a transaction that occurred on Wednesday, June 28th. The stock was purchased at an average cost of $59.59 per share, for a total transaction of $291,991.00. Following the completion of the transaction, the director now directly owns 18,700 shares in the company, valued at $1,114,333. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Pierce Norton purchased 24,607 shares of ONEOK stock in a transaction dated Thursday, June 29th. The shares were acquired at an average cost of $60.96 per share, for a total transaction of $1,500,042.72. Following the transaction, the chief executive officer now directly owns 42,017 shares of the company’s stock, valued at $2,561,356.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Brian L. Derksen acquired 4,900 shares of the company’s stock in a transaction that occurred on Wednesday, June 28th. The stock was bought at an average price of $59.59 per share, with a total value of $291,991.00. Following the acquisition, the director now directly owns 18,700 shares of the company’s stock, valued at approximately $1,114,333. The disclosure for this purchase can be found here. 0.29% of the stock is currently owned by insiders.

Institutional Trading of ONEOK

A number of hedge funds have recently modified their holdings of OKE. Acadian Asset Management LLC raised its holdings in ONEOK by 275.5% in the first quarter. Acadian Asset Management LLC now owns 2,850 shares of the utilities provider’s stock worth $201,000 after purchasing an additional 2,091 shares during the period. Raymond James Trust N.A. increased its position in shares of ONEOK by 6.6% in the 1st quarter. Raymond James Trust N.A. now owns 5,339 shares of the utilities provider’s stock valued at $377,000 after buying an additional 331 shares in the last quarter. Sei Investments Co. raised its stake in ONEOK by 500.5% during the 1st quarter. Sei Investments Co. now owns 167,226 shares of the utilities provider’s stock worth $11,812,000 after buying an additional 139,379 shares during the period. Aviva PLC lifted its holdings in ONEOK by 20.7% during the first quarter. Aviva PLC now owns 161,711 shares of the utilities provider’s stock worth $11,422,000 after acquiring an additional 27,697 shares in the last quarter. Finally, Prudential PLC acquired a new position in ONEOK in the first quarter valued at about $614,000. 68.15% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

OKE has been the topic of several research reports. Raymond James boosted their price target on ONEOK from $72.00 to $75.00 and gave the company an “outperform” rating in a research note on Friday, April 21st. UBS Group dropped their target price on ONEOK from $82.00 to $81.00 in a report on Monday, May 8th. Barclays decreased their price target on ONEOK from $71.00 to $70.00 in a research note on Tuesday, April 18th. Truist Financial boosted their target price on shares of ONEOK from $66.00 to $68.00 and gave the company a “buy” rating in a research note on Tuesday, August 1st. Finally, StockNews.com initiated coverage on shares of ONEOK in a research report on Thursday, May 18th. They set a “buy” rating for the company. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $73.64.

Read Our Latest Research Report on OKE

ONEOK Company Profile

(Get Free Report)

ONEOK, Inc, together with its subsidiaries, engages in gathering, processing, fractionation, storage, transportation, and marketing of natural gas and natural gas liquids (NGL) in the United States. It operates through three segments: Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments.