ONEOK (NYSE:OKE) Updates FY 2024 Earnings Guidance

ONEOK (NYSE:OKE) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 4.920-4.920 for the period, compared to the consensus earnings per share estimate of 4.910. The company issued revenue guidance of -. ONEOK also updated its FY24 guidance to $4.92 EPS.

ONEOK Stock Down 2.8 %

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

ONEOK (NYSE:OKE) last announced its quarterly earnings data 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). The business had revenue of $5.24 billion during the quarter, compared to analysts’ expectations of $5.57 billion. ONEOK had a return on equity of 22.57% and a net margin of 15.04%. During the same period in the prior year, the company posted $1.08 earnings per share. On average, analysts anticipate that ONEOK will post 4.99 earnings per share for the current year.

ONEOK Dividend Announcement

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

ONEOK declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, January 17th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the utilities provider to buy up to 4.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research firms have commented on OKE. Barclays increased their target price on shares of ONEOK from $73.00 to $80.00 and gave the stock an equal weight rating in a research report on Thursday, March 7th. Wolfe Research raised shares of ONEOK from an underperform rating to a peer perform rating in a report on Wednesday, January 10th. Raymond James boosted their target price on shares of ONEOK from $80.00 to $85.00 and gave the stock an outperform rating in a research report on Friday, January 19th. Citigroup upped their price target on shares of ONEOK from $73.00 to $83.00 and gave the company a buy rating in a report on Tuesday, March 5th. Finally, JPMorgan Chase & Co. upped their price target on shares of ONEOK from $81.00 to $85.00 and gave the company an overweight rating in a report on Wednesday, March 13th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, ONEOK currently has an average rating of Hold and an average target price of $82.25.

Insider Activity at ONEOK

In related news, Director Wayne Thomas Smith bought 2,700 shares of ONEOK stock in a transaction that occurred on Friday, March 1st. The stock was acquired at an average price of $75.25 per share, for a total transaction of $203,175.00. Following the completion of the purchase, the director now owns 2,700 shares in the company, valued at $203,175. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.20% of the stock is owned by corporate insiders.

About ONEOK

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.