ONEOK (NYSE:OKE) Issues FY24 Earnings Guidance

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on OKE shares. Barclays boosted their target price on ONEOK from $73.00 to $80.00 and gave the stock an equal weight rating in a report on Thursday, March 7th. StockNews.com raised shares of ONEOK from a sell rating to a hold rating in a report on Wednesday, March 6th. Seaport Res Ptn raised shares of ONEOK from a neutral rating to a buy rating in a research report on Thursday, February 8th. Morgan Stanley upped their price target on shares of ONEOK from $84.00 to $85.00 and gave the company an equal weight rating in a report on Tuesday, March 26th. Finally, Stifel Nicolaus lifted their price target on ONEOK from $81.00 to $88.00 and gave the stock a buy rating in a research report on Tuesday, April 16th. One equities research 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, the company has an average rating of Hold and a consensus target price of $82.25.

ONEOK Stock Performance

OKE traded down $2.29 during trading on Tuesday, reaching $79.13. 4,163,724 shares of the company’s stock were exchanged, compared to its average volume of 2,986,888. ONEOK has a fifty-two week low of $55.91 and a fifty-two week high of $81.81. The company has a market capitalization of $46.18 billion, a P/E ratio of 14.26, a PEG ratio of 4.95 and a beta of 1.65. 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 business has a 50 day moving average price of $78.12 and a 200 day moving average price of $71.88.

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

ONEOK Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Wednesday, May 1st will be given 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 (DPR) is presently 71.35%.

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

Insiders Place Their Bets

In other news, Director Wayne Thomas Smith bought 2,700 shares of ONEOK stock in a transaction dated Friday, March 1st. The shares were bought at an average price of $75.25 per share, for a total transaction of $203,175.00. Following the purchase, the director now owns 2,700 shares of the company’s stock, valued at $203,175. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.20% of the company’s stock.

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.