Equities Analysts Issue Forecasts for ONEOK, Inc.’s Q1 2024 Earnings (NYSE:OKE)

ONEOK, Inc. (NYSE:OKE) – Equities research analysts at US Capital Advisors reduced their Q1 2024 earnings per share estimates for shares of ONEOK in a research report issued on Monday, April 29th. US Capital Advisors analyst J. Carreker now anticipates that the utilities provider will earn $1.14 per share for the quarter, down from their previous estimate of $1.16. US Capital Advisors currently has a “Hold” rating on the stock. The consensus estimate for ONEOK’s current full-year earnings is $4.99 per share. US Capital Advisors also issued estimates for ONEOK’s FY2024 earnings at $4.87 EPS, Q1 2025 earnings at $1.27 EPS, Q2 2025 earnings at $1.29 EPS, Q3 2025 earnings at $1.33 EPS, Q4 2025 earnings at $1.46 EPS and FY2026 earnings at $5.78 EPS.

ONEOK (NYSE:OKE) last released 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 for the quarter, compared to analyst estimates 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.

Other analysts have also recently issued reports about the company. Wolfe Research raised ONEOK from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 10th. Mizuho increased their price objective on ONEOK from $75.00 to $81.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. Stifel Nicolaus increased their target price on ONEOK from $81.00 to $88.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. Citigroup increased their target price on ONEOK from $73.00 to $83.00 and gave the stock a “buy” rating in a research note on Tuesday, March 5th. Finally, Raymond James increased their target price on ONEOK from $80.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, January 19th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $82.25.

ONEOK Stock Down 2.8 %

Shares of NYSE OKE opened at $79.13 on Wednesday. The stock has a market cap of $46.18 billion, a PE ratio of 14.26, a price-to-earnings-growth ratio of 4.97 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. ONEOK has a 52-week low of $55.91 and a 52-week high of $81.81. The business has a 50-day moving average price of $78.12 and a 200 day moving average price of $71.88.

Institutional Investors Weigh In On ONEOK

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in ONEOK by 10.3% in the third quarter. Vanguard Group Inc. now owns 59,237,038 shares of the utilities provider’s stock valued at $3,757,405,000 after acquiring an additional 5,525,010 shares during the last quarter. Deutsche Bank AG boosted its holdings in ONEOK by 37.7% in the third quarter. Deutsche Bank AG now owns 13,292,341 shares of the utilities provider’s stock valued at $843,133,000 after acquiring an additional 3,636,660 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in ONEOK by 21.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 12,408,725 shares of the utilities provider’s stock valued at $871,341,000 after acquiring an additional 2,153,295 shares during the last quarter. Morgan Stanley boosted its holdings in ONEOK by 20.3% in the third quarter. Morgan Stanley now owns 8,660,013 shares of the utilities provider’s stock valued at $549,305,000 after acquiring an additional 1,458,392 shares during the last quarter. Finally, Invesco Ltd. raised its position in ONEOK by 65.9% in the third quarter. Invesco Ltd. now owns 8,132,301 shares of the utilities provider’s stock valued at $515,832,000 after purchasing an additional 3,229,046 shares during the period. Institutional investors and hedge funds own 69.13% of the company’s stock.

Insider Buying and Selling at ONEOK

In other ONEOK news, Director Wayne Thomas Smith acquired 2,700 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were acquired at an average price of $75.25 per share, for a total transaction of $203,175.00. Following the completion of the acquisition, the director now directly owns 2,700 shares of the company’s stock, valued at $203,175. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.20% of the stock is owned by insiders.

ONEOK declared that its board has approved a stock 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 shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

ONEOK Announces Dividend

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

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.