Seaport Res Ptn Predicts ONEOK’s FY2024 Earnings (NYSE:OKE)

ONEOK, Inc. (NYSE:OKE) – Equities researchers at Seaport Res Ptn lowered their FY2024 earnings per share (EPS) estimates for ONEOK in a research report issued on Wednesday, February 5th. Seaport Res Ptn analyst S. Sibal now expects that the utilities provider will post earnings per share of $5.00 for the year, down from their prior forecast of $5.04. The consensus estimate for ONEOK’s current full-year earnings is $5.09 per share. Seaport Res Ptn also issued estimates for ONEOK’s FY2025 earnings at $5.42 EPS and FY2026 earnings at $5.83 EPS.

Other research analysts also recently issued research reports about the stock. Royal Bank of Canada lifted their price objective on shares of ONEOK from $89.00 to $98.00 and gave the company a “sector perform” rating in a research report on Wednesday, October 16th. Wells Fargo & Company downgraded ONEOK from an “overweight” rating to an “equal weight” rating and set a $107.00 price target on the stock. in a research report on Wednesday, December 18th. Bank of America initiated coverage on ONEOK in a research report on Thursday, October 17th. They issued a “buy” rating and a $105.00 price objective for the company. US Capital Advisors raised ONEOK from a “moderate buy” rating to a “strong-buy” rating in a report on Monday. Finally, Barclays assumed coverage on ONEOK in a report on Thursday. They set an “equal weight” rating and a $105.00 price target for the company. Seven investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $103.42.

ONEOK Price Performance

NYSE:OKE opened at $95.74 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.59 and a debt-to-equity ratio of 1.59. The firm has a fifty day simple moving average of $103.62 and a 200 day simple moving average of $97.42. ONEOK has a 1-year low of $67.81 and a 1-year high of $118.07. The stock has a market capitalization of $55.93 billion, a PE ratio of 20.03, a P/E/G ratio of 3.69 and a beta of 1.70.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. raised its position in shares of ONEOK by 5.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 18,414,781 shares of the utilities provider’s stock valued at $1,848,844,000 after buying an additional 934,007 shares in the last quarter. Geode Capital Management LLC raised its position in ONEOK by 1.0% during the third quarter. Geode Capital Management LLC now owns 13,680,875 shares of the utilities provider’s stock valued at $1,242,449,000 after purchasing an additional 138,430 shares in the last quarter. Janus Henderson Group PLC lifted its stake in ONEOK by 0.3% during the third quarter. Janus Henderson Group PLC now owns 3,751,172 shares of the utilities provider’s stock worth $341,844,000 after purchasing an additional 11,189 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in shares of ONEOK by 9,439.9% in the 3rd quarter. International Assets Investment Management LLC now owns 3,230,989 shares of the utilities provider’s stock valued at $294,440,000 after purchasing an additional 3,197,121 shares in the last quarter. Finally, abrdn plc raised its holdings in shares of ONEOK by 14.8% during the 3rd quarter. abrdn plc now owns 2,149,676 shares of the utilities provider’s stock worth $195,545,000 after buying an additional 277,514 shares in the last quarter. Institutional investors own 69.13% of the company’s stock.

ONEOK Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Monday, February 3rd will be given a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a dividend yield of 4.30%. This is an increase from ONEOK’s previous quarterly dividend of $0.99. The ex-dividend date of this dividend is Monday, February 3rd. ONEOK’s dividend payout ratio is presently 82.85%.

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.