ONEOK (NYSE:OKE) Posts Quarterly Earnings Results, Beats Expectations By $0.12 EPS

ONEOK (NYSE:OKE) announced its earnings results on Monday. The utilities provider reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.12, Briefing.com reports. ONEOK had a return on equity of 15.94% and a net margin of 12.54%. The firm had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $5.52 billion. During the same period in the previous year, the business earned $1.04 EPS. ONEOK updated its FY 2024 guidance to 4.920-4.920 EPS.

ONEOK Stock Performance

OKE opened at $83.15 on Wednesday. The stock has a market cap of $48.53 billion, a P/E ratio of 19.14, a P/E/G ratio of 4.37 and a beta of 1.65. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.70 and a quick ratio of 0.48. The firm has a fifty day moving average price of $81.41 and a 200 day moving average price of $78.26. ONEOK has a 1 year low of $60.58 and a 1 year high of $86.20.

ONEOK Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 14th. Stockholders of record on Thursday, August 1st will be issued a dividend of $0.99 per share. This represents a $3.96 annualized dividend and a dividend yield of 4.76%. The ex-dividend date of this dividend is Thursday, August 1st. ONEOK’s dividend payout ratio (DPR) is 92.09%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on OKE shares. JPMorgan Chase & Co. boosted their price target on ONEOK from $89.00 to $92.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 26th. Stifel Nicolaus upped their price target on shares of ONEOK from $81.00 to $88.00 and gave the company a “buy” rating in a research note on Tuesday, April 16th. Morgan Stanley lifted their price objective on shares of ONEOK from $90.00 to $93.00 and gave the stock an “equal weight” rating in a research note on Monday, June 10th. Tudor Pickering raised ONEOK to a “hold” rating in a research report on Thursday, July 18th. Finally, Wells Fargo & Company raised their target price on ONEOK from $81.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, May 2nd. One analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $85.00.

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.