ONEOK (NYSE:OKE) Issues 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 Performance

OKE traded down $2.29 during mid-day trading on Tuesday, reaching $79.13. 4,163,724 shares of the company traded hands, compared to its average volume of 2,986,888. The stock has a market capitalization of $46.18 billion, a P/E ratio of 14.67, a P/E/G ratio of 4.95 and a beta of 1.65. ONEOK has a 52-week low of $55.91 and a 52-week high of $81.81. 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 company’s fifty day moving average price is $77.97 and its 200-day moving average price is $71.81.

ONEOK (NYSE:OKE) last posted its earnings results on Monday, February 26th. The utilities provider reported $1.18 earnings per share for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.03). The firm had revenue of $5.24 billion during the quarter, compared to the consensus estimate of $5.57 billion. ONEOK had a net margin of 15.04% and a return on equity of 22.57%. During the same period in the prior year, the company posted $1.08 EPS. On average, sell-side analysts expect that ONEOK will post 4.99 EPS for the current year.

ONEOK Dividend Announcement

The firm 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 is Tuesday, April 30th. This represents a $3.96 annualized dividend and a yield of 5.00%. ONEOK’s dividend payout ratio (DPR) is 71.35%.

ONEOK declared that its board has authorized a stock buyback program on Wednesday, January 17th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the utilities provider to purchase up to 4.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on OKE. Stifel Nicolaus boosted their price objective on shares of ONEOK from $81.00 to $88.00 and gave the company a buy rating in a research report on Tuesday, April 16th. JPMorgan Chase & Co. increased their target price on shares of ONEOK from $81.00 to $85.00 and gave the stock an overweight rating in a report on Wednesday, March 13th. Mizuho lifted their price target on shares of ONEOK from $75.00 to $81.00 and gave the company a neutral rating in a report on Wednesday, March 20th. Barclays increased their price objective on shares of ONEOK from $73.00 to $80.00 and gave the stock an equal weight rating in a research note on Thursday, March 7th. Finally, Citigroup lifted their target price on shares of ONEOK from $73.00 to $83.00 and gave the company a buy rating in a research note on Tuesday, March 5th. One investment 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. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $82.25.

Insider Activity

In other news, Director Wayne Thomas Smith bought 2,700 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The shares were bought at an average cost of $75.25 per share, for a total transaction of $203,175.00. Following the completion of the transaction, 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 is accessible through this hyperlink. Company insiders own 0.20% of the company’s stock.

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.