ONEOK (NYSE:OKE) Issues FY 2024 Earnings Guidance

ONEOK (NYSE:OKE) updated its FY 2024 earnings guidance on Tuesday. 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.

Analysts Set New Price Targets

A number of research analysts recently weighed in on OKE shares. JPMorgan Chase & Co. boosted their target price on ONEOK from $81.00 to $85.00 and gave the stock an overweight rating in a report on Wednesday, March 13th. UBS Group raised their target price on shares of ONEOK from $80.00 to $87.00 and gave the stock a buy rating in a research note on Tuesday, February 27th. Wolfe Research upgraded shares of ONEOK from an underperform rating to a peer perform rating in a research note on Wednesday, January 10th. Mizuho raised their price objective on shares of ONEOK from $75.00 to $81.00 and gave the stock a neutral rating in a research report on Wednesday, March 20th. Finally, Truist Financial boosted their price objective on ONEOK from $71.00 to $81.00 and gave the stock a hold rating in a report on Thursday, March 21st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $82.25.

ONEOK Price Performance

OKE stock traded down $2.29 during trading on Tuesday, reaching $79.13. 4,163,724 shares of the company were exchanged, compared to its average volume of 2,986,888. The company has a market capitalization of $46.18 billion, a price-to-earnings ratio of 14.67, a P/E/G ratio of 4.95 and a beta of 1.65. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.90 and a quick ratio of 0.67. The company has a 50-day moving average of $77.97 and a two-hundred day moving average of $71.81. ONEOK has a twelve month low of $55.91 and a twelve month high of $81.81.

ONEOK (NYSE:OKE) last issued its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $5.57 billion. ONEOK had a return on equity of 22.57% and a net margin of 15.04%. During the same quarter in the prior year, the firm earned $1.08 EPS. As a group, equities analysts predict that ONEOK will post 4.99 earnings per share for the current fiscal year.

ONEOK Dividend Announcement

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

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

Insider Transactions at ONEOK

In other news, Director Wayne Thomas Smith purchased 2,700 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were purchased at an average price of $75.25 per share, for a total transaction of $203,175.00. Following the transaction, the director now owns 2,700 shares of the company’s stock, valued at $203,175. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.20% of the stock is owned by corporate insiders.

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.