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

ONEOK, Inc. (NYSE:OKE) – Investment analysts at Seaport Res Ptn issued their Q1 2024 earnings estimates for shares of ONEOK in a report released on Sunday, April 28th. Seaport Res Ptn analyst S. Sibal anticipates that the utilities provider will earn $0.92 per share for the quarter. Seaport Res Ptn has a “Buy” rating on the stock. The consensus estimate for ONEOK’s current full-year earnings is $4.99 per share. Seaport Res Ptn also issued estimates for ONEOK’s Q2 2024 earnings at $0.99 EPS, Q3 2024 earnings at $1.02 EPS, Q4 2024 earnings at $1.01 EPS, FY2025 earnings at $4.38 EPS, FY2026 earnings at $4.75 EPS and FY2027 earnings at $5.12 EPS.

A number of other research analysts also recently issued reports on OKE. Wolfe Research raised shares of ONEOK from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 10th. Truist Financial boosted their price objective on shares of ONEOK from $71.00 to $81.00 and gave the company a “hold” rating in a research report on Thursday, March 21st. Barclays boosted their price objective on shares of ONEOK from $73.00 to $80.00 and gave the company an “equal weight” rating in a research report on Thursday, March 7th. Stifel Nicolaus upped their target price on shares of ONEOK from $81.00 to $88.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. Finally, Raymond James upped their target price on shares of ONEOK from $80.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 19th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $82.25.

ONEOK Stock Down 2.8 %

Shares of ONEOK stock opened at $79.13 on Wednesday. The company has a current ratio of 0.90, a quick ratio of 0.67 and a debt-to-equity ratio of 1.29. The company’s fifty day simple moving average is $78.12 and its two-hundred day simple moving average is $71.88. The company has a market cap of $46.18 billion, a P/E ratio of 14.26, a PEG ratio of 4.97 and a beta of 1.65. ONEOK has a 12-month low of $55.91 and a 12-month high of $81.81.

ONEOK (NYSE:OKE) last posted its quarterly earnings results on Monday, February 26th. The utilities provider reported $1.18 EPS 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 net margin of 15.04% and a return on equity of 22.57%. During the same quarter in the prior year, the company earned $1.08 earnings per share.

Hedge Funds Weigh In On ONEOK

Several institutional investors have recently made changes to their positions in OKE. Peoples Bank KS bought a new position in shares of ONEOK in the 3rd quarter worth approximately $25,000. Rise Advisors LLC bought a new position in shares of ONEOK in the 1st quarter worth approximately $25,000. LifeSteps Financial Inc. purchased a new stake in ONEOK in the 1st quarter worth approximately $26,000. Beacon Capital Management LLC increased its holdings in ONEOK by 90.7% in the 4th quarter. Beacon Capital Management LLC now owns 408 shares of the utilities provider’s stock worth $29,000 after acquiring an additional 194 shares in the last quarter. Finally, HHM Wealth Advisors LLC purchased a new stake in ONEOK in the 4th quarter worth approximately $32,000. Institutional investors own 69.13% of the company’s stock.

Insider Activity at ONEOK

In other news, Director Wayne Thomas Smith acquired 2,700 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were bought at an average cost of $75.25 per share, with a total value of $203,175.00. Following the transaction, the director now owns 2,700 shares of the company’s stock, valued at approximately $203,175. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.20% of the stock is currently owned by insiders.

ONEOK Dividend Announcement

The company also recently disclosed 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. This represents a $3.96 annualized dividend and a yield of 5.00%. The ex-dividend date is Tuesday, April 30th. ONEOK’s dividend payout ratio (DPR) is 71.35%.

ONEOK announced that its board has initiated a stock buyback program on Wednesday, January 17th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the utilities provider to purchase up to 4.9% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.

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.