Q1 2024 EPS Estimates for ONEOK, Inc. Reduced by US Capital Advisors (NYSE:OKE)

ONEOK, Inc. (NYSE:OKE - Free Report) - US Capital Advisors cut their Q1 2024 EPS estimates for shares of ONEOK in a research report issued on Wednesday, March 20th. US Capital Advisors analyst J. Carreker now forecasts that the utilities provider will post earnings of $1.16 per share for the quarter, down from their previous estimate of $1.17. US Capital Advisors currently has a "Hold" rating on the stock. The consensus estimate for ONEOK's current full-year earnings is $4.99 per share. US Capital Advisors also issued estimates for ONEOK's Q2 2024 earnings at $1.17 EPS, Q3 2024 earnings at $1.21 EPS, FY2024 earnings at $4.88 EPS and FY2025 earnings at $5.33 EPS.

OKE has been the topic of several other reports. Seaport Res Ptn raised shares of ONEOK from a "neutral" rating to a "buy" rating in a research note on Thursday, February 8th. StockNews.com upgraded shares of ONEOK from a "sell" rating to a "hold" rating in a research report on Wednesday, March 6th. Wolfe Research upgraded shares of ONEOK from an "underperform" rating to a "peer perform" rating in a research report on Wednesday, January 10th. Truist Financial boosted their target price on shares of ONEOK from $71.00 to $81.00 and gave the stock a "hold" rating in a research report on Thursday. Finally, UBS Group boosted their target price on shares of ONEOK from $80.00 to $87.00 and gave the stock a "buy" rating in a research report on Tuesday, February 27th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, ONEOK has an average rating of "Hold" and an average price target of $81.40.

ONEOK Stock Performance

Shares of ONEOK stock traded down $0.45 during trading on Friday, reaching $79.02. The company's stock had a trading volume of 2,405,928 shares, compared to its average volume of 3,115,758. The company has a 50-day moving average price of $72.62 and a two-hundred day moving average price of $69.06. The firm has a market cap of $46.08 billion, a PE ratio of 14.24, a P/E/G ratio of 2.27 and a beta of 1.65. ONEOK has a fifty-two week low of $55.91 and a fifty-two week high of $79.89. The company has a current ratio of 0.90, a quick ratio of 0.67 and a debt-to-equity ratio of 1.29.

ONEOK (NYSE:OKE - Get Free Report) last announced its 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 business had revenue of $5.24 billion during the quarter, compared to analyst estimates 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 previous year, the firm earned $1.08 earnings per share.

ONEOK declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, January 17th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the utilities provider to buy up to 4.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's board believes its stock is undervalued.

ONEOK Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 14th. Stockholders of record on Tuesday, January 30th were paid a dividend of $0.99 per share. The ex-dividend date was Monday, January 29th. This represents a $3.96 dividend on an annualized basis and a dividend yield of 5.01%. This is a positive change from ONEOK's previous quarterly dividend of $0.96. ONEOK's dividend payout ratio (DPR) is currently 71.35%.

Insider Activity

In other news, Director Wayne Thomas Smith acquired 2,700 shares of the company's stock in a transaction dated Friday, March 1st. The shares were bought at an average price of $75.25 per share, for a total transaction of $203,175.00. Following the completion of the purchase, the director now directly owns 2,700 shares of the company's stock, valued at approximately $203,175. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.65% of the company's stock.

Institutional Trading of ONEOK

Hedge funds have recently made changes to their positions in the company. Addis & Hill Inc acquired a new position in ONEOK in the fourth quarter worth $519,000. MONECO Advisors LLC boosted its holdings in ONEOK by 66.9% in the fourth quarter. MONECO Advisors LLC now owns 6,160 shares of the utilities provider's stock worth $433,000 after purchasing an additional 2,469 shares during the period. Wellington Management Group LLP boosted its holdings in ONEOK by 2,643.5% in the fourth quarter. Wellington Management Group LLP now owns 1,170,739 shares of the utilities provider's stock worth $82,209,000 after purchasing an additional 1,128,066 shares during the period. Transcendent Capital Group LLC acquired a new position in ONEOK in the fourth quarter worth $696,000. Finally, ARK & TLK Investments LLC acquired a new position in shares of ONEOK during the fourth quarter valued at $244,000. Hedge funds and other institutional investors own 68.87% of the company's stock.

ONEOK Company Profile

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.