Research Analysts Set Expectations for ONEOK, Inc.'s Q1 2024 Earnings (NYSE:OKE)

ONEOK, Inc. (NYSE:OKE - Free Report) - Research analysts at Seaport Res Ptn issued their Q1 2024 earnings per share (EPS) estimates for ONEOK in a report issued on Sunday, April 28th. Seaport Res Ptn analyst S. Sibal anticipates that the utilities provider will post earnings of $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.

ONEOK (NYSE:OKE - Get Free Report) last issued its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.03. ONEOK had a return on equity of 22.57% and a net margin of 15.04%. The business had revenue of $4.78 billion during the quarter, compared to the consensus estimate of $5.84 billion. During the same period in the previous year, the firm posted $2.34 earnings per share.

OKE has been the topic of several other research reports. US Capital Advisors cut ONEOK from an "overweight" rating to a "hold" rating in a report on Wednesday, March 20th. StockNews.com raised ONEOK from a "sell" rating to a "hold" rating in a report on Wednesday, March 6th. JPMorgan Chase & Co. upped their price target on ONEOK from $81.00 to $85.00 and gave the company an "overweight" rating in a report on Wednesday, March 13th. Wolfe Research raised ONEOK from an "underperform" rating to a "peer perform" rating in a report on Wednesday, January 10th. Finally, Raymond James upped their price target on ONEOK from $80.00 to $85.00 and gave the company an "outperform" rating in a report on Friday, January 19th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat.com, ONEOK currently has a consensus rating of "Hold" and a consensus target price of $82.25.

ONEOK Price Performance

NYSE:OKE traded down $2.20 during midday trading on Wednesday, hitting $76.92. 4,848,211 shares of the stock were exchanged, compared to its average volume of 3,009,047. ONEOK has a one year low of $55.91 and a one year high of $81.81. The company has a market capitalization of $44.89 billion, a price-to-earnings ratio of 13.86, a P/E/G ratio of 4.97 and a beta of 1.65. The business has a 50-day moving average price of $78.19 and a two-hundred day moving average price of $71.91. 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 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 1st will be issued a dividend of $0.99 per share. This represents a $3.96 annualized dividend and a dividend yield of 5.15%. The ex-dividend date is Tuesday, April 30th. ONEOK's dividend payout ratio is currently 71.35%.

ONEOK declared that its Board of Directors has approved a share buyback plan on Wednesday, January 17th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the utilities provider to reacquire up to 4.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its shares are undervalued.

Insider Activity

In related news, Director Wayne Thomas Smith purchased 2,700 shares of the stock in a transaction dated Friday, March 1st. The shares were acquired at an average cost of $75.25 per share, for a total transaction of $203,175.00. Following the acquisition, the director now directly owns 2,700 shares in the company, valued at approximately $203,175. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ONEOK

A number of large investors have recently bought and sold shares of the business. Venturi Wealth Management LLC boosted its holdings in ONEOK by 5.3% in the first quarter. Venturi Wealth Management LLC now owns 2,809 shares of the utilities provider's stock worth $225,000 after purchasing an additional 142 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its position in ONEOK by 4.7% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 3,199 shares of the utilities provider's stock worth $256,000 after acquiring an additional 144 shares during the last quarter. Presima Securities ULC lifted its position in ONEOK by 1.7% during the 4th quarter. Presima Securities ULC now owns 9,100 shares of the utilities provider's stock worth $639,000 after acquiring an additional 150 shares during the last quarter. Regal Investment Advisors LLC lifted its position in ONEOK by 3.6% during the 3rd quarter. Regal Investment Advisors LLC now owns 4,631 shares of the utilities provider's stock worth $294,000 after acquiring an additional 159 shares during the last quarter. Finally, FourThought Financial Partners LLC raised its position in shares of ONEOK by 3.8% during the fourth quarter. FourThought Financial Partners LLC now owns 4,386 shares of the utilities provider's stock valued at $308,000 after buying an additional 161 shares during the last quarter. 69.13% of the stock is currently owned by institutional investors.

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.