ONEOK, Inc. (OKE) Increases Dividend to $0.75 Per Share
ONEOK, Inc. (NYSE:OKE) declared a quarterly dividend on Wednesday, July 26th, RTT News reports. Investors of record on Monday, August 7th will be given a dividend of 0.745 per share by the utilities provider on Monday, August 14th. This represents a $2.98 dividend on an annualized basis and a yield of 5.36%. The ex-dividend date of this dividend is Thursday, August 3rd. This is a boost from ONEOK’s previous quarterly dividend of $0.62.
ONEOK has increased its dividend payment by an average of 18.5% annually over the last three years and has increased its dividend annually for the last 14 consecutive years. ONEOK has a payout ratio of 123.6% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect ONEOK to earn $1.76 per share next year, which means the company may not be able to cover its $2.46 annual dividend with an expected future payout ratio of 139.8%.
ONEOK (NYSE OKE) traded up 0.9297% on Thursday, reaching $56.1068. The company had a trading volume of 1,221,210 shares. ONEOK has a 1-year low of $42.79 and a 1-year high of $59.47. The stock has a market capitalization of $11.83 billion, a P/E ratio of 33.4966 and a beta of 1.30. The stock’s 50 day moving average is $51.38 and its 200-day moving average is $53.18.
ONEOK (NYSE:OKE) last posted its earnings results on Tuesday, May 2nd. The utilities provider reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by $0.04. ONEOK had a return on equity of 10.33% and a net margin of 3.60%. The business had revenue of $2.75 billion for the quarter, compared to analyst estimates of $2.82 billion. On average, equities analysts predict that ONEOK will post $2.08 EPS for the current fiscal year.
OKE has been the subject of several analyst reports. Guggenheim initiated coverage on ONEOK in a research note on Monday, April 17th. They set a “buy” rating and a $62.00 target price for the company. UBS AG raised ONEOK from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $56.00 to $59.00 in a research note on Wednesday, June 14th. Argus raised ONEOK from a “hold” rating to a “buy” rating and set a $55.00 target price for the company in a research note on Wednesday, June 21st. Morgan Stanley cut ONEOK from an “overweight” rating to an “equal weight” rating and set a $54.00 target price for the company. in a research note on Wednesday, July 5th. Finally, Jefferies Group LLC set a $51.00 target price on ONEOK and gave the stock a “hold” rating in a research note on Friday, June 16th. One analyst has rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $57.31.
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In other ONEOK news, Director Eduardo A. Rodriguez sold 2,000 shares of ONEOK stock in a transaction dated Friday, June 16th. The stock was sold at an average price of $50.34, for a total transaction of $100,680.00. Following the completion of the sale, the director now directly owns 18,125 shares of the company’s stock, valued at approximately $912,412.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.90% of the stock is owned by insiders.
ONEOK Company Profile
ONEOK, Inc is an energy midstream service provider in the United States. The Company owns and operates natural gas liquids (NGL) systems, and is engaged in the gathering, processing, storage and transportation of natural gas. THe Company’s operations include a 38,000-mile integrated network of NGL and natural gas pipelines, processing plants, fractionators and storage facilities in the Mid-Continent, Williston, Permian and Rocky Mountain regions.
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