ONEOK, Inc. (OKE) Expected to Announce Quarterly Sales of $2.74 Billion
Wall Street analysts expect ONEOK, Inc. (NYSE:OKE) to announce sales of $2.74 billion for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for ONEOK’s earnings, with the lowest sales estimate coming in at $2.57 billion and the highest estimate coming in at $2.90 billion. ONEOK reported sales of $2.36 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 16.1%. The company is expected to report its next quarterly earnings results on Tuesday, November 7th.
On average, analysts expect that ONEOK will report full-year sales of $2.74 billion for the current financial year, with estimates ranging from $10.39 billion to $11.58 billion. For the next fiscal year, analysts anticipate that the company will report sales of $12.10 billion per share, with estimates ranging from $9.90 billion to $15.10 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that follow ONEOK.
ONEOK (NYSE:OKE) last posted its quarterly earnings data on Tuesday, August 1st. The utilities provider reported $0.33 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by $0.12. ONEOK had a return on equity of 8.62% and a net margin of 3.26%. The business had revenue of $2.73 billion during the quarter, compared to the consensus estimate of $2.64 billion. During the same period last year, the business posted $0.40 earnings per share.
A number of research firms have recently weighed in on OKE. BidaskClub upgraded shares of ONEOK from a “hold” rating to a “buy” rating in a report on Friday, August 4th. UBS AG upgraded shares of ONEOK from a “neutral” rating to a “buy” rating and increased their target price for the stock from $56.00 to $59.00 in a report on Wednesday, June 14th. Argus upgraded shares of ONEOK from a “hold” rating to a “buy” rating and set a $55.00 target price for the company in a report on Wednesday, June 21st. Jefferies Group LLC set a $51.00 target price on shares of ONEOK and gave the stock a “hold” rating in a report on Friday, June 16th. Finally, BMO Capital Markets upgraded shares of ONEOK from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $53.00 to $59.00 in a report on Wednesday, July 5th. Eight research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $57.15.
ONEOK (NYSE:OKE) opened at 50.61 on Thursday. The stock has a 50 day moving average price of $53.26 and a 200 day moving average price of $52.94. The company has a market capitalization of $19.23 billion, a price-to-earnings ratio of 31.71 and a beta of 1.31. ONEOK has a 52-week low of $45.41 and a 52-week high of $59.47.
The firm also recently announced a quarterly dividend, which was paid on Monday, August 14th. Shareholders of record on Monday, August 7th were paid a dividend of $0.745 per share. This is an increase from ONEOK’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend was Thursday, August 3rd. This represents a $2.98 dividend on an annualized basis and a dividend yield of 5.89%. ONEOK’s dividend payout ratio (DPR) is currently 186.25%.
In other news, Director Eduardo A. Rodriguez sold 2,000 shares of the stock in a transaction that occurred on Friday, June 16th. The shares were sold at an average price of $50.34, for a total transaction of $100,680.00. Following the sale, the director now owns 18,125 shares in the company, valued at $912,412.50. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.90% of the company’s stock.
Several large investors have recently bought and sold shares of OKE. Vanguard Group Inc. boosted its stake in ONEOK by 17.3% in the second quarter. Vanguard Group Inc. now owns 27,197,952 shares of the utilities provider’s stock worth $1,418,645,000 after buying an additional 4,002,795 shares during the last quarter. BlackRock Inc. boosted its stake in ONEOK by 28.4% in the second quarter. BlackRock Inc. now owns 24,014,654 shares of the utilities provider’s stock worth $1,252,605,000 after buying an additional 5,317,251 shares during the last quarter. State Street Corp boosted its stake in ONEOK by 53.7% in the second quarter. State Street Corp now owns 17,416,296 shares of the utilities provider’s stock worth $908,434,000 after buying an additional 6,086,061 shares during the last quarter. Neuberger Berman Group LLC boosted its stake in ONEOK by 6.1% in the second quarter. Neuberger Berman Group LLC now owns 9,098,662 shares of the utilities provider’s stock worth $474,586,000 after buying an additional 526,450 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in ONEOK by 25.1% in the second quarter. Bank of New York Mellon Corp now owns 6,825,358 shares of the utilities provider’s stock worth $356,012,000 after buying an additional 1,369,438 shares during the last quarter. Hedge funds and other institutional investors own 80.89% of the company’s stock.
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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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