Zacks: Analysts Anticipate ONEOK, Inc. (OKE) Will Announce Quarterly Sales of $2.74 Billion
Wall Street analysts forecast that ONEOK, Inc. (NYSE:OKE) will report $2.74 billion in sales for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for ONEOK’s earnings, with the highest sales estimate coming in at $2.90 billion and the lowest estimate coming in at $2.57 billion. ONEOK reported sales of $2.36 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 16.1%. The business is expected to issue 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 fiscal year, with estimates ranging from $10.39 billion to $11.58 billion. For the next year, analysts forecast that the business will post sales of $12.07 billion per share, with estimates ranging from $9.90 billion to $15.10 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that cover ONEOK.
ONEOK (NYSE:OKE) last issued its earnings results on Tuesday, August 1st. The utilities provider reported $0.33 EPS for the quarter, missing the consensus estimate of $0.45 by $0.12. The firm had revenue of $2.73 billion during the quarter, compared to the consensus estimate of $2.64 billion. ONEOK had a return on equity of 8.62% and a net margin of 3.26%. During the same period last year, the business earned $0.40 earnings per share.
OKE has been the topic of a number of research reports. Argus raised ONEOK from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a report on Wednesday, June 21st. BidaskClub upgraded ONEOK from a “strong sell” rating to a “sell” rating in a research report on Tuesday, June 27th. Morgan Stanley downgraded ONEOK from an “overweight” rating to an “equal weight” rating and set a $54.00 target price for the company. in a research report on Wednesday, July 5th. BMO Capital Markets reiterated a “hold” rating and set a $53.00 target price on shares of ONEOK in a research report on Monday, April 17th. Finally, Guggenheim started coverage on ONEOK in a research report on Monday, April 17th. They set a “buy” rating and a $62.00 target price for the company. Eight research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $57.15.
Shares of ONEOK (NYSE OKE) traded down 0.59% on Friday, reaching $53.53. The company had a trading volume of 2,804,981 shares. The company’s 50-day moving average price is $52.22 and its 200-day moving average price is $53.15. ONEOK has a 52-week low of $44.27 and a 52-week high of $59.47. The firm has a market capitalization of $20.34 billion, a price-to-earnings ratio of 33.54 and a beta of 1.31.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 14th. Investors of record on Monday, August 7th will be given a dividend of $0.745 per share. This is an increase from ONEOK’s previous quarterly dividend of $0.62. This represents a $2.98 annualized dividend and a dividend yield of 5.57%. The ex-dividend date is Thursday, August 3rd. ONEOK’s dividend payout ratio is currently 186.25%.
In related news, Director Eduardo A. Rodriguez sold 2,000 shares of the company’s stock in a transaction on 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 in the company, valued at approximately $912,412.50. The sale was disclosed in a filing with the SEC, which is available through this link. 0.90% of the stock is owned by corporate insiders.
A number of institutional investors have recently modified their holdings of OKE. FMR LLC boosted its position in shares of ONEOK by 1.1% in the fourth quarter. FMR LLC now owns 104,565 shares of the utilities provider’s stock worth $6,003,000 after buying an additional 1,128 shares during the last quarter. Thrivent Financial for Lutherans boosted its position in shares of ONEOK by 7.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 7,730 shares of the utilities provider’s stock worth $444,000 after buying an additional 540 shares during the last quarter. Teachers Advisors LLC boosted its position in shares of ONEOK by 8.9% in the fourth quarter. Teachers Advisors LLC now owns 291,579 shares of the utilities provider’s stock worth $16,740,000 after buying an additional 23,741 shares during the last quarter. Kentucky Retirement Systems purchased a new position in shares of ONEOK during the fourth quarter worth about $877,000. Finally, Kentucky Retirement Systems Insurance Trust Fund purchased a new position in shares of ONEOK during the fourth quarter worth about $391,000. 80.89% of the stock is owned by institutional investors and hedge funds.
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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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