ONEOK, Inc. (OKE) Expected to Post Quarterly Sales of $2.74 Billion
Wall Street analysts forecast that ONEOK, Inc. (NYSE:OKE) will announce sales of $2.74 billion for the current quarter, Zacks reports. Two analysts have issued estimates for ONEOK’s earnings. The highest sales estimate is $2.90 billion and the lowest is $2.57 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 business is scheduled to announce its next quarterly earnings report 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 firm will report sales of $12.10 billion per share, with estimates ranging from $9.90 billion to $15.10 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover ONEOK.
ONEOK (NYSE:OKE) last announced its earnings results on Tuesday, August 1st. The utilities provider reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $2.64 billion. During the same quarter in the previous year, the firm earned $0.40 EPS.
OKE has been the subject of several analyst reports. Royal Bank Of Canada reissued a “hold” rating and set a $58.00 price target on shares of ONEOK in a research report on Friday, May 12th. UBS AG raised shares of ONEOK from a “neutral” rating to a “buy” rating and raised their price target for the company from $56.00 to $59.00 in a research report on Wednesday, June 14th. Jefferies Group LLC set a $51.00 price target on shares of ONEOK and gave the company a “hold” rating in a research report on Friday, June 16th. Argus raised shares of ONEOK from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a research report on Wednesday, June 21st. Finally, Stifel Nicolaus initiated coverage on shares of ONEOK in a research report on Monday, June 26th. They set a “hold” rating and a $48.00 price target for the company. Eight investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $57.15.
In other news, Director Eduardo A. Rodriguez sold 2,000 shares of ONEOK stock in a transaction 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 transaction, the director now owns 18,125 shares in the company, valued at approximately $912,412.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.90% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Janney Montgomery Scott LLC boosted its position in shares of ONEOK by 102.1% in the first quarter. Janney Montgomery Scott LLC now owns 39,307 shares of the utilities provider’s stock valued at $2,179,000 after buying an additional 19,859 shares in the last quarter. Penserra Capital Management LLC boosted its position in ONEOK by 14.6% in the first quarter. Penserra Capital Management LLC now owns 22,931 shares of the utilities provider’s stock worth $1,271,000 after buying an additional 2,925 shares during the period. Parsons Capital Management Inc. RI boosted its position in ONEOK by 12.0% in the first quarter. Parsons Capital Management Inc. RI now owns 4,465 shares of the utilities provider’s stock worth $248,000 after buying an additional 480 shares during the period. 1st Global Advisors Inc. purchased a new position in ONEOK during the first quarter worth $885,000. Finally, Macquarie Group Ltd. boosted its position in ONEOK by 3.1% in the fourth quarter. Macquarie Group Ltd. now owns 67,500 shares of the utilities provider’s stock worth $3,875,000 after buying an additional 2,020 shares during the period. Institutional investors and hedge funds own 80.89% of the company’s stock.
ONEOK (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. ONEOK has a 52 week low of $45.41 and a 52 week high of $59.47. The stock has a market cap of $19.23 billion, a P/E ratio of 31.71 and a beta of 1.31.
The firm also recently declared a quarterly dividend, which was paid on Monday, August 14th. Stockholders of record on Monday, August 7th were paid a dividend of $0.745 per share. This represents a $2.98 annualized dividend and a dividend yield of 5.89%. The ex-dividend date was Thursday, August 3rd. This is a boost from ONEOK’s previous quarterly dividend of $0.62. ONEOK’s dividend payout ratio (DPR) is currently 186.25%.
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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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