ONEOK (NYSE:OKE) Announces Earnings Results, Misses Expectations By $0.05 EPS

ONEOK (NYSE:OKE - Get Free Report) issued its quarterly earnings results on Tuesday. The utilities provider reported $1.18 earnings per share for the quarter, missing the consensus estimate of $1.23 by ($0.05), Briefing.com reports. The company had revenue of $5.02 billion for the quarter, compared to analyst estimates of $5.81 billion. ONEOK had a return on equity of 15.54% and a net margin of 13.41%. During the same period in the prior year, the business earned $0.99 earnings per share. ONEOK updated its FY24 guidance to $5.11 EPS and its FY 2024 guidance to 5.110-5.110 EPS.

ONEOK Price Performance

OKE stock traded up $0.67 during trading on Wednesday, hitting $96.22. The stock had a trading volume of 2,191,717 shares, compared to its average volume of 2,722,814. The company's 50 day moving average price is $93.18 and its two-hundred day moving average price is $85.56. ONEOK has a 1-year low of $63.33 and a 1-year high of $98.43. The stock has a market cap of $56.20 billion, a price-to-earnings ratio of 21.19, a price-to-earnings-growth ratio of 4.17 and a beta of 1.67. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.41 and a current ratio of 0.62.

ONEOK Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Friday, November 1st will be paid a $0.99 dividend. This represents a $3.96 annualized dividend and a yield of 4.12%. The ex-dividend date is Friday, November 1st. ONEOK's payout ratio is 86.27%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on OKE. Wells Fargo & Company boosted their price objective on shares of ONEOK from $91.00 to $100.00 and gave the company an "overweight" rating in a research note on Friday, August 30th. Truist Financial boosted their price objective on shares of ONEOK from $83.00 to $99.00 and gave the company a "hold" rating in a research note on Wednesday. Morgan Stanley upgraded shares of ONEOK from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $103.00 to $111.00 in a research report on Monday, September 16th. Royal Bank of Canada boosted their target price on shares of ONEOK from $89.00 to $98.00 and gave the stock a "sector perform" rating in a research report on Wednesday, October 16th. Finally, Tudor Pickering upgraded shares of ONEOK to a "hold" rating in a research report on Thursday, July 18th. Eight investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $96.00.

Insider Activity at ONEOK

In other news, Director Pattye L. Moore sold 3,379 shares of the company's stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $92.01, for a total transaction of $310,901.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.20% of the stock is currently owned by corporate insiders.

About ONEOK

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.