ONEOK, Inc. (NYSE:OKE) announced its quarterly earnings results on Tuesday. The utilities provider reported $0.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by $0.12, Morningstar.com reports. The business had revenue of $2.73 billion for the quarter, compared to analysts’ expectations of $2.64 billion. ONEOK had a net margin of 3.60% and a return on equity of 10.33%. During the same quarter in the prior year, the firm earned $0.40 EPS.
Shares of ONEOK (OKE) traded down 2.41% during mid-day trading on Wednesday, hitting $55.36. The stock had a trading volume of 3,009,764 shares. The company’s 50 day moving average is $52.22 and its 200-day moving average is $53.15. The stock has a market cap of $11.68 billion, a P/E ratio of 33.05 and a beta of 1.31. ONEOK has a 52-week low of $42.87 and a 52-week high of $59.47.
The business also recently declared a quarterly dividend, which will be paid on Monday, August 14th. Stockholders of record on Monday, August 7th will be given a $0.745 dividend. This is a boost from ONEOK’s previous quarterly dividend of $0.62. This represents a $2.98 dividend on an annualized basis and a dividend yield of 5.38%. The ex-dividend date of this dividend is Thursday, August 3rd. ONEOK’s payout ratio is currently 147.31%.
OKE has been the topic of several 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 research report on Wednesday, June 21st. BidaskClub raised ONEOK from a “strong sell” rating to a “sell” rating in a research report on Tuesday, June 27th. Morgan Stanley cut ONEOK from an “overweight” rating to an “equal weight” rating and set a $54.00 price objective on the stock. in a research report on Wednesday, July 5th. BMO Capital Markets reaffirmed a “hold” rating and set a $53.00 price objective on shares of ONEOK in a research report on Monday, April 17th. Finally, Guggenheim initiated coverage on ONEOK in a research report on Monday, April 17th. They set a “buy” rating and a $62.00 price objective on the stock. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $57.31.
In other ONEOK 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 value of $100,680.00. Following the completion of the transaction, the director now owns 18,125 shares of the company’s stock, valued at $912,412.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.90% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OKE. Convergence Investment Partners LLC purchased a new position in ONEOK during the second quarter worth $1,278,000. New Amsterdam Partners LLC NY boosted its position in ONEOK by 0.6% in the second quarter. New Amsterdam Partners LLC NY now owns 9,367 shares of the utilities provider’s stock worth $489,000 after buying an additional 58 shares during the last quarter. Wedbush Securities Inc. boosted its position in ONEOK by 33.3% in the second quarter. Wedbush Securities Inc. now owns 8,148 shares of the utilities provider’s stock worth $425,000 after buying an additional 2,035 shares during the last quarter. Catalyst Capital Advisors LLC boosted its position in ONEOK by 7.1% in the second quarter. Catalyst Capital Advisors LLC now owns 116,033 shares of the utilities provider’s stock worth $6,052,000 after buying an additional 7,697 shares during the last quarter. Finally, Sigma Planning Corp boosted its position in ONEOK by 3.1% in the second quarter. Sigma Planning Corp now owns 6,280 shares of the utilities provider’s stock worth $328,000 after buying an additional 191 shares during the last quarter. 80.89% of the stock is owned by institutional investors.
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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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