ONEOK, Inc. (NYSE:OKE – Get Rating) – Seaport Res Ptn lowered their FY2022 EPS estimates for ONEOK in a report issued on Monday, August 1st. Seaport Res Ptn analyst S. Sibal now expects that the utilities provider will post earnings per share of $3.54 for the year, down from their prior estimate of $3.96. The consensus estimate for ONEOK’s current full-year earnings is $3.73 per share. Seaport Res Ptn also issued estimates for ONEOK’s FY2023 earnings at $3.74 EPS and FY2024 earnings at $3.91 EPS.
OKE has been the topic of several other reports. Raymond James lifted their target price on shares of ONEOK from $70.00 to $75.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 20th. Barclays dropped their price target on shares of ONEOK from $71.00 to $62.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 20th. Wells Fargo & Company dropped their price target on shares of ONEOK to $71.00 and set an “equal weight” rating on the stock in a research report on Friday, May 20th. Morgan Stanley dropped their target price on shares of ONEOK from $81.00 to $74.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 20th. Finally, US Capital Advisors reiterated an “overweight” rating on shares of ONEOK in a research report on Wednesday, June 1st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, ONEOK currently has an average rating of “Hold” and a consensus price target of $68.25.
ONEOK Stock Down 2.3 %
ONEOK (NYSE:OKE – Get Rating) last announced its quarterly earnings results on Tuesday, May 3rd. The utilities provider reported $0.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.89 by ($0.02). The company had revenue of $5.44 billion for the quarter, compared to the consensus estimate of $5 billion. ONEOK had a net margin of 8.01% and a return on equity of 25.33%. During the same period last year, the firm posted $0.86 earnings per share.
Institutional Investors Weigh In On ONEOK
A number of institutional investors and hedge funds have recently modified their holdings of the company. PAX Financial Group LLC lifted its holdings in shares of ONEOK by 1.3% in the first quarter. PAX Financial Group LLC now owns 13,622 shares of the utilities provider’s stock worth $962,000 after buying an additional 169 shares in the last quarter. Coastline Trust Co grew its position in ONEOK by 2.7% during the first quarter. Coastline Trust Co now owns 6,570 shares of the utilities provider’s stock valued at $464,000 after acquiring an additional 175 shares during the last quarter. Sugarloaf Wealth Management LLC grew its position in ONEOK by 27.9% during the first quarter. Sugarloaf Wealth Management LLC now owns 820 shares of the utilities provider’s stock valued at $63,000 after acquiring an additional 179 shares during the last quarter. Hexagon Capital Partners LLC grew its position in ONEOK by 10.7% during the first quarter. Hexagon Capital Partners LLC now owns 1,916 shares of the utilities provider’s stock valued at $135,000 after acquiring an additional 185 shares during the last quarter. Finally, International Assets Investment Management LLC grew its holdings in shares of ONEOK by 1.9% in the first quarter. International Assets Investment Management LLC now owns 10,318 shares of the utilities provider’s stock worth $729,000 after purchasing an additional 196 shares during the last quarter. 65.46% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling at ONEOK
In other ONEOK news, CEO Pierce Norton acquired 8,975 shares of the company’s stock in a transaction on Friday, June 17th. The shares were acquired at an average cost of $55.54 per share, with a total value of $498,471.50. Following the completion of the acquisition, the chief executive officer now directly owns 9,414 shares in the company, valued at $522,853.56. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.65% of the company’s stock.
ONEOK Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 15th. Shareholders of record on Monday, August 1st will be issued a dividend of $0.935 per share. This represents a $3.74 annualized dividend and a yield of 6.49%. The ex-dividend date of this dividend is Friday, July 29th. ONEOK’s dividend payout ratio (DPR) is presently 110.98%.
ONEOK, Inc, together with its subsidiaries, engages in gathering, processing, storage, and transportation of natural gas in the United States. It operates through Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments. The company owns natural gas gathering pipelines and processing plants in the Mid-Continent and Rocky Mountain regions.
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