Fintel reports that on August 14, 2023, Raymond James maintained coverage of Oneok (NYSE:OKE) with a Outperform recommendation.
Analyst Price Forecast Suggests 9.33% Upside
As of August 2, 2023, the average one-year price target for Oneok is 72.42. The forecasts range from a low of 61.61 to a high of $84.00. The average price target represents an increase of 9.33% from its latest reported closing price of 66.24.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Oneok is 24,159MM, an increase of 25.84%. The projected annual non-GAAP EPS is 4.46.
Oneok Declares $0.96 Dividend
On July 19, 2023 the company declared a regular quarterly dividend of $0.96 per share ($3.82 annualized). Shareholders of record as of August 1, 2023 received the payment on August 14, 2023. Previously, the company paid $0.96 per share.
At the current share price of $66.24 / share, the stock's dividend yield is 5.77%.
Looking back five years and taking a sample every week, the average dividend yield has been 7.07%, the lowest has been 4.63%, and the highest has been 19.08%. The standard deviation of yields is 2.81 (n=236).
The current dividend yield is 0.47 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.70. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.02%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 1774 funds or institutions reporting positions in Oneok. This is a decrease of 8 owner(s) or 0.45% in the last quarter. Average portfolio weight of all funds dedicated to OKE is 0.37%, a decrease of 13.82%. Total shares owned by institutions decreased in the last three months by 2.14% to 332,893K shares. 
The put/call ratio of OKE is 0.58, indicating a bullish outlook.
What are Other Shareholders Doing?
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 13,830K shares representing 3.09% ownership of the company. In it's prior filing, the firm reported owning 13,585K shares, representing an increase of 1.77%. The firm decreased its portfolio allocation in OKE by 9.09% over the last quarter.
XLE - The Energy Select Sector SPDR Fund holds 12,845K shares representing 2.87% ownership of the company. In it's prior filing, the firm reported owning 12,938K shares, representing a decrease of 0.72%. The firm increased its portfolio allocation in OKE by 3.25% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 10,429K shares representing 2.33% ownership of the company. In it's prior filing, the firm reported owning 10,332K shares, representing an increase of 0.93%. The firm decreased its portfolio allocation in OKE by 9.47% over the last quarter.
VIMSX - Vanguard Mid-Cap Index Fund Investor Shares holds 9,983K shares representing 2.23% ownership of the company. In it's prior filing, the firm reported owning 10,404K shares, representing a decrease of 4.22%. The firm decreased its portfolio allocation in OKE by 10.17% over the last quarter.
Deutsche Bank Ag\ holds 9,656K shares representing 2.16% ownership of the company. In it's prior filing, the firm reported owning 9,843K shares, representing a decrease of 1.94%. The firm decreased its portfolio allocation in OKE by 88.81% over the last quarter.
Oneok Background Information
(This description is provided by the company.)
ONEOK, Inc. (pronounced ONE-OAK) is a leading midstream service provider and owner of one of the nation's premier natural gas liquids (NGL) systems, connecting NGL supply in the Rocky Mountain, Mid-Continent and Permian regions with key market centers and an extensive network of natural gas gathering, processing, storage and transportation assets.
Additional reading:
- ONEOK Announces $5.25 Billion Notes Offering
- List of Subsidiary Guarantors and Issuers of Guaranteed Securities
- Unaudited Pro Forma Combined Financial Statements
- Unaudited Pro Forma Combined Financial Statements
- -more- August 7, 2023 Analyst Contact: Megan Patterson 918-561-5325 Media Contact: Brad Borror 918-588-7582 ONEOK Announces 13% Increase in Second Quarter 2023 Net Income and 10% Increase in Adjusted EBITDA Increasing 2023 Financial Guidance TULSA, O
This story originally appeared on Fintel.
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