ONEOK Inc. (NYSE: OKE) stock fell -1.66% on Thursday to $57.57 against a previous-day closing price of $58.54. With 2.98 million shares changed hands, the volume of the stock remained lighter than its average volume of 3.01 million shares. During the session, the Oil & Gas Midstream company that operates in wider Energy sector, reached to the highest price of $58.01 whereas the lowest price it dropped to was $56.96. The 52-week range on OKE shows that it touched its highest point at $71.57 and its lowest point at $50.50 during that stretch. It currently has a 1-year price target of $70.47. With its current market cap of 25.70 billion, OKE has annualized dividend of $3.82 while the current yield stands at 6.64%. Beta for the stock currently stands at 1.63.
Top 5 EV Tech Stocks to Buy for 2023
According a new report published by BloombergNEF on investment in the energy transition, annual spending on passenger EVs hit $388 billion in 2022, up 53% from the year before. Like we said, the boom is accelerating – and the time to buy EV-related tech stocks is now.
Click Here to Download the FREE Report.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of OKE was down-trending over the past week, with a drop of -1.39%, but this was down by -11.05% over a month. Three-month performance dropped to -14.79% while six-month performance fell -12.00%. The stock lost -9.67% in the past year, while it has lost -12.37% so far this year. A look at the trailing 12-month EPS for OKE yields 5.30 with Next year EPS estimates of 4.80. For the next quarter, that number is 1.00. This implies an EPS growth rate of 14.60% for this year and -12.19% for next year. EPS is expected to grow by 7.70% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 16.80%.
Float and Shares Shorts:
At present, 448.00 million OKE shares are outstanding with a float of 444.24 million shares on hand for trading. On May 14, 2023, short shares totaled 8.11 million, which was 1.81% higher than short shares on Apr 13, 2023. In addition to Mr. Pierce H. Norton II as the firm’s Pres, CEO & Director, Mr. Walter S. Hulse III serves as its CFO, Treasurer and Exec. VP of Investor Relations & Corp. Devel.
Through their ownership of 71.02% of OKE’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 45.89% of OKE, in contrast to 24.64% held by mutual funds. Shares owned by individuals account for 1.50%. As the largest shareholder in OKE with 11.59% of the stake, The Vanguard Group, Inc. holds 51,843,831 shares worth 51,843,831. A second-largest stockholder of OKE, BlackRock Fund Advisors, holds 32,034,616 shares, controlling over 7.16% of the firm’s shares. SSgA Funds Management, Inc. is the third largest shareholder in OKE, holding 31,842,979 shares or 7.12% stake. With a 5.01% stake in OKE, the RBC Global Resources Fund is the largest stakeholder. A total of 22,400,000 shares are owned by the mutual fund manager. The Vanguard Total Stock Market ETF, which owns about 3.10% of OKE stock, is the second-largest Mutual Fund holder. It holds 13,881,119 shares valued at 907.96 million. SPDR Series – Energy Select Secto holds 2.79% of the stake in OKE, owning 12,472,772 shares worth 815.84 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Mar 30, 2023, OKE reported revenue of $6.00B and operating income of $688.95M. The EBITDA in the recently reported quarter was $873.01M and diluted EPS was $0.92.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for OKE since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With OKE analysts setting a high price target of $81.00 and a low target of $57.00, the average target price over the next 12 months is $71.00. Based on these targets, OKE could surge 40.7% to reach the target high and fall by -0.99% to reach the target low. Reaching the average price target will result in a growth of 23.33% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.
Summary of Insider Activity:
Insiders traded OKE stock several times over the past three months with 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has increased to 15 while that of sell transactions has risen to 14 over the past year. The total number of shares bought during that period was 74,815 while 27,655 shares were sold.