ONEOK, Inc. (NYSE:OKE) declared a quarterly dividend on Thursday, April 18th, RTT News reports. Stockholders of record on Monday, April 29th will be paid a dividend of 0.865 per share by the utilities provider on Wednesday, May 15th. This represents a $3.46 dividend on an annualized basis and a dividend yield of 4.94%. The ex-dividend date of this dividend is Friday, April 26th. This is a positive change from ONEOK’s previous quarterly dividend of $0.86.
ONEOK has raised its dividend payment by an average of 10.1% per year over the last three years and has raised its dividend every year for the last 16 years. ONEOK has a dividend payout ratio of 127.4% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect ONEOK to earn $3.66 per share next year, which means the company should continue to be able to cover its $3.44 annual dividend with an expected future payout ratio of 94.0%.
Shares of NYSE:OKE opened at $70.03 on Thursday. The company has a current ratio of 0.66, a quick ratio of 0.46 and a debt-to-equity ratio of 1.35. ONEOK has a twelve month low of $50.26 and a twelve month high of $71.99. The company has a market cap of $28.84 billion, a PE ratio of 25.19, a PEG ratio of 2.02 and a beta of 1.23.
In related news, Director Eduardo A. Rodriguez sold 1,500 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $66.75, for a total value of $100,125.00. Following the completion of the sale, the director now directly owns 15,536 shares of the company’s stock, valued at approximately $1,037,028. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.53% of the company’s stock.
A number of brokerages have recently weighed in on OKE. Zacks Investment Research raised ONEOK from a “hold” rating to a “buy” rating and set a $77.00 target price on the stock in a research report on Tuesday, March 19th. Jefferies Financial Group lowered ONEOK from a “buy” rating to a “hold” rating and upped their target price for the stock from $72.00 to $74.00 in a research report on Monday, April 1st. Barclays set a $66.00 target price on ONEOK and gave the stock a “hold” rating in a research report on Wednesday, January 16th. Seaport Global Securities lowered ONEOK from a “buy” rating to a “neutral” rating and set a $69.07 target price on the stock. in a research report on Monday. Finally, Raymond James lowered ONEOK from a “strong-buy” rating to an “outperform” rating in a research report on Tuesday, April 16th. Ten equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $71.28.
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ONEOK, Inc, together with its subsidiaries, engages in the 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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