TULSA, Okla. - ONEOK , Inc. (NYSE: NYSE:OKE), a major midstream service provider in the energy sector, announced the maintenance of its quarterly dividend at 99 cents per share. The declared dividend matches the amount distributed in the previous quarter, sustaining an annualized rate of $3.96 per share.
The company has confirmed the dividend will be payable on May 15, 2024, to shareholders who are on record by the close of business on May 1, 2024. This announcement aligns with ONEOK's established pattern of returning value to its shareholders and reflects the company's consistent financial approach.
ONEOK operates a vast network of pipelines extending over 50,000 miles, playing a pivotal role in the transportation and storage of natural gas, natural gas liquids, refined products, and crude oil. These services are crucial for meeting both domestic and international energy demands.
As part of the S&P 500 index, ONEOK is recognized as one of the largest diversified energy infrastructure corporations in North America, with its headquarters in Tulsa, Oklahoma. The company emphasizes its commitment to delivering responsible and reliable energy solutions.
The press release also included forward-looking statements regarding anticipated financial performance and market conditions. However, it is important to note that such statements are predictions based on current expectations and are subject to risks and uncertainties that may cause actual results to differ materially.
Investors are reminded that the information provided is based on a press release statement and should consider the inherent risks detailed in the company's filings with the Securities and Exchange Commission, which can affect operations and market conditions.
ONEOK's steadfast dividend payout provides a measure of the company's financial health and its ability to generate consistent shareholder value amidst the dynamic energy market.
InvestingPro Insights
As ONEOK, Inc. (NYSE: OKE) maintains its dividend, investors may gain a deeper understanding of the company's financial health by examining key metrics from InvestingPro. With a market capitalization of $45.45 billion and a price-to-earnings (P/E) ratio that stands at 14.14, ONEOK presents itself as a considerable player in the energy sector.
Notably, the company's adjusted P/E ratio has increased to 20.81 for the last twelve months as of Q4 2023, which may reflect investor sentiment about its future earnings potential.
The company's revenue for the last twelve months as of Q4 2023 was $17.68 billion, with a notable gross profit margin of 32.52%. This indicates a strong ability to convert sales into profit, an essential factor for dividend sustainability.
Moreover, ONEOK's dividend yield as of early 2024 stands at a compelling 5.1%, coupled with a dividend growth of 5.88% for the last twelve months of 2023, showcasing its commitment to providing shareholder returns.
InvestingPro Tips suggest that ONEOK's low PEG ratio of 0.4 could signal that the stock is undervalued based on its earnings growth projections. Moreover, the company's robust EBITDA growth of 22.92% in the same period underscores its operational efficiency and potential for reinvestment and dividend payouts.
For investors seeking more in-depth analysis, InvestingPro offers additional tips; there are currently 7 more InvestingPro Tips available for ONEOK, which can be accessed with an additional 10% off a yearly or biyearly Pro and Pro+ subscription using the coupon code PRONEWS24.
The stock's recent performance shows a 1-year price total return of 23.32%, reflecting investor confidence and market recognition of the company's stability. With the next earnings date slated for April 30, 2024, shareholders and potential investors will be keenly anticipating ONEOK's financial results and strategic direction in the ever-evolving energy landscape.
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