In a recent transaction, Pattye L. Moore, a director at ONEOK Inc (NYSE:OKE), sold a total of 3,379 shares of the company's common stock. The transaction took place on September 5, 2024, with the shares being sold at a price of $92.01 each. This sale resulted in a total value of approximately $310,901.
ONEOK, a leader in the natural gas transmission and distribution industry, has seen its shares being actively traded by insiders. The sale by Moore reduces her holdings in the company to zero, as indicated by the post-transaction amounts in the filing.
Investors often keep a close eye on insider transactions as they can provide insights into the company's performance and insiders' confidence in the company's future. The sale by a director might be of interest to current and potential shareholders who track such activities for their investment strategies.
The transaction was filed with the Securities and Exchange Commission and is public information available for review. Pattye L. Moore's sale represents a significant change in her investment in ONEOK, and it has been executed in compliance with all regulatory requirements.
In other recent news, energy sector player ONEOK Inc has been the subject of several positive adjustments from analysts following strong financial performance and strategic acquisitions. Stifel raised the stock price target to $99.00, maintaining a Buy rating, attributing it to ONEOK's strategic acquisitions of Medallion Midstream and a significant stake in EnLink Midstream (NYSE:ENLC). Citi, echoing Stifel's sentiments, also raised its price target on ONEOK, predicting that the acquisitions will contribute over $2 billion to ONEOK's long-term EBITDA and increase its free cash flow by approximately 20% by 2028.
Scotiabank, too, adjusted its outlook on ONEOK, raising the price target and maintaining a Sector Outperform rating, citing the potential for significant accretion from the large debt component of recent deals and expected consolidation of equity units. RBC Capital Markets and CFRA also adjusted their price targets for ONEOK, raising them based on the company's robust financial performance and potential for increased capital returns.
ONEOK's recent strong financial results for the second quarter of 2024, with a significant 28% year-over-year increase in net income, reaching $780 million, were noted by all. These are among the recent developments in ONEOK's business operations.
InvestingPro Insights
ONEOK Inc (NYSE:OKE) has demonstrated a robust financial performance according to the latest metrics. With a market capitalization of $53.73 billion, the company stands as a significant player in the natural gas transmission and distribution industry. The P/E ratio, a key indicator of market expectations, is at 19.91, with a slight adjustment to 20.06 when considering the last twelve months as of Q2 2024. This suggests a market sentiment that expects stable earnings growth.
The company's revenue for the last twelve months as of Q2 2024 stands at $19.1 billion, though it has experienced a slight decline of 0.52% in that period. However, the quarterly revenue growth paints a more dynamic picture, with a substantial increase of 31.14% in Q2 2024. This could indicate seasonal fluctuations or successful business strategies being implemented.
A noteworthy InvestingPro Tip is to consider the company's dividend yield, which is currently at an attractive 4.35%, coupled with a dividend growth of 3.66% over the last twelve months as of Q2 2024. For income-focused investors, this aspect of ONEOK's financial health may provide a compelling reason to hold or add the stock to their portfolios. InvestingPro offers an additional 17 tips for evaluating the investment potential of ONEOK Inc, which can be accessed through its comprehensive service.
Furthermore, the company's share price has shown resilience, trading at 98.96% of its 52-week high, with a previous close at $91.06. The year-to-date price total return as of the same date is an impressive 34.75%, reflecting a strong bullish trend in the stock's performance over the period. The InvestingPro Fair Value estimate places the stock at $85.41, slightly below the analyst target of $90, indicating that the stock may be fairly valued at its current trading price.
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