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ONEOK Inc. (OKE - Free Report) reported first-quarter 2017 operating earnings of 41 cents per share, missing the Zacks Consensus Estimate of 45 cents by 8.89%.
Reported earnings also improved 2.5% year over year.
Total Revenue
ONEOK’s total revenue of $2,750 million missed the Zacks Consensus Estimate of $2,819 million by 2.47%. Revenues also jumped 55% from $1,774 million in the prior-year quarter.
Quarterly Highlights
In the quarter under review, ONEOK’s adjusted earnings before interest, tax, depreciation and amortization (EBITDA) came in at $459.6, up 4.07% year over year.
In the first quarter, the company spent $2,143.8 million on cost of sales and fuel, up 79.3%.
Operating income came in at $314.4 million in the first quarter, up 0.9%.
The company incurred interest expenses of $116.4 million, down 1.5%.
As of Mar 31, 2017, ONEOK had cash and cash equivalents of $310.8 million, compared with $248.9 million as of Dec 31, 2016.
Long-term debt (excluding current maturities) was $7,919.8 million as of Mar 31, 2017, down from the 2016-end level of $7,920 million.
In the first quarter, the company’s cash flow from operating activities was $269 million, up from nearly $230.7 million in the year-ago period.
Capital expenditures (less allowance for equity funds used during construction) in the first quarter was $112.7 million, down from $196.4 million a year ago.
Guidance
ONEOK reaffirmed its 2017, net income guidance in the range of $575-$755 million, adjusted EBITDA in the range of $1,870–$2,130 million, distributable cash flow of $1,245–$1,505 million, capital expenditures in the range of $380-$480 million and maintenance capital expenditures in between $140-$160 million.
Upcoming Peer Releases
South Jersey Industries, Inc. currently carries a Zacks Rank #2 (Buy). The Zacks Consensus Estimate is pegged at 81 cents. It is expected to report first-quarter 2017 earnings on May 9.
Clean Energy Fuels Corp. (CLNE - Free Report) currently carriesa Zacks Rank of #3 (Hold). The Zacks Consensus Estimate is pegged at a loss of 13 cents. It is expected to report first-quarter 2017 earnings on May 4.
Sempra Energy (SRE - Free Report) currently carries a Zacks Rank of #3. The Zacks Consensus Estimate is pegged at $1.59. It is expected to report first-quarter 2017 earnings on May 9.
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ONEOK (OKE) Misses Q1 Earnings, Reaffirms 2017 Guidance
ONEOK Inc. (OKE - Free Report) reported first-quarter 2017 operating earnings of 41 cents per share, missing the Zacks Consensus Estimate of 45 cents by 8.89%.
Reported earnings also improved 2.5% year over year.
Total Revenue
ONEOK’s total revenue of $2,750 million missed the Zacks Consensus Estimate of $2,819 million by 2.47%. Revenues also jumped 55% from $1,774 million in the prior-year quarter.
Quarterly Highlights
In the quarter under review, ONEOK’s adjusted earnings before interest, tax, depreciation and amortization (EBITDA) came in at $459.6, up 4.07% year over year.
In the first quarter, the company spent $2,143.8 million on cost of sales and fuel, up 79.3%.
Operating income came in at $314.4 million in the first quarter, up 0.9%.
The company incurred interest expenses of $116.4 million, down 1.5%.
ONEOK, Inc. Price, Consensus and EPS Surprise
ONEOK, Inc. Price, Consensus and EPS Surprise | ONEOK, Inc. Quote
Financial Condition
As of Mar 31, 2017, ONEOK had cash and cash equivalents of $310.8 million, compared with $248.9 million as of Dec 31, 2016.
Long-term debt (excluding current maturities) was $7,919.8 million as of Mar 31, 2017, down from the 2016-end level of $7,920 million.
In the first quarter, the company’s cash flow from operating activities was $269 million, up from nearly $230.7 million in the year-ago period.
Capital expenditures (less allowance for equity funds used during construction) in the first quarter was $112.7 million, down from $196.4 million a year ago.
Guidance
ONEOK reaffirmed its 2017, net income guidance in the range of $575-$755 million, adjusted EBITDA in the range of $1,870–$2,130 million, distributable cash flow of $1,245–$1,505 million, capital expenditures in the range of $380-$480 million and maintenance capital expenditures in between $140-$160 million.
Upcoming Peer Releases
South Jersey Industries, Inc. currently carries a Zacks Rank #2 (Buy). The Zacks Consensus Estimate is pegged at 81 cents. It is expected to report first-quarter 2017 earnings on May 9.
Clean Energy Fuels Corp. (CLNE - Free Report) currently carriesa Zacks Rank of #3 (Hold). The Zacks Consensus Estimate is pegged at a loss of 13 cents. It is expected to report first-quarter 2017 earnings on May 4.
Sempra Energy (SRE - Free Report) currently carries a Zacks Rank of #3. The Zacks Consensus Estimate is pegged at $1.59. It is expected to report first-quarter 2017 earnings on May 9.
Zacks Rank
ONEOK currently has a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
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