ONEOK Reports Positive Earnings Results for the Second Quarter of FY2023
August 22, 2023
☀️Earnings Overview
ONEOK ($NYSE:OKE) released their financial results for the quarter ending June 30 2023 on August 8 2023, reporting total revenue of USD 3732.0 million, a 37.8% decrease from the same quarter in the previous year. Net income was USD 468.0 million, a 12.9% increase compared to the same period of the previous year.
Stock Price
On Tuesday, ONEOK reported positive earnings results for the second quarter of FY2023. The company’s stock opened at $64.6 and closed at $64.2, down 1.6% from its previous closing price of 65.2. Despite this minor decline, the company’s earnings results still reflected positive growth overall. Looking forward, ONEOK is well-positioned to continue its positive growth trajectory in the coming quarters. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Oneok. More…
| Total Revenues | Net Income | Net Margin |
| 19.2k | 2.43k | 12.7% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Oneok. More…
| Operations | Investing | Financing |
| 3.65k | -949.24 | -2.73k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Oneok. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 24.04k | 16.82k | 16.12 |
Key Ratios Snapshot
Some of the financial key ratios for Oneok are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 30.1% | 26.0% | 20.1% |
| FCF Margin | ROE | ROA |
| 12.6% | 33.6% | 10.0% |
Analysis
At GoodWhale, we recently conducted a detailed analysis of the fundamental aspects of ONEOK, Inc. (OKE). Based on our Risk Rating algorithm, OKE is considered a medium risk investment in terms of financial and business aspects. In examining the income statement and balance sheet of OKE, we identified two potential risk warnings that should be taken into consideration when making any investment decision. For more details about our analysis, please register on our website goodwhale.com. With our data-driven insights, investors can make informed decisions about their investments. More…
Peers
ONEOK Inc is a company that operates in the energy sector. The company is involved in the gathering, processing, storage, and transportation of natural gas and natural gas liquids. The company has operations in the United States, Canada, and Mexico. The company’s competitors include Kinder Morgan Inc, Energy Transfer LP, Enterprise Products Partners LP.
– Kinder Morgan Inc ($NYSE:KMI)
Kinder Morgan, Inc. is one of the largest energy infrastructure companies in North America. It owns or operates an extensive network of pipelines and terminals that transport petroleum products, natural gas, and other products. The company also owns and operates a fleet of liquefied natural gas (LNG) carriers. Kinder Morgan has a market capitalization of $40.72 billion as of 2022 and a return on equity of 7.82%. The company is headquartered in Houston, Texas.
– Energy Transfer LP ($NYSE:ET)
Energy Transfer LP is a publicly traded partnerships that owns and operates energy infrastructure assets in the United States. The company’s assets include natural gas pipelines, natural gas gathering and processing facilities, and crude oil pipelines. Energy Transfer LP is headquartered in Dallas, Texas.
– Enterprise Products Partners LP ($NYSE:EPD)
Enterprise Products Partners LP is a publicly traded partnership that owns and operates a diversified portfolio of energy assets. The company has a market cap of 54.94B and a ROE of 15.44%. The company’s operations are focused on natural gas, crude oil, and NGL (natural gas liquids) transportation, storage, and processing. The company also owns and operates a network of natural gas pipelines and gathering systems, as well as crude oil and NGL terminals and storage facilities.
Summary
ONEOK‘s second quarter earnings for the fiscal year 2023 showed a decrease of 37.8% in total revenue, amounting to USD 3732.0 million. Despite this, net income was up at USD 468.0 million, a 12.9% increase from the same quarter in the previous year. This paints a positive outlook for investors, as ONEOK has managed to maintain profitability even amidst the decline in revenue.
The company’s cost cutting strategies have helped it remain profitable and make up for the decrease in income. This could be a sign of the company’s resilience and could bode well for investors looking to allocate resources into ONEOK.
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