ONEOK Inc. (OKE, Financial) filed Quarterly Report for the period ended 2010-03-12.
Oneok Inc. has a market cap of $5.19 billion; its shares were traded at around $48.86 with a P/E ratio of 17.2 and P/S ratio of 0.5. The dividend yield of Oneok Inc. stocks is 3.6%. Oneok Inc. had an annual average earning growth of 4.3% over the past 10 years. GuruFocus rated Oneok Inc. the business predictability rank of 2.5-star.OKE is in the portfolios of David Dreman of Dreman Value Management, George Soros of Soros Fund Management LLC, Steven Cohen of SAC Capital Advisors.
Operating Results - Diluted earnings per share of common stock from continuing operations (EPS) were $1.44 and $1.16 for the three months ended March 31, 2010 and 2009, respectively. Operating income for the three months ended March 31, 2010, increased to $337.3 million from $293.0 million for the same period last year. This increase in operating income is due primarily to increased net margins in our Energy Services segment, due primarily to higher realized storage differentials and marketing margins, net of hedging activities, offset partially by decreased premium-services margins.
ONEOK Partners Equity Issuance - In February 2010, ONEOK Partners completed an underwritten public offering of 5,500,900 common units, including the partial exercise by the underwriters of their over-allotment option, at a public offering price of $60.75 per common unit, generating net proceeds of approximately $322.7 million. In conjunction with the offering, ONEOK Partners GP contributed $6.8 million in order to maintain its 2 percent general partner interest. ONEOK Partners used the proceeds from the sale of common units and the general partner contribution to repay borrowings under the ONEOK Partners Credit Agreement and for general partnership purposes. We currently hold a 42.8 percent aggregate equity interest in ONEOK Partners.
Dividends/Distributions - We declared a quarterly dividend of $0.44 per share ($1.76 per share on an annualized basis) in April 2010, an increase of 10 percent from the $0.40 per share declared in April 2009. ONEOK Partners declared a cash distribution of $1.11 per unit ($4.44 per unit on an annualized basis) in April 2010, an increase of approximately 3 percent from the $1.08 per unit declared in April 2009.
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Oneok Inc. has a market cap of $5.19 billion; its shares were traded at around $48.86 with a P/E ratio of 17.2 and P/S ratio of 0.5. The dividend yield of Oneok Inc. stocks is 3.6%. Oneok Inc. had an annual average earning growth of 4.3% over the past 10 years. GuruFocus rated Oneok Inc. the business predictability rank of 2.5-star.OKE is in the portfolios of David Dreman of Dreman Value Management, George Soros of Soros Fund Management LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
Recent Developments - In April 2010, ONEOK Partners announced that it will invest approximately $405 million to $470 million for projects in the Bakken Shale in the Williston Basin in North Dakota and in the Woodford Shale in Oklahoma, which will enable ONEOK Partners to meet the rapidly growing needs of producers in these areas. These investments include construction of a new 100 MMcf/d natural gas processing facility, the Garden Creek plant, in eastern McKenzie County, North Dakota. The plant and related expansions are estimated to cost between $150 million and $210 million and will double ONEOK Partners natural gas processing capacity in the Williston Basin. These projects are expected to be completed in the fourth quarter of 2011. In addition, ONEOK Partners will invest an additional $200 million to $205 million during 2010 and 2011 for new well connections, expansions and upgrades to its existing natural gas gathering infrastructure in the Bakken Shale.Operating Results - Diluted earnings per share of common stock from continuing operations (EPS) were $1.44 and $1.16 for the three months ended March 31, 2010 and 2009, respectively. Operating income for the three months ended March 31, 2010, increased to $337.3 million from $293.0 million for the same period last year. This increase in operating income is due primarily to increased net margins in our Energy Services segment, due primarily to higher realized storage differentials and marketing margins, net of hedging activities, offset partially by decreased premium-services margins.
ONEOK Partners Equity Issuance - In February 2010, ONEOK Partners completed an underwritten public offering of 5,500,900 common units, including the partial exercise by the underwriters of their over-allotment option, at a public offering price of $60.75 per common unit, generating net proceeds of approximately $322.7 million. In conjunction with the offering, ONEOK Partners GP contributed $6.8 million in order to maintain its 2 percent general partner interest. ONEOK Partners used the proceeds from the sale of common units and the general partner contribution to repay borrowings under the ONEOK Partners Credit Agreement and for general partnership purposes. We currently hold a 42.8 percent aggregate equity interest in ONEOK Partners.
Dividends/Distributions - We declared a quarterly dividend of $0.44 per share ($1.76 per share on an annualized basis) in April 2010, an increase of 10 percent from the $0.40 per share declared in April 2009. ONEOK Partners declared a cash distribution of $1.11 per unit ($4.44 per unit on an annualized basis) in April 2010, an increase of approximately 3 percent from the $1.08 per unit declared in April 2009.
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