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ONEOK (OKE) Earnings and Revenues Miss Estimates in Q1
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ONEOK Inc. (OKE - Free Report) recorded first-quarter 2022 operating earnings per share (EPS) of 87 cents, which missed the Zacks Consensus Estimate of 89 cents by 2.2%. However, the bottom line improved by a penny from the year-ago quarter’s tally of 86 cents.
Total Revenues
Operating revenues of $5,445 million missed the Zacks Consensus Estimate of $5,865 million by 7.2%. However, the top line improved by 70.4% from $3,195 million in the prior-year quarter.
ONEOK spent $4,366 million on the cost of sales and fuel, up 105.7% from the year-ago quarter’s level.
In the first quarter, OKE’s adjusted EBITDA was $863.9 million, down 0.3% year over year.
ONEOK’s operating income came in at $662.5 million in the first quarter, down 0.3% from the prior-year quarter’s reading.
ONEOK incurred interest expenses worth $172.1 million, down 7.2% from the prior-year quarter’s level.
Financial Highlights
As of Mar 31, 2022, ONEOK had cash and cash equivalents worth $14.6 million compared with $146.4 million as of Dec 31, 2021.
The long-term debt (excluding current maturities) was $12,750.5 million as of Mar 31, 2022, up from $12,747.6 million as of Dec 31, 2021.
ONEOK’s cash provided by the operating activities for the first three months of 2022 was $462.2 million compared with $533.3 million from the prior-year quarter’s level.
Capital expenditures (including maintenance) amounted to $257 million in the first quarter of 2022, up from $176.7 million in the corresponding quarter of the last year.
Guidance
ONEOK affirmed the 2022 net income and adjusted EBITDA in the range of $1,550-$1,830 million and $3,470-$3,770 million, respectively. OKE reiterated 2022 EPS in the range of $3.45-$4.07. The Zacks Consensus Estimate for 2022 earnings of $3.87 per share is higher than $3.76, the midpoint of the guided range.
NuStar Energy is slated to report first-quarter 2022 earnings on May 5 before market open. The Zacks Consensus Estimate for first-quarter EPS is pegged at 16 cents. The Zacks Consensus Estimate for NuStar Energy’s 2022 earnings implies year-over-year growth of 68.3%.
Magellan Midstream Partners is slated to report first-quarter 2022 earnings on May 5 before market open. The Zacks Consensus Estimate for first-quarter EPU is pegged at $1.05. The Zacks Consensus Estimate for Magellan Midstream’s 2023 earnings implies year-over-year growth of 5.98%.
Conoco Phillips (COP - Free Report) is slated to report first-quarter 2022 earnings on May 5 before market open. The Zacks Consensus Estimate for first-quarter EPS is pegged at $3.24. The Zacks Consensus Estimate for Conoco Phillips’ 2023 earnings implies year-over-year growth of 140%.
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ONEOK (OKE) Earnings and Revenues Miss Estimates in Q1
ONEOK Inc. (OKE - Free Report) recorded first-quarter 2022 operating earnings per share (EPS) of 87 cents, which missed the Zacks Consensus Estimate of 89 cents by 2.2%. However, the bottom line improved by a penny from the year-ago quarter’s tally of 86 cents.
Total Revenues
Operating revenues of $5,445 million missed the Zacks Consensus Estimate of $5,865 million by 7.2%. However, the top line improved by 70.4% from $3,195 million in the prior-year quarter.
ONEOK, Inc. Price, Consensus and EPS Surprise
ONEOK, Inc. price-consensus-eps-surprise-chart | ONEOK, Inc. Quote
Highlights of the Release
ONEOK spent $4,366 million on the cost of sales and fuel, up 105.7% from the year-ago quarter’s level.
In the first quarter, OKE’s adjusted EBITDA was $863.9 million, down 0.3% year over year.
ONEOK’s operating income came in at $662.5 million in the first quarter, down 0.3% from the prior-year quarter’s reading.
ONEOK incurred interest expenses worth $172.1 million, down 7.2% from the prior-year quarter’s level.
Financial Highlights
As of Mar 31, 2022, ONEOK had cash and cash equivalents worth $14.6 million compared with $146.4 million as of Dec 31, 2021.
The long-term debt (excluding current maturities) was $12,750.5 million as of Mar 31, 2022, up from $12,747.6 million as of Dec 31, 2021.
ONEOK’s cash provided by the operating activities for the first three months of 2022 was $462.2 million compared with $533.3 million from the prior-year quarter’s level.
Capital expenditures (including maintenance) amounted to $257 million in the first quarter of 2022, up from $176.7 million in the corresponding quarter of the last year.
Guidance
ONEOK affirmed the 2022 net income and adjusted EBITDA in the range of $1,550-$1,830 million and $3,470-$3,770 million, respectively. OKE reiterated 2022 EPS in the range of $3.45-$4.07. The Zacks Consensus Estimate for 2022 earnings of $3.87 per share is higher than $3.76, the midpoint of the guided range.
Zacks Rank
ONEOK currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
NuStar Energy is slated to report first-quarter 2022 earnings on May 5 before market open. The Zacks Consensus Estimate for first-quarter EPS is pegged at 16 cents. The Zacks Consensus Estimate for NuStar Energy’s 2022 earnings implies year-over-year growth of 68.3%.
Magellan Midstream Partners is slated to report first-quarter 2022 earnings on May 5 before market open. The Zacks Consensus Estimate for first-quarter EPU is pegged at $1.05. The Zacks Consensus Estimate for Magellan Midstream’s 2023 earnings implies year-over-year growth of 5.98%.
Conoco Phillips (COP - Free Report) is slated to report first-quarter 2022 earnings on May 5 before market open. The Zacks Consensus Estimate for first-quarter EPS is pegged at $3.24. The Zacks Consensus Estimate for Conoco Phillips’ 2023 earnings implies year-over-year growth of 140%.