ONEOK Inc. (OKE - Free Report) recorded second-quarter 2022 operating earnings per share (EPS) of 92 cents, which surpassed the Zacks Consensus Estimate of 84 cents by 9.5%. The bottom line improved by 19.5% from the year-ago quarter’s tally of 77 cents.
Total Revenues
Operating revenues of $5,996.7 million missed the Zacks Consensus Estimate of $6,367 million by 5.8%. However, the top line improved by 76.9% from $3,389 million in the prior-year quarter.
Highlights of the Release
ONEOK spent $4,878 million on the cost of sales and fuel, up 106.1% from the year-ago quarter’s level.
In the second quarter, OKE’s adjusted EBITDA was $886 million, up 10.5% year over year.
ONEOK’s operating income came in at $689 million in the second quarter, up 12.7% from the prior-year quarter’s reading.
ONEOK incurred interest expenses worth $170.8 million, down 7.7% from the prior-year quarter’s level.
Financial Highlights
As of Jun 30, 2022, ONEOK had cash and cash equivalents worth $135.8 million compared with $146.4 million as of Dec 31, 2021.
The long-term debt (excluding current maturities) was $12,872.7 million as of Jun 30, 2022, up from $12,747.6 million as of Dec 31, 2021.
ONEOK’s cash provided by operating activities for the first six months of 2022 was $1,249.6 million compared with $1,077.9 million in the year-ago period.
Capital expenditures (including maintenance) amounted to $559.3 million in the first six months of 2022, up from $324.6 million in the corresponding period of the last year.
Guidance
ONEOK affirmed the 2022 net income and adjusted EBITDA in the range of $1,550-$1,830 million and the $3,470-$3,770 million range, respectively. OKE reiterated 2022 EPS in the range of $3.45-$4.07. The Zacks Consensus Estimate for 2022 earnings of $3.65 per share is lower than $3.76, the midpoint of the guided range.
Zacks Rank
ONEOK currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
Devon Energy Corp. (DVN - Free Report) reported second-quarter 2022 adjusted earnings of $2.59 per share, beating the Zacks Consensus Estimate of $2.38 by 8.8%.
The Zacks Consensus Estimate for DVN’s 2022 earnings implies year-over-year growth of 154.7%. Devon Energy witnessed an average surprise of 12.3% in the last four reported quarters.
CNX Resources Corporation (CNX - Free Report) reported second-quarter 2022 adjusted earnings of 61 cents per share, which missed the Zacks Consensus Estimate of 79 cents by 22.8%.
CNX Resources’ long-term (three to five years) earnings growth is currently pegged at 32.1%. The Zacks Consensus Estimate for CNX’s 2022 earnings implies year-over-year growth of 77.6%.
TotalEnergies SE (TTE - Free Report) reported second-quarter 2022 operating earnings of $3.75 (€3.50) per share, meeting the Zacks Consensus Estimate.
The Zacks Consensus Estimate for TTE’s 2022 earnings implies year-over-year growth of 107%. TotalEnergies posted an average surprise of 14.6% in the last four reported quarters.
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ONEOK Inc. (OKE - Free Report) recorded second-quarter 2022 operating earnings per share (EPS) of 92 cents, which surpassed the Zacks Consensus Estimate of 84 cents by 9.5%. The bottom line improved by 19.5% from the year-ago quarter’s tally of 77 cents.
Total Revenues
Operating revenues of $5,996.7 million missed the Zacks Consensus Estimate of $6,367 million by 5.8%. However, the top line improved by 76.9% from $3,389 million in the prior-year quarter.
Highlights of the Release
ONEOK spent $4,878 million on the cost of sales and fuel, up 106.1% from the year-ago quarter’s level.
In the second quarter, OKE’s adjusted EBITDA was $886 million, up 10.5% year over year.
ONEOK’s operating income came in at $689 million in the second quarter, up 12.7% from the prior-year quarter’s reading.
ONEOK incurred interest expenses worth $170.8 million, down 7.7% from the prior-year quarter’s level.
Financial Highlights
As of Jun 30, 2022, ONEOK had cash and cash equivalents worth $135.8 million compared with $146.4 million as of Dec 31, 2021.
The long-term debt (excluding current maturities) was $12,872.7 million as of Jun 30, 2022, up from $12,747.6 million as of Dec 31, 2021.
ONEOK’s cash provided by operating activities for the first six months of 2022 was $1,249.6 million compared with $1,077.9 million in the year-ago period.
Capital expenditures (including maintenance) amounted to $559.3 million in the first six months of 2022, up from $324.6 million in the corresponding period of the last year.
Guidance
ONEOK affirmed the 2022 net income and adjusted EBITDA in the range of $1,550-$1,830 million and the $3,470-$3,770 million range, respectively. OKE reiterated 2022 EPS in the range of $3.45-$4.07. The Zacks Consensus Estimate for 2022 earnings of $3.65 per share is lower than $3.76, the midpoint of the guided range.
Zacks Rank
ONEOK currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
Devon Energy Corp. (DVN - Free Report) reported second-quarter 2022 adjusted earnings of $2.59 per share, beating the Zacks Consensus Estimate of $2.38 by 8.8%.
The Zacks Consensus Estimate for DVN’s 2022 earnings implies year-over-year growth of 154.7%. Devon Energy witnessed an average surprise of 12.3% in the last four reported quarters.
CNX Resources Corporation (CNX - Free Report) reported second-quarter 2022 adjusted earnings of 61 cents per share, which missed the Zacks Consensus Estimate of 79 cents by 22.8%.
CNX Resources’ long-term (three to five years) earnings growth is currently pegged at 32.1%. The Zacks Consensus Estimate for CNX’s 2022 earnings implies year-over-year growth of 77.6%.
TotalEnergies SE (TTE - Free Report) reported second-quarter 2022 operating earnings of $3.75 (€3.50) per share, meeting the Zacks Consensus Estimate.
The Zacks Consensus Estimate for TTE’s 2022 earnings implies year-over-year growth of 107%. TotalEnergies posted an average surprise of 14.6% in the last four reported quarters.
Zacks Names #1 Semiconductor Stock
It's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.
See This Stock Now for Free >>
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