ONEOK Misses on Third-Quarter Earnings, Raises 2024 Guidance

ONEOK Inc. OKE reported third-quarter 2024 operating earnings per share (EPS) of $1.18, which missed the Zacks Consensus Estimate of $1.23 by 4.1%. However, the bottom line improved 19.2% from the year-ago figure of 99 cents.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.Total RevenuesOperating revenues totaled $5.02 billion, which missed the Zacks Consensus Estimate of $5.81 billion by 13.5%. However, the top line improved 19.8% from $4.19 billion in the prior-year quarter. ONEOK, Inc. Price, Consensus and EPS Surprise ONEOK, Inc. price-consensus-eps-surprise-chart | ONEOK, Inc. QuoteHighlights of the ReleaseAdjusted EBITDA came in at $1.55 billion, up 52.2% year over year.Operating income totaled $1.13 billion, up 52.7% from the prior-year level of $0.74 billion.ONEOK incurred interest expenses of $325 million, up 51.2% from $215 million recorded in the year-ago period.Total natural gas processed was 3,236 billion British thermal units per day (BBtu/d), up 4.9% year over year.The company reported natural gas transportation capacity contracted of 8,231 million British thermal units per hour per day (MDth/d), which increased 6.8% year over year.Financial Highlights   As of Sept. 30, 2024, cash and cash equivalents amounted to $579 million compared with $338 million as of Dec. 31, 2023.As of Sept. 30, 2024, long-term debt (excluding current maturities) totaled $26.9 billion compared with $21.2 billion as of Dec. 31, 2023.Cash provided by operating activities for the first nine months of 2024 amounted to $3.28 billion compared with $2.91 billion in the corresponding period of 2023.2024 GuidanceONEOK has raised its projection for consolidated 2024 net income to the band of $2.895-$3.095 billion from the previous guidance of $2.73-$3.03 billion. The company has also raised its expectation for adjusted EBITDA to the band of $6.53-$ 6.73 billion from the previously guided range of $6.03-$ 6.33 billion.Interest expense, net of capitalized interest, is now expected to be in the range of $1.205-$1.185 billion from the previous guidance of $1.195-$1.165 billion.Zacks RankONEOK currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Upcoming ReleasesEnergy Transfer ET is slated to report third-quarter results on Nov. 6, after market close. The Zacks Consensus Estimate for earnings is pegged at 32 cents per unit.The Zacks Consensus Estimate for sales is pinned at $24.23 billion, implying a year-over-year increase of 16.8%.Murphy Oil Corporation MUR is scheduled to report third-quarter results on Nov. 7, before market open. The Zacks Consensus Estimate for earnings is pegged at 76 cents per share.The Zacks Consensus Estimate for sales is pinned at $762.11 million. The company delivered an average earnings surprise of 4.3% in the trailing four quarters.Occidental Petroleum OXY is scheduled to report third-quarter results on Nov. 12, after market close. The Zacks Consensus Estimate for earnings is pegged at 81 cents per share.The Zacks Consensus Estimate for sales is pinned at $7.53 billion. The company delivered an average earnings surprise of 20.6% in the trailing four quarters. Zacks Names #1 Semiconductor StockIt'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 >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Occidental Petroleum Corporation (OXY): Free Stock Analysis Report ONEOK, Inc. (OKE): Free Stock Analysis Report Murphy Oil Corporation (MUR): Free Stock Analysis Report Energy Transfer LP (ET): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks