ONEOK Thriving On Higher Distributions & Growth Projects
Zacks Investment Research | Aug 09, 2016 10:07PM ET
On Aug 9, we issued an updated research report on ONEOK Inc. (NYSE:OKE) .
Recently, ONEOK Inc. reported second-quarter 2016 operating earnings of 41 cents per share, missing the Zacks Consensus Estimate of 42 cents by 2.4%. Reported earnings, however, surged 11.1% year over year, primarily backed by fee-based earnings growth at both the natural gas pipeline, and the natural gas gathering and processing segments.
On the other hand, total revenue of $2,134.1 million beat the Zacks Consensus Estimate of $2,059 million by a marginal 3.6%. Revenues were also up slightly from $2,128 million in the prior-year quarter.
The company’s primary growth vehicle is ONEOK Partners (NYSE:OKS) . In the second quarter of 2016, the company obtained $197.5 million as distribution from ONEOK Partners. The partnership’s financial strength, diversified operations, excellent market connectivity and systematic investments in organic projects and strategic acquisitions provide ONEOK Inc. a distinct competitive advantage.
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