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Stock Market & Financial Investment News

News Breaks
February 25, 2013
16:24 EDTOKEONEOK lowers FY13 net income view to $350M-$400M from $405M-$455M
ONEOK (OKE) reduced its 2013 net income guidance range to $350M-$400M, compared with the previous guidance range of $405M-$455M announced on Sept. 24, 2012. The updated guidance reflects lower expected earnings in the ONEOK Partners (OKS) segment. Half of the reduction in 2013 operating income and equity earnings guidance is due to lower expected natural gas liquids volumes as a result of widespread and prolonged ethane rejection. Narrower expected NGL location price differentials and lower expected NGL prices, particularly ethane and propane, also are expected to affect the partnership's 2013 earnings. "We do not expect prolonged ethane rejection to continue into 2014, although there may be intermittent periods when ethane will be left in the natural gas stream," said Gibson. ONEOK now expects net income guidance to increase by an average of 15%-20% annually over a three-year period, comparing 2012 results with 2015. Previously, ONEOK estimated a three-year average annual growth rate of 20%-25%, comparing 2012 guidance provided on Sept. 24, 2012, with 2015. The revision to the three-year growth forecast is due primarily to lower than expected NGL exchange margins in the Rocky Mountain region and lower expected NGL and natural gas prices in the ONEOK Partners segment in 2014 and 2015. The projected dividend increase for July 2013 has been revised to 2c per share, subject to ONEOK board approval, compared with its previous guidance announced on Sept. 24, 2012, of a 3c-per-share dividend increase. In January 2013, ONEOK increased its dividend by 3c per share to 36c per share, a 9% increase. "If industry conditions improve, we will re-evaluate our 2013 earnings guidance and dividend increase," said Gibson. "Although our 2013 earnings guidance has decreased, we remain confident in our ability to increase dividends over the next three years," said Gibson. ONEOK also revised its expectation to increase dividends by approximately 55%-65% between 2012 and 2015, subject to ONEOK board approval, compared with its previous guidance of a 65%-70% dividend increase. The company affirmed its long-term dividend target payout of 60%-70% of recurring earnings. The reduced 2013 earnings guidance and three-year growth forecast are not expected to affect current or projected timelines, or project costs in ONEOK Partners' announced $4.7B-$5.3B capital-growth program. Capital expenditures for 2013 are expected to be approximately $3B, comprised of approximately $2.64B at ONEOK Partners and $316M on a stand-alone basis. These estimates have been updated to reflect the January 2013 announcement of new growth projects in the ONEOK Partners segment.
News For OKE From The Last 14 Days
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February 25, 2015
10:01 EDTOKEOn The Fly: Analyst Downgrade Summary
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06:08 EDTOKEONEOK downgraded to Hold from Buy at Evercore ISI
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05:35 EDTOKEONEOK downgraded to Neutral from Buy at Goldman
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February 24, 2015
10:00 EDTOKEOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: AMC Networks (AMCX) downgraded to Neutral from Outperform at Macquarie... American Airlines (AAL) downgraded to Market Perform at Cowen... Armstrong World (AWI) downgraded to Hold from Buy at KeyBanc... Basic Energy (BAS) downgraded to Outperform from Strong Buy at Raymond James... CSC (CSC) downgraded at Stifel... Chevron (CVX) downgraded to Perform from Outperform at Oppenheimer... Choice Hotels (CHH) downgraded to Underweight from Equal Weight at Barclays... Eni SpA (E) downgraded to Underperform from Hold at Jefferies... Fifth Street Asset (FSAM) downgraded to Neutral from Outperform at Credit Suisse... HSBC (HSBC) downgraded to Neutral from Buy at UBS... Home Loan Servicing (HLSS) downgraded to Neutral from Overweight at Piper Jaffray... Huntington Ingalls (HII) downgraded to Underperform from Neutral at Credit Suisse... International Paper (IP) downgraded to Hold from Buy at Deutsche Bank... Kayne Anderson (KED) downgraded at Stifel... Landstar System (LSTR) downgraded to Hold from Buy at Deutsche Bank... Multi-Color (LABL) downgraded to Neutral from Long-Term Buy at Hilliard Lyons... Newmont Mining (NEM) downgraded to Neutral from Overweight at HSBC... ONEOK Partners (OKS) downgraded to Underweight from Neutral at JPMorgan... ONEOK (OKE) downgraded to Underweight from Neutral at JPMorgan... Olympic Steel (ZEUS) downgraded to Underperform from Neutral at Credit Suisse... Polypore (PPO) downgraded to Market Perform from Outperform at William Blair... Rosetta Resources (ROSE) downgraded to Equal Weight from Overweight at Stephens... Salix (SLXP) downgraded to Neutral from Buy at UBS... Sprint (S) downgraded to Sell from Neutral at BTIG... St. Jude Medical (STJ) downgraded to Underperform from Outperform at Credit Suisse... Timmins Gold (TGD) downgraded on lack of near-term production catalysts at RBC Capital... Transocean Partners (RIGP) downgraded to Underweight from Equal Weight at Barclays... Vodafone (VOD) downgraded to Underperform from Neutral at BofA/Merrill... Williams Partners (WPZ) downgraded to Neutral from Buy at Citigroup... Williams (WMB) downgraded to Neutral from Buy at Citigroup... Worthington (WOR) downgraded to Neutral from Outperform at Credit Suisse... Zillow Group (Z) downgraded at Macquarie.
09:21 EDTOKEONEOK downgraded to Underweight from Neutral at JPMorgan
JPMorgan downgraded ONEOK to Underweight and lowered its price target for shares to $48 from $58 following the company's reduced 2015 expectations.
February 23, 2015
16:17 EDTOKEONEOK lowers 2015 dividend growth outlook to 4%-8% from 14%
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16:14 EDTOKEONEOK reports Q4 EPS 45c, consensus 36c
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15:23 EDTOKENotable companies reporting after market close
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09:06 EDTOKEONEOK names Robert Martinovich to Chief Administrative Officer
Robert Martinovich, currently EVP of commercial, becomes executive vice president and Chief Administrative Officer, responsible for human resources, corporate services and information technology. The company also announced Walter Hulse joined the company as EVP of strategic planning and corporate affairs.

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