ONEOK Inc (OKE) released its first quarter results on Thursday, April 29, 2021. The company reported net earnings of $0.86 per share for the first quarter ending March 31, 2021. Earnings for this past quarter were up 351 percent compared to the same period a year ago.
The company was founded in 1906 and is headquartered in Tulsa, Oklahoma. ONEOK, Inc., together with its subsidiaries, engages in gathering, processing, storage, and transportation of natural gas in the United States. It operates through Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments.
ONEOK's revenue increased 2 percent over the past trailing twelve-month period versus the previous twelve-month period. Gross margins decreased to 27.11% for the first quarter compared to the same period in the previous year, and operating margins decreased to 20.8% over the same period. Net earnings for past trailing twelve months were $1139.74 million, up 43% from the prior year.
Moving on to the balance sheet, ONEOK’s cash levels dropped 24% for the first quarter over the same period last year. Overall liquidity of the balance sheet, as measured by the current ratio, decreased 28.47% this past year. The current ratio for ONEOK now stands at 0.98. The company increased shares outstanding by 7.65%.
Shares of OKE are currently trading around $52.60. In terms of valuation, the stock is trading at a trailing twelve-month price to earnings ratio of 20.46 and price to book ratio of 3.86.
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This article was written by Value Investing News (https://www.valueinvestingnews.com) on Friday, April 30, 2021.