Stock Monitor: Clean Energy Fuels Post Earnings Reporting
LONDON, UK / ACCESSWIRE / April 9, 2018 / Active-Investors.com has just released a free earnings report on ONEOK, Inc. (NYSE: OKE). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=OKE. On February 26, 2018, ONEOK reported financial results for the fourth quarter and full year ended December 31, 2017. The Company reported increasing sales and adjusted EBITDA in the fourth quarter of 2017. Register today and get access to over 1,000 Free Research Reports by joining our site below:
Active-Investors.com is currently working on the research report for Clean Energy Fuels Corp. (NASDAQ: CLNE), which also belongs to the Utilities sector as the Company ONEOK. Do not miss out and become a member today for free to access this upcoming report at:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, ONEOK most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
ONEOK's total revenues reached $3.79 billion for Q4 FY17, up 42.86% from $2.66 billion in Q4 FY16. Of this, the Company's commodity sales advanced 50.51% y-o-y to $3.16 billion and services increased 13.82% to $629.77 million y-o-y in the quarter under review. Total reported revenue exceeded analysts' consensus estimates by $230 million.
ONEOK incurred $3.07 billion on cost of sales and fuel during Q4 FY17, up 52.06% from $2.02 billion in Q4 FY16. The Company's operating income surged 20.7% to $397.84 million in the reported quarter from $329.60 million in the previous year's corresponding quarter.
Net income attributable to ONEOK was $63.05 million for Q4 FY17 compared to $90.51 million in Q4 FY16, reflecting a decrease of 30.34%. The Company's diluted income per share also fell 62.79% to $0.16 in Q4 FY17 from $0.43 in Q4 FY16. This included one-time non-cash charges of $141.3 million, or $0.36 per diluted share, related to the Tax Cuts and Jobs Act. The Company's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) was $547.72 million in Q4 FY17, an increase of 15.54% from $474.06 million in Q4 FY16. Analysts expected an adjusted EPS of $0.52 for the reported quarter.
For the year ending December 31, 2017, ONEOK's total revenues were $12.17 billion, up 36.46% from $8.92 billion in FY16, primarily led by volume growth in natural gas and natural gas liquids segment. The Company's operating income advanced 7.41% to $1.38 billion y-o-y in FY17. Net income attributable to ONEOK for the reported year was $387.84 million, 10.17% higher than $352.04 in the previous year. The Company's diluted income per share fell 22.29% to $1.29 in FY17 from $1.66 in FY16. However, the Company's adjusted EBITDA rose 7.4% to $1.99 billion in the reported year from $1.85 billion in the previous year.
ONEOK's Segment Details
The Natural Gas Liquids segment's adjusted EBITDA was $309.4 million in Q4 2017, up 22% from $253.6 million in Q4 FY16 due to increased volume growth in the Williston and Permian basins and STACK and SCOOP areas. This segment had capital expenditures of $54.5 million in the reported quarter, an increase of 167.16% from previous year's same quarter.
During Q4 FY17, the Natural Gas Gathering and Processing segment had an adjusted EBITDA of $144.3 million, 13.98% higher than $126.6 million in Q4 FY16, mainly driven by higher fee-based earnings. This segment incurred capital expenditures of $98.5 million in the quarter under review, an increase of 16.29% y-o-y.
The Natural Gas Pipelines segment's adjusted EBITDA was $88.7 million for Q4 FY17, a decrease of 1.33% from $89.9 million in Q4 FY16. This segment spent $24.9 million on capital expenditures in the reported quarter, 1.22% higher than the year ago same quarter.
ONEOK had cash and cash equivalents of $37.19 million as on December 31, 2017, 85.06% lower than $248.88 million as on December 31, 2016. The Company's long-term debt (excluding current maturities) advanced 2.17% to $8.09 billion at the end of Q4 FY17 from $7.92 billion at the end of Q4 FY16.
During the twelve months ending December 31, 2017, ONEOK's net cash flow from operating activities was $1.32 billion, 2.80% lower than $1.35 billion for the same period last year. The Company had a distributable cash flow of $366.01 million in FY17 compared to $318.25 million in FY16.
ONEOK distributed dividends of $829.41 million in FY17, an increase of 60.24% from $517.60 million in FY16. The Company incurred capital expenditures of $512.39 million in the reported year, 17.97% lower than $624.63 million in the previous year.
ONEOK expects its 2018 net income to be in the range of $955 million to $1.16 billion and its adjusted EBITDA to be in the range of $2.22 billion and $2.42 billion.
The Company raised its 2018 capital spending expectations to $1.95 billion to $2.3 billion compared to its previously announced range of $1.27 billion to $1.53 billion.
On February 14, 2018, ONEOK distributed dividends of $0.77 per share, or $3.08 per share, on an annualized basis, which represents an increase of 25% from 2017.
Stock Performance Snapshot
April 06, 2018 - At Friday's closing bell, ONEOK's stock fell 1.31%, ending the trading session at $56.69.
Volume traded for the day: 2.13 million shares.
Stock performance in the last three-month - up 0.87%; previous six-month period - up 0.69%; past twelve-month period - up 1.36%; and year-to-date - up 6.06%
After last Friday's close, ONEOK's market cap was at $22.75 billion.
Price to Earnings (P/E) ratio was at 58.32.
The stock has a dividend yield of 5.43%.
The stock is part of the Utilities sector, categorized under the Gas Utilities industry.
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