ONEOK Powers Up Investor Confidence: Dividend Hike & $2B Buyback Program
Portfolio Pulse from Lekha Gupta
ONEOK Inc (NYSE:OKE) announced a 3.7% increase in its quarterly dividend to $0.99 per share and a new $2 billion share repurchase program to be completed over the next four years. The company also aims for an annual dividend growth rate of 3% to 4% and expects to allocate 75% to 85% of its forecasted cash flow from operations after capital expenditures to dividends and buybacks. ONEOK maintains its target debt-to-EBITDA ratio of about 3.5x. OKE shares saw a premarket increase of 0.94% to $69.71.
January 18, 2024 | 11:21 am
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
ONEOK Inc announced a dividend increase and a $2 billion share repurchase program, indicating a strong commitment to shareholder returns and financial stability.
The announcement of a dividend increase and a substantial share repurchase program typically signals confidence in a company's financial health and future prospects, which can positively influence investor sentiment and potentially lead to a short-term increase in stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100