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ONEOK Partners, L.P. (OKS) is scheduled to report its Q2 2012 results on August 1, 2012, before market opens. The street expects EPS and revenue of $0.70 and $2.93B, respectively.

In this article I will recap the historical results of the company, its latest EPS estimates vs. surprises, the latest news from OKS and the news from its closest competitors.

ONEOK Partners, L.P. Revenue and Net Income History

Recent EPS Actuals vs. Estimates

The company has met or beaten analysts' estimates in the last four quarters. In the last quarter it reported $0.91 EPS, beating analyst estimates of $0.79.

ONEOK Partners, L.P. EPS Historical Results vs Estimates

The consensus EPS estimate is $0.70 based on 13 analysts' estimates, up from $0.67 a year ago. Revenue estimates are $2.93B, up from $2.78B a year ago. The median target price by analysts for the stock is $62.00.

Average recommendation: Hold

Source: Marketwatch

Analyst Upgrades and Downgrades

  • On July 2, 2012, Global Hunter Securities downgraded the company from Buy to Accumulate.
  • On February 22, 2012, Barclays Capital reiterated Overweight rating for the company.
  • On January 31, 2012, Oppenheimer downgraded the company from Outperform to Perform.

Latest News

  • On July 26, 2012, The board of directors of the general partner of ONEOK Partners, L.P. increased the partnership's quarterly cash distribution to 66 cents per unit from 63.5 cents per unit, effective for the second quarter 2012, resulting in an annualized cash distribution of $2.64 per unit. The distribution is payable Aug. 15, 2012, to unitholders of record as of Aug. 6, 2012.
  • On July 26, 2012, ONEOK Partners, L.P. announced plans to invest approximately $980 million to $1.1 billion between now and 2014 for additional growth projects.
  • On April 19, 2012, The board of directors of the general partner of ONEOK Partners, L.P. increased the partnership's quarterly cash distribution to 63.5 cents per unit from 61 cents per unit, effective for the first quarter 2012, resulting in an annualized cash distribution of $2.54 per unit. The distribution is payable May 15, 2012, to unitholders of record as of April 30, 2012.
  • On May 1, 2012, Oneok Partners LP reaffirmed fiscal 2012 net income guidance range of $810 million to $870 million.
  • On February 27, 2012, Oneok Partners LP announced a public offering of 7.0 million of its common units, representing limited partner interests, subject to market and other conditions.
  • On February 20, 2012, Oneok Partners LP announced that for fiscal 2012, it increased its net income guidance by more than 9% to a range of $810 million to $870 million, compared with the previous guidance range of $740 million to $800 million.

Competitors

Boardwalk Pipeline Partners (BWP), Enbridge Energy Partners (EEP), Energy Transfer Partners (ETP), Kinder Morgan Energy Partners (KMP), and Williams Partners (WPZ) are considered major competitors for ONEOK Partners and the table below provides the key metrics for these companies and the industry.

ONEOK Partners, L.P. key ratio comparison with direct competitors

The chart below compares the stock price changes as a percentage for the selected companies for the last one year period.

OKS Chart

OKS data by YCharts

Competitors' Latest Development

  • On July 26, 2012, Energy Transfer Partners LP announced that the Board of Directors has approved a quarterly distribution of $0.89375 per unit ($3.575 annualized) on ETP's outstanding common units for the quarter ended June 30, 2012.
  • On July 23, 2012, Williams Partners And Williams Companies Inc announced their intent to pursue an agreement for Williams Partners to acquire Williams' 83.3% interest and operatorship of the olefins-production facility in Geismar, La. Williams owns 68% of Williams Partners, including the general-partner interest.
  • On July 23, 2012, Williams Partners L.P. announced that for fiscal 2012, it expects net income to be in the range of $1.060-$1.240 billion. For fiscal 2013, it expects net income to be in the range of $1.230-$1.610 billion.
  • On July 19, 2012, Kinder Morgan Energy Partners and BP North America announced the execution of long-term commercial agreements to provide BP condensate processing services and storage at Kinder Morgan's terminals located on the Houston Ship Channel.
  • On July 18, 2012, Kinder Morgan Energy Partners increased its quarterly cash distribution per common unit to $1.23 ($4.92 annualized) payable on Aug. 14, 2012, to unitholders of record as of July 31, 2012.
  • On July 17, 2012, Dow Jones reported that Peabody Energy Corp. has entered an agreement with Kinder Morgan Energy Partners to expand the Gulf Coast coal-export platform for Peabody's Colorado, Powder River Basin and Illinois Basin coal products.
  • On July 3, 2012, Energy Transfer Partners LP announced public offering of 15,525,000 common units representing limited partner interests at $44.57 per common unit, which includes 2,025,000 common units purchased pursuant to the full exercise of the underwriters` option to purchase additional common units, has closed.
  • On June 28, 2012, Energy Transfer Partners LP announced that it has priced a public offering of 13,500,000 common units representing limited partner interests at $44.57 per common unit.
  • On June 27, 2012, Energy Transfer Partners LP announced it has commenced a public offering of 13,500,000 common units representing limited partner interests, with a 30-day option for the underwriters to purchase up to an additional 2,025,000 common units.
  • On June 19, 2012, Swift Energy Company announced that it has entered into a long term agreement for natural gas gathering and processing services for its LaSalle County, TX natural gas production with Eagle Ford Gathering LLC, a 50/50 joint venture between Kinder Morgan Energy Partners, L.P. and Copano Energy, L.L.C. This agreement is effective as of June 1, 2012.
  • On June 8, 2012, Boardwalk Pipeline Partners LP announced that its indirect wholly-owned subsidiary, Gulf South Pipeline Company, LP, priced a private placement of $300 million aggregate principal amount of 4.00% senior notes due 2022.
  • On June 5, 2012, Kinder Morgan Energy Partners announced that it has completed its acquisition of a 50% interest in a joint venture that owns the Altamont gathering, processing and treating assets in the Uinta Basin in Utah and the Camino Real gathering system in the Eagle Ford Shale in Texas from Kohlberg Kravis Roberts & Co. L.P. for $300 million in Kinder Morgan Energy Partners units.
  • On April 30, 2012, Boardwalk Pipeline Partners LP announced that it has declared a quarterly cash distribution per common unit of $0.5325 ($2.13 annualized) payable on May 17, 2012, to unitholders of record as of May 10, 2012.
  • On April 30, 2012, Energy Transfer Partners LP and Sunoco Inc announced that they have entered into a definitive merger agreement whereby ETP will acquire Sunoco in a unit and cash transaction valued at $50.13 per share, or a total consideration of approximately $5.3 billion, based on ETP's closing price on April 27, 2012.
  • On April 30, 2012, Williams Partners L.P. announced that it has completed its previously announced acquisition of Caiman Energy's wholly owned subsidiary, Caiman Eastern Midstream, LLC. Williams Partners funded the approximate $2.4 billion purchase price of the Caiman Eastern acquisition with a combination of approximately $1.72 billion in cash, net of purchase price adjustments, and the issuance to Caiman of approximately 11.8 million Williams Partners common units.
  • On April 25, 2012, Energy Transfer Partners LP announced that its Board of Directors has approved a quarterly distribution of $0.89375 per unit ($3.575 annualized) on ETP common units for the quarter ended March 31, 2012.
  • On April 23, 2012, Williams Partners L.P. announced that the regular quarterly cash distribution its unitholders receive has been increased to $0.7775 per unit. The board of directors of the partnership's general partner has approved the quarterly cash distribution, which is payable on May 11, 2012, to unitholders of record at the close of business on May 4. The new per-unit amount is an 8.4%increase over the partnership's distribution of $0.7175 per unit that was paid in May 2011.
  • On March 19, 2012, Williams Partners L.P. announced that it has agreed to acquire Caiman Energy's wholly owned subsidiary, Caiman Eastern Midstream LLC, for approximately $2.5 billion.
  • On March 7, 2012, Enbridge Energy Partners LP announced that for fiscal 2012, it expects the earnings to be between $510-$550 million.
  • On February 27, 2012, Kinder Morgan Energy Partners And Martin Midstream Partners LP announced a new joint venture, Pecos Valley Producer Services LLC, to develop a multi-commodity rail terminal in Pecos, Texas.
  • On February 22, 2012, Williams Partners L.P. announced that for fiscal 2012, it expects net income to be in the range of $1.160-$1.640 billion. For fiscal 2013, it expects net income to be in the range of $1.260-$1.785 billion.
  • On February 21, 2012, Delphi Midstream Partners LLC announced that it has completed the sale of Laser Northeast Gathering Company, LLC (Laser), its natural gas gathering business located in Pennsylvania and New York, and other gathering assets in Texas to Williams Partners LP. The purchase price included $329 million in cash and approximately 7.5 million Williams Partners' units.
  • On February 16, 2012, Energy Transfer Partners, L.P. and Regency Energy Partners LP announced that their joint venture, Lone Star NGL LLC, will construct a second 100,000 barrel per day natural gas liquids (NGL) fractionation facility at Mont Belvieu, Texas.
  • On February 16, 2012, Energy Transfer Partners, L.P. announced that it has entered into new multiple long-term, fee-based agreements with producers to provide natural gas gathering, processing, and liquids services from the Eagle Ford Shale in South Texas.
  • On February 7, 2012, Boardwalk Pipeline Partners, LP announced that the underwriters of its previously announced public offering of 8,000,000 common units, which closed on January 25, 2012, have exercised their option to purchase an additional 1,200,000 common units.
  • On February 6, 2012, Boardwalk Pipeline Partners, LP announced that it has declared a quarterly cash distribution per common unit of $0.53 ($2.12 annualized) payable on February 23, 2012, to unit holders of record as of February 16, 2012.
  • On January 31, 2012, Enbridge Energy Partners LP announced that for fiscal 2012, it expects adjusted net income will be between $510-$550 million, adjusted EBITDA will be between $1.19-$1.25 billion and operating income (EBIT) to be between $870-$910 million.

Technical Overview

The stock has a market capitalization of $12.59B and is currently trading at $57.27 with a 52 week range of $43.05 - $61.58. The stock's year-to-date performance has been 1.40%. It is currently trading above 20, 50 and 200 SMA.

Sources: Yahoo Finance, Google Finance, Marketwatch, Finviz, Reuters.

Source: Earnings Preview: ONEOK Partners