Price to Earnings (P/E)
since 2005
Calculation
ONEOK Inc., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income available to common shareholders1 (in thousands) | ÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 28, 2023 | 17.01 | = | 65.45 | ÷ | 3.85 | 3.85 | = | 1,721,121 | ÷ | 447,220,972 | |
| Mar 1, 2022 | 19.00 | = | 63.82 | ÷ | 3.36 | 3.36 | = | 1,498,606 | ÷ | 446,213,285 | |
| Feb 23, 2021 | 33.19 | = | 45.62 | ÷ | 1.37 | 1.37 | = | 611,709 | ÷ | 444,983,595 | |
| Feb 25, 2020 | 23.82 | = | 73.61 | ÷ | 3.09 | 3.09 | = | 1,277,477 | ÷ | 413,319,000 | |
| Feb 26, 2019 | 23.00 | = | 64.29 | ÷ | 2.80 | 2.80 | = | 1,150,603 | ÷ | 411,611,382 | |
| Feb 27, 2018 | 60.47 | = | 57.00 | ÷ | 0.94 | 0.94 | = | 387,074 | ÷ | 410,634,227 | |
| Feb 28, 2017 | 32.36 | = | 54.05 | ÷ | 1.67 | 1.67 | = | 352,039 | ÷ | 210,757,806 | |
| Feb 23, 2016 | 18.27 | = | 21.31 | ÷ | 1.17 | 1.17 | = | 244,977 | ÷ | 209,989,711 | |
| Feb 25, 2015 | 30.11 | = | 45.39 | ÷ | 1.51 | 1.51 | = | 314,107 | ÷ | 208,400,547 | |
| Feb 25, 2014 | 45.85 | = | 58.81 | ÷ | 1.28 | 1.28 | = | 266,533 | ÷ | 207,814,086 | |
| Feb 26, 2013 | 25.21 | = | 44.34 | ÷ | 1.76 | 1.76 | = | 360,619 | ÷ | 204,994,065 | |
| Feb 21, 2012 | 23.99 | = | 41.63 | ÷ | 1.74 | 1.74 | = | 360,594 | ÷ | 207,787,580 | |
| Feb 22, 2011 | 20.26 | = | 31.67 | ÷ | 1.56 | 1.56 | = | 334,632 | ÷ | 214,042,340 | |
| Feb 23, 2010 | 14.93 | = | 21.48 | ÷ | 1.44 | 1.44 | = | 305,451 | ÷ | 212,281,048 | |
| Feb 25, 2009 | 7.74 | = | 11.47 | ÷ | 1.48 | 1.48 | = | 311,909 | ÷ | 210,478,992 | |
| Feb 27, 2008 | 16.40 | = | 24.03 | ÷ | 1.47 | 1.47 | = | 304,921 | ÷ | 208,121,078 | |
| Mar 1, 2007 | 15.26 | = | 21.08 | ÷ | 1.38 | 1.38 | = | 306,312 | ÷ | 221,694,990 | |
| Mar 13, 2006 | 6.31 | = | 14.71 | ÷ | 2.33 | 2.33 | = | 546,545 | ÷ | 234,486,556 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of ONEOK Inc. Annual Report.
The financial data reveals a period of significant volatility in the valuation multiples and earnings performance from 2006 through 2023. While the share price exhibited a long-term upward trajectory, the Price-to-Earnings (P/E) ratio experienced dramatic fluctuations, indicating varying levels of market confidence and earnings stability.
- Share Price and Earnings Performance
- The share price grew from 14.71 USD in 2006 to 65.45 USD by 2023, despite sharp contractions in 2009 and 2016. Earnings per share (EPS) remained relatively stable between 1.17 USD and 1.76 USD for much of the first decade, before experiencing a period of instability followed by a significant increase toward the end of the sequence, peaking at 3.85 USD in 2023.
- P/E Ratio Expansion and Contraction
- The P/E ratio began at a low of 6.31 in 2006 and trended upward through 2013, reaching 25.21. A period of extreme valuation volatility occurred between 2014 and 2018, characterized by a sharp spike to 45.85 in 2014 and a peak of 60.47 in 2018. The 2018 peak was primarily driven by a contraction in EPS to 0.94 USD while the share price remained elevated at 57.00 USD.
- Valuation Normalization
- Starting in 2019, a trend of valuation normalization is observed. As EPS grew substantially from 2.80 USD in 2019 to 3.85 USD in 2023, the P/E ratio compressed from the previous extremes to a more moderate level of 17.01. This suggests that recent share price growth has been more closely aligned with actual earnings growth compared to the speculative or earnings-depressed spikes seen in the mid-2010s.
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Comparison to Competitors
ONEOK Inc., P/E, long-term trends, comparison to competitors
| ONEOK Inc. | Chevron Corp. | ConocoPhillips | ExxonMobil Holdings Corp. | |
|---|---|---|---|---|
| Feb 28, 2023 | 17.01 | 8.71 | 7.07 | 8.01 |
| Mar 1, 2022 | 19.00 | 16.81 | 14.66 | 14.11 |
| Feb 23, 2021 | 33.19 | — | — | — |
| Feb 25, 2020 | 23.82 | 70.06 | 8.77 | 15.64 |
| Feb 26, 2019 | 23.00 | 15.30 | 12.60 | 16.15 |
| Feb 27, 2018 | 60.47 | 22.83 | — | 16.28 |
| Feb 28, 2017 | 32.36 | — | — | 42.80 |
| Feb 23, 2016 | 18.27 | 35.02 | — | 20.96 |
| Feb 25, 2015 | 30.11 | 10.61 | 12.03 | 11.56 |
| Feb 25, 2014 | 45.85 | 10.04 | 8.91 | 12.71 |
| Feb 26, 2013 | 25.21 | 8.61 | 8.49 | 8.94 |
| Feb 21, 2012 | 23.99 | 7.96 | 7.60 | 10.03 |
| Feb 22, 2011 | 20.26 | 10.77 | 9.89 | 13.89 |
| Feb 23, 2010 | 14.93 | 13.81 | 14.78 | 15.92 |
| Feb 25, 2009 | 7.74 | 5.29 | — | 7.42 |
| Feb 27, 2008 | 16.40 | 9.89 | 10.59 | 11.78 |
| Mar 1, 2007 | 15.26 | 8.63 | 7.09 | 10.33 |
| Mar 13, 2006 | 6.31 | 9.04 | 6.31 | 10.03 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Oil, Gas & Consumable Fuels)
ONEOK Inc., P/E, long-term trends, comparison to sector (oil, gas & consumable fuels)
| ONEOK Inc. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 28, 2023 | 17.01 | 8.08 |
| Mar 1, 2022 | 19.00 | 15.11 |
| Feb 23, 2021 | 33.19 | — |
| Feb 25, 2020 | 23.82 | 20.13 |
| Feb 26, 2019 | 23.00 | 15.32 |
| Feb 27, 2018 | 60.47 | 21.22 |
| Feb 28, 2017 | 32.36 | 162.35 |
| Feb 23, 2016 | 18.27 | 33.10 |
| Feb 25, 2015 | 30.11 | 11.30 |
| Feb 25, 2014 | 45.85 | 11.25 |
| Feb 26, 2013 | 25.21 | 8.78 |
| Feb 21, 2012 | 23.99 | 8.96 |
| Feb 22, 2011 | 20.26 | 12.17 |
| Feb 23, 2010 | 14.93 | 15.12 |
| Feb 25, 2009 | 7.74 | 9.95 |
| Feb 27, 2008 | 16.40 | 11.08 |
| Mar 1, 2007 | 15.26 | 9.23 |
| Mar 13, 2006 | 6.31 | 9.02 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Energy)
ONEOK Inc., P/E, long-term trends, comparison to industry (energy)
| ONEOK Inc. | Energy | |
|---|---|---|
| Feb 28, 2023 | 17.01 | 8.54 |
| Mar 1, 2022 | 19.00 | 15.67 |
| Feb 23, 2021 | 33.19 | — |
| Feb 25, 2020 | 23.82 | 37.93 |
| Feb 26, 2019 | 23.00 | 15.94 |
| Feb 27, 2018 | 60.47 | 26.50 |
| Feb 28, 2017 | 32.36 | 354.83 |
| Feb 23, 2016 | 18.27 | 33.85 |
| Feb 25, 2015 | 30.11 | 11.97 |
| Feb 25, 2014 | 45.85 | 11.81 |
| Feb 26, 2013 | 25.21 | 9.43 |
| Feb 21, 2012 | 23.99 | 9.63 |
| Feb 22, 2011 | 20.26 | 13.24 |
| Feb 23, 2010 | 14.93 | 15.83 |
| Feb 25, 2009 | 7.74 | 9.90 |
| Feb 27, 2008 | 16.40 | 11.66 |
| Mar 1, 2007 | 15.26 | 9.76 |
| Mar 13, 2006 | 6.31 | 9.78 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).