Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Historical Valuation Ratios (Summary)
ONEOK Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio exhibited notable fluctuations over the examined periods. Initially, from the first quarter of 2019 through the end of that year, the ratio hovered around the low to mid-20s range, peaking at 23.82 in the last quarter of 2019. In early 2020, there was a significant decline, with the ratio dropping to 16.03 by March 31, 2020, suggesting diminished investor expectations or earnings growth concerns. Following this decline, the ratio generally trended upward, reaching a peak of 33.19 in the fourth quarter of 2020, potentially reflecting market optimism or earnings contraction. Subsequently, a downward trend was observed through 2021 and 2022, stabilizing around values slightly above 16, and further decreasing into early 2023, settling near 11.8, indicating a more conservative market valuation or improved earnings performance relative to the stock price.
- Price to Operating Profit (P/OP) Ratio
- The Price to Operating Profit ratio shows a pattern similar to the P/E ratio yet with lower absolute magnitude. The ratio maintained a steady range between approximately 14.8 and 15.9 across 2019, followed by a sharp decline below 10 during the initial quarters of 2020, hitting a low of 9.4 in March 2020. A recovery phase took place in late 2020, with the ratio rising to around 14.9 by December 2020. In the subsequent years, the ratio gradually declined, fluctuating modestly between roughly 7.7 and 11.6, indicating a tendency towards more conservative valuation multiples relative to operating profit. The downward trend continuing into the first half of 2023 suggests either improving operating profits, reduced market pricing, or a combination thereof.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio demonstrated more volatility and sensitivity to market conditions with an initial increase across 2019 from 2.27 to 2.99. In 2020, a marked reduction occurred, with the ratio dropping to as low as 1.34 in the first quarter, reflecting possible revenue pressures or broader market adjustments amid external challenges. An increase ensued in late 2020, with the ratio nearing 2.42 by the first quarter of 2021 before generally trending downward across 2021 and 2022. By early 2023, the ratio stabilized around the 1.3 to 1.5 range, which is significantly lower than pre-2020 figures, suggesting either revenue growth faster than price increases or market valuation caution.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio followed a relatively consistent pattern of decline and partial recovery. During 2019, the ratio ranged from 4.33 to 4.89, indicating a premium valuation relative to book value. A substantial decline occurred in early 2020, with the ratio dropping to 2.3 by March 2020. Following this, a rebound phase was evident through late 2020 and into 2021 when the ratio increased back above 4.5, peaking at around 4.88 in the third quarter of 2021. Thereafter, a gradual decline was observable through 2022 and early 2023, with the ratio settling near 3.94 to 3.98 in the first two quarters of 2023. This pattern may reflect changing perceptions of asset value, write-downs, or shifts in equity market pricing relative to the company’s book value.
- Overall Insights
- Across all valuation multiples, a distinct pattern emerges around the first half of 2020, corresponding with sharp declines followed by varying degrees of recovery. This indicates a possible external market or operational shock affecting the company’s valuation metrics. The subsequent periods reveal a cautious investor stance characterized by lower valuation multiples compared to the pre-2020 period, reflecting tempered expectations or improved underlying financial performance. The stabilization of ratios in early 2023 suggests a new valuation equilibrium at a more conservative level relative to historical highs. These trends collectively imply that investors have adjusted their valuation frameworks in response to changing financial fundamentals and market conditions over the analyzed timeframe.
Price to Earnings (P/E)
ONEOK Inc., historical P/E calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 447,674,825 | 447,443,257 | 447,220,972 | 446,953,842 | 446,862,227 | 446,616,031 | 446,213,285 | 445,936,703 | 445,660,920 | 445,536,572 | 444,983,595 | 444,397,414 | 444,201,950 | 413,907,211 | 413,319,000 | 413,084,650 | 412,968,278 | 412,756,216 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net income (loss) available to common shareholders (in millions) | 468) | 1,049) | 485) | 431) | 414) | 391) | 379) | 392) | 342) | 386) | 308) | 312) | 134) | (142) | 320) | 309) | 312) | 337) | ||||||
| Earnings per share (EPS)2 | 5.44 | 5.32 | 3.85 | 3.61 | 3.53 | 3.37 | 3.36 | 3.20 | 3.02 | 2.56 | 1.37 | 1.40 | 1.40 | 1.93 | 3.09 | 3.03 | 3.04 | 2.96 | ||||||
| Share price1, 3 | 64.15 | 62.82 | 65.45 | 59.06 | 61.38 | 67.35 | 63.82 | 63.92 | 51.72 | 52.13 | 45.62 | 29.09 | 29.72 | 30.92 | 73.61 | 69.99 | 70.08 | 67.58 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | 11.80 | 11.81 | 17.01 | 16.34 | 17.41 | 20.01 | 19.00 | 19.97 | 17.10 | 20.38 | 33.19 | 20.72 | 21.27 | 16.03 | 23.82 | 23.13 | 23.07 | 22.80 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| Chevron Corp. | 9.88 | 8.27 | 8.71 | 10.25 | 10.19 | 16.06 | 16.81 | 22.09 | 54.58 | — | — | — | — | — | — | — | — | — | ||||||
| ConocoPhillips | 10.65 | 7.44 | 7.07 | 9.23 | 7.19 | 10.35 | 14.66 | 20.66 | 40.48 | 3,758.13 | — | — | — | — | — | — | — | — | ||||||
| Exxon Mobil Corp. | 8.76 | 7.58 | 8.47 | 8.70 | 9.74 | 14.98 | 14.11 | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
EPS
= (Net income (loss) available to common shareholdersQ2 2023
+ Net income (loss) available to common shareholdersQ1 2023
+ Net income (loss) available to common shareholdersQ4 2022
+ Net income (loss) available to common shareholdersQ3 2022)
÷ No. shares of common stock outstanding
= (468,000,000 + 1,049,000,000 + 484,646,000 + 431,476,000)
÷ 447,674,825 = 5.44
3 Closing price as at the filing date of ONEOK Inc. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/E ratio = Share price ÷ EPS
= 64.15 ÷ 5.44 = 11.80
5 Click competitor name to see calculations.
The share price exhibited notable fluctuations over the observed periods. Initially, it rose steadily from approximately $67.58 to a peak near $73.61 in the final quarter of 2019. However, a sharp decline occurred in the first quarter of 2020, plummeting to around $30.92, coinciding with the broader market downturn during that time. Following this trough, the share price showed partial recovery and volatility, reaching about $65.45 by the end of 2022 and hovering slightly lower in the first half of 2023, indicating some stabilization but below the pre-2020 high levels.
Earnings per share (EPS) displayed a parallel pattern of volatility. EPS started near $2.96 and increased slightly until the end of 2019. A distinct decline was observed in the first half of 2020, with EPS dropping to approximately $1.37, reflecting the impact of adverse conditions during that period. Subsequently, earnings per share demonstrated a consistent recovery trend, rising steadily to exceed $5.00 by the first half of 2023. This upward trajectory suggests improved profitability and operational performance over recent quarters.
The price-to-earnings (P/E) ratio showed considerable variability across the timeline. Initially stable in the low twenties, the P/E ratio decreased markedly at the start of 2020, aligning with the share price drop and reduced earnings. Following this, the ratio spiked in late 2020 to over 33, which might be indicative of market expectations outpacing earnings growth or temporary undervaluation of stock price. Thereafter, the P/E ratio progressively declined, settling around 11.8 in the first half of 2023. This decline implies the market is valuing the stock at lower multiples relative to earnings, possibly due to increased earnings or more conservative market sentiment.
Overall, the financial data reveals a significant impact of external disruptions around early 2020, followed by a recovery phase marked by improved earnings performance. The share price and valuation multiples have yet to fully return to their pre-2020 peaks, despite earnings surpassing previous highs, suggesting cautious investor sentiment or other market factors influencing valuation.
- Share Price
- Peaked at $73.61 at the end of 2019, sharp decline to around $30.92 in early 2020, partial recovery and stabilization near mid-$60s by late 2022 and early 2023.
- Earnings Per Share (EPS)
- Steady growth until late 2019, sharp drop during first half of 2020, continuous improvement thereafter, surpassing $5.00 by mid-2023.
- Price-to-Earnings (P/E) Ratio
- Stable in early periods (~22–24), declined sharply in early 2020, spiked above 33 in late 2020, and steadily decreased to about 11.8 by mid-2023.
Price to Operating Profit (P/OP)
ONEOK Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 447,674,825 | 447,443,257 | 447,220,972 | 446,953,842 | 446,862,227 | 446,616,031 | 446,213,285 | 445,936,703 | 445,660,920 | 445,536,572 | 444,983,595 | 444,397,414 | 444,201,950 | 413,907,211 | 413,319,000 | 413,084,650 | 412,968,278 | 412,756,216 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Operating income (loss) (in millions) | 737) | 1,497) | 757) | 699) | 689) | 662) | 652) | 668) | 612) | 665) | 539) | 550) | 356) | (83) | 487) | 482) | 476) | 469) | ||||||
| Operating profit per share2 | 8.24 | 8.14 | 6.28 | 6.05 | 5.98 | 5.81 | 5.82 | 5.57 | 5.31 | 4.73 | 3.06 | 2.95 | 2.80 | 3.29 | 4.63 | 4.60 | 4.63 | 4.57 | ||||||
| Share price1, 3 | 64.15 | 62.82 | 65.45 | 59.06 | 61.38 | 67.35 | 63.82 | 63.92 | 51.72 | 52.13 | 45.62 | 29.09 | 29.72 | 30.92 | 73.61 | 69.99 | 70.08 | 67.58 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/OP ratio4 | 7.78 | 7.72 | 10.43 | 9.77 | 10.27 | 11.60 | 10.97 | 11.48 | 9.74 | 11.01 | 14.91 | 9.87 | 10.63 | 9.40 | 15.89 | 15.23 | 15.13 | 14.80 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||
| Chevron Corp. | 6.97 | 5.81 | 6.12 | 7.34 | 7.23 | 11.13 | 11.40 | 14.10 | 26.00 | — | — | — | — | — | — | — | — | — | ||||||
| ConocoPhillips | 6.49 | 4.60 | 4.57 | 5.96 | 4.72 | 6.75 | 8.66 | 11.68 | 17.96 | 71.79 | — | — | — | — | — | — | — | — | ||||||
| Exxon Mobil Corp. | 6.00 | 5.28 | 5.88 | 6.28 | 6.76 | 10.28 | 9.86 | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
Operating profit per share
= (Operating income (loss)Q2 2023
+ Operating income (loss)Q1 2023
+ Operating income (loss)Q4 2022
+ Operating income (loss)Q3 2022)
÷ No. shares of common stock outstanding
= (737,000,000 + 1,497,000,000 + 756,812,000 + 699,201,000)
÷ 447,674,825 = 8.24
3 Closing price as at the filing date of ONEOK Inc. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 64.15 ÷ 8.24 = 7.78
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited a significant decline from early 2020, dropping from approximately $73.61 at the end of 2019 to a low near $29.09 by September 2020, likely reflecting market or sector-specific disruptions. Following this trough, the share price recovered steadily over subsequent quarters, reaching around $64.15 by mid-2023, though it did not fully regain its late 2019 peak levels. The recovery appears gradual and consistent post-2020 decline.
- Operating Profit per Share Trends
- Operating profit per share demonstrated a declining trend during the early quarters of 2020, falling from about $4.63 at year-end 2019 to a low near $2.80 by mid-2020. Following this period, a recovery and growth phase is observed, with operating profit per share steadily increasing to reach values exceeding $8.00 by early 2023. This indicates a strong operational performance rebound and subsequent improvement over the three-year period.
- Price-to-Operating Profit Ratio (P/OP)
- The P/OP ratio declined sharply in early 2020, falling from the range of approximately 15 in late 2019 to around 9-10 during mid-2020, suggesting a substantial improvement in valuations relative to operating profitability during the market downturn. Subsequently, the ratio experienced fluctuations but maintained a moderate level mostly between 7.7 and 12 through 2021 to mid-2023, indicating a relatively balanced valuation with respect to operating profit trends in recent periods.
- Overall Observations
- The data reveals a pronounced negative impact during the early months of 2020, followed by a marked recovery both in share price and operating profit per share. The share price's partial recovery suggests market conditions or investor sentiment improved post-2020 but remained cautious. Operating profitability showed a stronger rebound, with sustained growth into 2023. Valuation ratios reflect increased investor confidence in operating results, as P/OP moved from elevated levels pre-2020 to more moderate levels as profitability improved. This pattern indicates resilience and an improving financial outlook following a period of disruption.
Price to Sales (P/S)
ONEOK Inc., historical P/S calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 447,674,825 | 447,443,257 | 447,220,972 | 446,953,842 | 446,862,227 | 446,616,031 | 446,213,285 | 445,936,703 | 445,660,920 | 445,536,572 | 444,983,595 | 444,397,414 | 444,201,950 | 413,907,211 | 413,319,000 | 413,084,650 | 412,968,278 | 412,756,216 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Revenues (in millions) | 3,732) | 4,521) | 5,032) | 5,914) | 5,997) | 5,445) | 5,420) | 4,536) | 3,389) | 3,195) | 2,571) | 2,174) | 1,661) | 2,137) | 2,664) | 2,263) | 2,458) | 2,780) | ||||||
| Sales per share2 | 42.89 | 47.97 | 50.06 | 50.96 | 47.88 | 42.07 | 37.07 | 30.70 | 25.42 | 21.55 | 19.20 | 19.43 | 19.64 | 23.00 | 24.59 | 25.75 | 28.50 | 29.73 | ||||||
| Share price1, 3 | 64.15 | 62.82 | 65.45 | 59.06 | 61.38 | 67.35 | 63.82 | 63.92 | 51.72 | 52.13 | 45.62 | 29.09 | 29.72 | 30.92 | 73.61 | 69.99 | 70.08 | 67.58 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | 1.50 | 1.31 | 1.31 | 1.16 | 1.28 | 1.60 | 1.72 | 2.08 | 2.03 | 2.42 | 2.38 | 1.50 | 1.51 | 1.34 | 2.99 | 2.72 | 2.46 | 2.27 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| Chevron Corp. | 1.39 | 1.27 | 1.31 | 1.54 | 1.44 | 1.86 | 1.69 | 1.63 | 1.69 | 2.19 | — | — | — | — | — | — | — | — | ||||||
| ConocoPhillips | 2.06 | 1.56 | 1.68 | 2.22 | 1.75 | 2.47 | 2.58 | 2.67 | 2.56 | 3.35 | — | — | — | — | — | — | — | — | ||||||
| Exxon Mobil Corp. | 1.17 | 1.13 | 1.12 | 1.17 | 1.08 | 1.26 | 1.17 | 1.12 | 1.12 | 1.43 | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
Sales per share
= (RevenuesQ2 2023
+ RevenuesQ1 2023
+ RevenuesQ4 2022
+ RevenuesQ3 2022)
÷ No. shares of common stock outstanding
= (3,732,000,000 + 4,521,000,000 + 5,032,031,000 + 5,913,531,000)
÷ 447,674,825 = 42.89
3 Closing price as at the filing date of ONEOK Inc. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= 64.15 ÷ 42.89 = 1.50
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the share price, sales per share, and price-to-sales (P/S) ratio over the examined period.
- Share Price
- The share price initially showed a steady increase from US$67.58 at March 31, 2019, peaking at US$73.61 by December 31, 2019. A sharp decline followed in early 2020, with the price reaching as low as US$29.09 by September 30, 2020, likely reflecting broader market disruptions during that period. Thereafter, a recovery phase ensued with share prices gradually increasing to the mid-60s range by late 2022 and early 2023, hovering around US$62.82 to US$64.15. This demonstrates a partial rebound but not a full recovery to pre-2020 highs.
- Sales Per Share
- Sales per share displayed a downward trend in the first half of 2020, decreasing from US$23.00 down to approximately US$19.2, aligning with the period of share price weakness. However, from late 2020 onwards, sales per share manifested a continuous upward trajectory, rising significantly to exceed US$50 by late 2022. This growth indicates strengthening operational performance despite earlier challenges and remains somewhat elevated through early 2023.
- Price-to-Sales (P/S) Ratio
- The P/S ratio exhibited considerable volatility. Initially stable and trending upward from 2.27 to 2.99 during 2019, the ratio sharply dropped in 2020 alongside the share price reduction, bottoming near 1.16 by September 2022. Post-2020, despite the company's improved sales per share, the P/S ratio showed limited recovery, generally remaining below 1.6 through early 2023. This suggests that the market's valuation relative to sales remained conservative, potentially indicating cautious investor sentiment or expectations of future risks.
Overall, the data portrays a company experiencing significant market valuation challenges during the early 2020 period, with operational metrics such as sales per share showing resilient and improving fundamentals thereafter. The divergence between rising sales per share and a relatively muted P/S ratio recovery indicates a balanced market view factoring in both growth prospects and possible uncertainties.
Price to Book Value (P/BV)
ONEOK Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 447,674,825 | 447,443,257 | 447,220,972 | 446,953,842 | 446,862,227 | 446,616,031 | 446,213,285 | 445,936,703 | 445,660,920 | 445,536,572 | 444,983,595 | 444,397,414 | 444,201,950 | 413,907,211 | 413,319,000 | 413,084,650 | 412,968,278 | 412,756,216 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Total ONEOK shareholders’ equity (in millions) | 7,218) | 7,132) | 6,494) | 6,312) | 6,115) | 5,994) | 6,015) | 5,841) | 5,910) | 6,097) | 6,042) | 6,146) | 6,241) | 5,561) | 6,226) | 6,219) | 6,348) | 6,442) | ||||||
| Book value per share (BVPS)2 | 16.12 | 15.94 | 14.52 | 14.12 | 13.68 | 13.42 | 13.48 | 13.10 | 13.26 | 13.68 | 13.58 | 13.83 | 14.05 | 13.43 | 15.06 | 15.05 | 15.37 | 15.61 | ||||||
| Share price1, 3 | 64.15 | 62.82 | 65.45 | 59.06 | 61.38 | 67.35 | 63.82 | 63.92 | 51.72 | 52.13 | 45.62 | 29.09 | 29.72 | 30.92 | 73.61 | 69.99 | 70.08 | 67.58 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | 3.98 | 3.94 | 4.51 | 4.18 | 4.49 | 5.02 | 4.73 | 4.88 | 3.90 | 3.81 | 3.36 | 2.10 | 2.12 | 2.30 | 4.89 | 4.65 | 4.56 | 4.33 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| Chevron Corp. | 1.88 | 1.86 | 1.94 | 2.21 | 1.93 | 2.25 | 1.89 | 1.61 | 1.47 | 1.59 | — | — | — | — | — | — | — | — | ||||||
| ConocoPhillips | 2.90 | 2.47 | 2.75 | 3.40 | 2.28 | 2.70 | 2.61 | 2.19 | 1.69 | 1.74 | — | — | — | — | — | — | — | — | ||||||
| Exxon Mobil Corp. | 2.14 | 2.24 | 2.29 | 2.43 | 2.14 | 2.28 | 1.93 | 1.69 | 1.52 | 1.64 | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
BVPS = Total ONEOK shareholders’ equity ÷ No. shares of common stock outstanding
= 7,218,000,000 ÷ 447,674,825 = 16.12
3 Closing price as at the filing date of ONEOK Inc. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= 64.15 ÷ 16.12 = 3.98
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited a generally positive trajectory from early 2019 through the end of that year, rising from approximately $67.58 to $73.61. However, in the first half of 2020, there was a marked decline, reaching a low near $29.09 in the third quarter of 2020. Recovery commenced in the final quarter of 2020, followed by a steady upward movement into 2021, peaking near $63.92 by the third quarter of that year. The price remained relatively stable through 2021 and early 2022, with minor fluctuations. Throughout 2022 and into the first half of 2023, the share price fluctuated moderately between roughly $59 and $67, indicating moderate volatility but no sustained upward or downward trend.
- Book Value per Share (BVPS) Trends
- BVPS declined from $15.61 at the end of the first quarter of 2019 to a low of about $13.42 by the first quarter of 2022, showing a gradual erosion of book value during this period. From early 2022 onward, BVPS showed a steady and consistent increase, advancing from approximately $13.42 to $16.12 by the second quarter of 2023. This upward movement suggests strengthening net asset value per share over the most recent periods analyzed.
- Price-to-Book Value (P/BV) Ratio Trends
- The P/BV ratio started high in 2019, averaging above 4.3 and even approaching 4.9 by the end of 2019, indicating that the share price was valued at a substantial premium to book value. In early 2020, the ratio sharply decreased to just above 2.1 in the third quarter, mirroring the significant dip in share price during the same period. This reduction represents a period when the market valuation approached closer to the underlying book value. The ratio then rose progressively through 2020 and 2021, peaking above 5.0 in early 2022, signaling increasing market optimism or price appreciation relative to book value. Subsequently, it adjusted downward, fluctuating around 4.0 through the first half of 2023, indicating a moderate premium relative to book value but lower than the peak level seen in early 2022.
- Overall Observations
- The data reflect a strong impact of external or market conditions in early 2020, evident from the sharp declines in share price and P/BV ratio. The recovery that followed aligned with a growing book value per share starting in 2022, pointing to fundamental improvements. Despite this, valuation multiples have moderated from their peak, indicating a more cautious investor sentiment or market correction after a period of high valuation. The interplay between share price and book value movements suggests the market has gradually adjusted to changes in the company’s underlying net asset position while managing expectations regarding earnings or growth prospects.