ONEOK (OKE) raises dividend by 3.7% & authorizes $2 billion share buyback program

The board of directors of ONEOK, Inc. (NYSE: OKE) today increased its quarterly dividend to 99 cents per share, an increase of 3.7%. This increase results in an annualized dividend of $3.96 per share.

The dividend is payable Feb. 14, 2024, to shareholders of record at the close of business Jan. 30, 2024.

For future dividend increases, ONEOK expects to target an annual dividend growth rate ranging between 3% to 4%.

ONEOK’s board has also authorized a $2 billion share repurchase program and targets it to be largely utilized over the next four years. This program will complement the dividend growth rate as a key pillar of shareholder return in the future.

The combination of common dividends and share repurchases is expected to trend towards a target of approximately 75% to 85% of forecasted cash flow from operations after capital expenditures over the next four years, allowing ONEOK to continue pursuing additional high-return growth opportunities, debt reduction or share repurchases.