NEW YORK (TheStreet) -- ONEOK Partners (OKS - Get Report) stock is tumbling after the bell following the announcement of its public offering of 11 million shares of common stock. After the bell, shares had dropped 3.6% to $52.90.
Underwriters will also be granted a 30-day option to purchase up to an additional 1.65 million common units.
In a statement, the company said it expects to use net proceeds of the offering for "general partnership purposes and to repay amounts outstanding under its commercial paper program."
- The revenue growth came in higher than the industry average of 3.1%. Since the same quarter one year prior, revenues rose by 25.6%. Growth in the company's revenue appears to have helped boost the earnings per share.
- The net income growth from the same quarter one year ago has significantly exceeded that of the S&P 500 and the Oil, Gas & Consumable Fuels industry. The net income increased by 69.5% when compared to the same quarter one year prior, rising from $156.60 million to $265.39 million.
- Net operating cash flow has significantly increased by 153.06% to $459.16 million when compared to the same quarter last year. In addition, ONEOK PARTNERS -LP has also vastly surpassed the industry average cash flow growth rate of 16.30%.
- ONEOK PARTNERS -LP reported significant earnings per share improvement in the most recent quarter compared to the same quarter a year ago. This company has reported somewhat volatile earnings recently. But, we feel it is poised for EPS growth in the coming year. During the past fiscal year, ONEOK PARTNERS -LP reported lower earnings of $2.35 versus $3.04 in the prior year. This year, the market expects an improvement in earnings ($2.85 versus $2.35).
- You can view the full analysis from the report here: OKS Ratings Report