Southwest Airlines and ONEOK are very different firms from different industries. The oil/natural gas and airline industries have continued to evolve over the last several years due to industry pressures, governmental regulations, and global events. These issues have presented specific challenges for both firms to overcome. Throughout our journey analyzing and comparing these two organizations and their respective industries, we were able to learn a significant amount about what a year-end financial statement contains and how to decipher the information available.
ONEOK’s common stock is listed on the NYSE under the trading symbol “OKE.” ONEOK Partners is a leader in the gathering, processing, storage and transportation of natural gas in the United States. ONEOK reports operations in ONEOK Partners, Distribution, and Energy Services. For the purpose of this analysis, we looked at ONEOK’s consolidated operations.
ONEOK used the proceeds from the sale of a 49-percent ownership interest in Overland Pass Pipeline Company to fund its liquidity needs in 2010. It also used these funds to repay $250 million of its maturing senior notes and fund its capital expenditures. Additionally, ONEOK Partners accessed the public equity markets in February 2010, generating net proceeds of approximately $322.7 million for its long-term financing needs.
As of 2010, there are 176,200,000 shares of ONEOK Common Stock. ONEOK’s average stock prices for 2010 were significantly higher than in 2009. The highest stock prices per quarter in 2010 were 47.15, 40.72, 47.91, and 55.79 respectively. Whereas in 2009, the highest stock prices per quarter were 31.08, 30.74, 36.76, and 44.57. Quarterly dividends declared and paid per share of ONEOK’s stock per quarter in 2010 were 0.44, 0.44, 0.46, and 0.48. In 2009 dividends declared and paid per share were 0.40, 0.40, 0.42, and 0.42. ONEOK’s common stock showed a 44% higher total return for the year ending 2010 as compared to the S&P 500.
Dividends for ONEOK have increased significantly over the last several years. (Increase of 86% since ’06) ONEOK’s solid positive free cash flow and expected 14 – 18% increase of EBITDA through 2013 lead us to extrapolate the financial position of ONEOK is fairly strong. ONEOK’s credit rating of Baa2 (Moody’s) and BBB (Standard and Poor) are both stable. As we looked at the Current Ratio of ONEOK (.75) it suggests that this company may have an issue with liquidity and meeting obligations that may come due.
As we reviewed the consolidated operations income statement we noted that the net profit margin for ONEOK for the year ending 2010 was 2.5%.
Southwest Airlines common stock is listed on the NYSE under the trading symbol “LUV.” Southwest Airlines is a major passenger airline that provides scheduled air travel throughout the United States. As of September 30, 2010, the Company was the largest domestic air carrier in the United States, as measured by the number of originating passengers boarded.
As of 2010 there are 807,611,634 shares of common stock. Average stock prices in 2010 were higher than 2009. The highest stock prices per quarter for Southwest Airlines were, 13.42, 13.97, 14.16, and 14.32 respectively. Whereas in 2009 the highest prices per quarter were, 9.95,
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