Those Who Invested in ONEOK (NYSE:OKE) Three Years Ago Are up 73%
Those Who Invested in ONEOK (NYSE:OKE) Three Years Ago Are up 73%
One simple way to benefit from the stock market is to buy an index fund. But if you buy good businesses at attractive prices, your portfolio returns could exceed the average market return. For example, the ONEOK, Inc. (NYSE:OKE) share price is up 45% in the last three years, clearly besting the market return of around 16% (not including dividends). However, more recent returns haven't been as impressive as that, with the stock returning just 43% in the last year, including dividends.
股市獲得收益的一個簡單方法是買入指數基金。但如果你以有吸引力的價格買入好的企業，你的投資回報率可能會超過市場平均回報率。例如，過去三年，ONEOK，Inc.（紐交所：OKE）股價上漲了45％，明顯超過市場平均回報率約爲16％（不包括股息派發）。然而，最近的回報並沒有那麼令人印象深刻，該股票在過去一年中僅獲得了43％的回報，包括股息。
Let's take a look at the underlying fundamentals over the longer term, and see if they've been consistent with shareholders returns.
讓我們長期看一下潛在的基本面，看看它們是否與股東回報一致。
To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).
用本傑明·格雷厄姆的話來說：“短期市場是一臺投票機，但長期市場是一臺稱重機”。檢查市場情緒如何隨時間推移變化的一種方式是查看公司股價和每股收益（EPS）之間的相互作用。
During three years of share price growth, ONEOK achieved compound earnings per share growth of 14% per year. We note that the 13% yearly (average) share price gain isn't too far from the EPS growth rate. Coincidence? Probably not. This suggests that sentiment and expectations have not changed drastically. Quite to the contrary, the share price has arguably reflected the EPS growth.
在股票價格增長的三年期間，ONEOK的複合每股收益增長率爲每年14％。我們注意到，每年13％的股價上漲幅度與每股收益增長率相差不大。巧合嗎？可能不是。這表明情緒和預期沒有發生巨大改變。相反，股價可能反映了每股收益增長。
You can see how EPS has changed over time in the image below (click on the chart to see the exact values).
您可以在下面的圖片中查看每股收益如何隨時間變化（單擊圖表以查看確切的價值）。
We consider it positive that insiders have made significant purchases in the last year. Even so, future earnings will be far more important to whether current shareholders make money. It might be well worthwhile taking a look at our free report on ONEOK's earnings, revenue and cash flow.
我們認爲內部人員在過去一年中進行了顯着的購買是積極的。即便如此，未來的盈利情況對於當前股東是否賺錢將更爲重要。看看我們關於ONEOK盈利、營收和現金流的免費報告可能是值得的。
What About Dividends?
那麼分紅怎麼樣呢？
It is important to consider the total shareholder return, as well as the share price return, for any given stock. The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. As it happens, ONEOK's TSR for the last 3 years was 73%, which exceeds the share price return mentioned earlier. The dividends paid by the company have thusly boosted the total shareholder return.
考慮到任何給定股票的總股東回報和股價回報，是很重要的。TSR是一個回報計算，考慮到現金股息的價值（假設任何股息都被再投資）和任何折現的股本增發和分拆的計算價值。因此，對於那些支付慷慨的股息的公司，TSR通常比股價回報率高得多。例如，ONEOK過去3年的TSR爲73％，超過了前面提到的股價回報率。公司支付的股息因此提高了該比率。總股東回報。
A Different Perspective
不同的觀點
It's nice to see that ONEOK shareholders have received a total shareholder return of 43% over the last year. Of course, that includes the dividend. That gain is better than the annual TSR over five years, which is 11%. Therefore it seems like sentiment around the company has been positive lately. Given the share price momentum remains strong, it might be worth taking a closer look at the stock, lest you miss an opportunity. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. Consider for instance, the ever-present spectre of investment risk. We've identified 3 warning signs with ONEOK (at least 1 which shouldn't be ignored) , and understanding them should be part of your investment process.
很高興看到ONEOK股東在過去一年中獲得了43％的總股東回報率。當然，這包括股息。這個增益比五年的年度TSR（11％）要好，因此近期該公司的人氣似乎很高。鑑於股票價格勢頭依然強勁，可能值得更仔細地觀察該股票，以免錯過機會。儘管考慮到市場條件可能對股價產生不同的影響，但還有更重要的因素。例如，始終存在的投資風險威脅。我們已經確定了3個警示標誌與ONEOK有關（其中至少有1個不能被忽視），了解這些標誌應該成爲你的投資流程的一部分。
ONEOK is not the only stock that insiders are buying. For those who like to find lesser know companies this free list of growing companies with recent insider purchasing, could be just the ticket.
ONEOK並不是內部人員正在購買的唯一股票。對於那些喜歡尋找較少知名公司的人來說，這份免費的增長公司列表與最近的內部人員購買可能是不錯的選擇。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on American exchanges.
請注意，本文所引述的市場回報反映了目前在美國交易所上市的股票的市場加權平均回報。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者，發送電子郵件至editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者發送電子郵件至editorial-team@simplywallst.com。
譯文內容由第三人軟體翻譯。