Bank of America upgraded shares of ONEOK (NYSE:OKE) from a neutral rating to a buy rating in a research report sent to investors on Friday morning, Marketbeat Ratings reports. Bank of America currently has $75.00 price objective on the utilities provider’s stock, up from their previous price objective of $71.00.
A number of other equities research analysts have also recently commented on OKE. US Capital Advisors reiterated a buy rating on shares of ONEOK in a report on Tuesday, July 17th. Barclays increased their price target on shares of ONEOK from $72.00 to $73.00 and gave the company an overweight rating in a report on Wednesday, July 11th. ValuEngine cut shares of ONEOK from a buy rating to a hold rating in a report on Thursday. Wells Fargo & Co raised their target price on shares of ONEOK from $69.00 to $77.00 and gave the stock an outperform rating in a report on Thursday, August 2nd. Finally, Stifel Nicolaus set a $64.00 target price on shares of ONEOK and gave the stock a hold rating in a report on Thursday. Nine investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. ONEOK presently has a consensus rating of Buy and an average price target of $70.31.
Shares of NYSE:OKE traded up $1.00 during trading on Friday, reaching $63.53. 31,006 shares of the stock traded hands, compared to its average volume of 2,420,816. ONEOK has a 52-week low of $49.65 and a 52-week high of $71.99. The company has a quick ratio of 0.51, a current ratio of 0.74 and a debt-to-equity ratio of 1.25. The stock has a market cap of $25.72 billion, a price-to-earnings ratio of 36.19, a PEG ratio of 2.33 and a beta of 0.91.
ONEOK (NYSE:OKE) last posted its quarterly earnings results on Tuesday, October 30th. The utilities provider reported $0.75 EPS for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.04. ONEOK had a net margin of 6.96% and a return on equity of 16.32%. The firm had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.31 billion. During the same quarter in the prior year, the company posted $0.43 earnings per share. As a group, sell-side analysts anticipate that ONEOK will post 2.83 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 14th. Investors of record on Monday, November 5th will be issued a $0.855 dividend. The ex-dividend date is Friday, November 2nd. This represents a $3.42 annualized dividend and a yield of 5.38%. This is a boost from ONEOK’s previous quarterly dividend of $0.83. ONEOK’s dividend payout ratio (DPR) is currently 194.32%.
Several institutional investors have recently modified their holdings of the company. Global X Management Co LLC raised its position in shares of ONEOK by 0.5% during the 2nd quarter. Global X Management Co LLC now owns 534,805 shares of the utilities provider’s stock valued at $37,345,000 after purchasing an additional 2,922 shares during the period. Northern Trust Corp raised its position in shares of ONEOK by 0.9% during the 2nd quarter. Northern Trust Corp now owns 4,492,346 shares of the utilities provider’s stock valued at $313,701,000 after purchasing an additional 38,609 shares during the period. Dixon Hubard Feinour & Brown Inc. VA raised its position in shares of ONEOK by 16.5% during the 2nd quarter. Dixon Hubard Feinour & Brown Inc. VA now owns 29,717 shares of the utilities provider’s stock valued at $2,075,000 after purchasing an additional 4,215 shares during the period. Castleark Management LLC raised its position in shares of ONEOK by 69.5% during the 2nd quarter. Castleark Management LLC now owns 40,844 shares of the utilities provider’s stock valued at $2,852,000 after purchasing an additional 16,750 shares during the period. Finally, Keybank National Association OH raised its position in shares of ONEOK by 1.6% during the 2nd quarter. Keybank National Association OH now owns 90,416 shares of the utilities provider’s stock valued at $6,314,000 after purchasing an additional 1,400 shares during the period. Institutional investors and hedge funds own 73.46% of the company’s stock.
ONEOK Company Profile
ONEOK, Inc, through its general partner interests in ONEOK Partners, L.P., engages in the gathering, processing, storage, and transportation of natural gas in the United States. The company operates through Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments.
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