ONEOK (NYSE:OKE) Price Target Raised to $110.00

ONEOK (NYSE:OKE) had its price objective lifted by Freedom Broker from $105.00 to $110.00 in a research report sent to investors on Monday morning,Benzinga reports. Freedom Broker currently has a buy rating on the utilities provider’s stock.

Other equities research analysts also recently issued research reports about the stock. Truist Financial increased their target price on shares of ONEOK from $104.00 to $105.00 and gave the company a “hold” rating in a research note on Friday, October 30th. Wells Fargo & Company boosted their target price on ONEOK from $98.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, September 2nd. Mizuho increased their target price on ONEOK from $91.00 to $95.00 in a research note on Friday, July 10th. TD Cowen reiterated a “hold” rating on shares of ONEOK in a research report on Friday, October 16th. Finally, Stifel Nicolaus set a $100.00 target price on shares of ONEOK in a research note on Friday, October 9th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eleven have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $99.25.

ONEOK Stock Down 3.9%

OKE stock opened at $88.40 on Monday. The business’s 50-day moving average price is $92.75 and its 200-day moving average price is $88.84. The stock has a market cap of $55.73 billion, a P/E ratio of 13.73, a PEG ratio of 1.70 and a beta of 0.77. The company has a quick ratio of 0.66, a current ratio of 0.84 and a debt-to-equity ratio of 0.83. ONEOK has a twelve month low of $64.14 and a twelve month high of $99.85.

ONEOK (NYSE:OKE) last issued its earnings results on Tuesday, October 27th. The utilities provider reported $2.13 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.63. ONEOK had a net margin of 9.42% and a return on equity of 16.36%. The company had revenue of $12.46 billion during the quarter, compared to the consensus estimate of $10.54 billion. During the same quarter in the prior year, the firm posted $1.49 EPS. On average, equities research analysts forecast that ONEOK will post 6.18 EPS for the current year.

ONEOK Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 16th. Investors of record on Monday, November 2nd will be paid a $1.07 dividend. The ex-dividend date of this dividend is Monday, November 2nd. This represents a $4.28 dividend on an annualized basis and a yield of 4.8%. ONEOK’s dividend payout ratio is 66.46%.

Hedge Funds Weigh In On ONEOK

Several institutional investors and hedge funds have recently added to or reduced their stakes in OKE. BlackRock Inc. lifted its position in ONEOK by 8.7% in the second quarter. BlackRock Inc. now owns 64,537,467 shares of the utilities provider’s stock valued at $5,610,887,000 after buying an additional 5,148,768 shares during the last quarter. Legal & General Group Plc acquired a new stake in ONEOK in the 2nd quarter valued at approximately $389,985,000. Kayne Anderson Capital Advisors LP acquired a new stake in ONEOK in the 2nd quarter valued at approximately $335,958,000. Jupiter Topco LLC purchased a new stake in ONEOK in the second quarter valued at approximately $324,807,000. Finally, Ontario Teachers Pension Plan Board purchased a new stake in ONEOK in the second quarter valued at approximately $204,672,000. Hedge funds and other institutional investors own 69.13% of the company’s stock.

More ONEOK News

Here are the key news stories impacting ONEOK this week:

• Positive Sentiment: Higher targets from analysts: Mizuho raised its price target to $101, and Scotiabank increased its target from $96 to $97. Scotiabank kept a “sector perform” rating, so its higher target was not a stronger endorsement. Mizuho target increase Scotiabank rating and target
• Positive Sentiment: Momentum-screen recognition: Zacks described ONEOK as a top-ranked momentum stock, which may attract attention from investors using momentum-based screens. The article is a style-score feature, not a new company announcement. Zacks momentum-stock article
• Neutral Sentiment: Analyst views remain mixed: A roundup noted conflicting sentiment on ONEOK and EQT, suggesting the target increases do not represent a unanimous view. Analyst sentiment roundup
• Neutral Sentiment: No clear fresh downside catalyst in the cited coverage: Other items discuss investment-firm views and dividend-stock considerations, but the provided headlines do not identify a new operational or financial setback for ONEOK. Investment-firm views on ONEOK Dividend-stock article

ONEOK Company Profile

ONEOK, Inc is an energy infrastructure company that operates midstream assets across the United States. Its business includes the gathering, processing, storage and transportation of natural gas, as well as the gathering, fractionation, storage and transportation of natural gas liquids (NGLs). The company also provides transportation and storage services for refined petroleum products, crude oil and other related commodities.

ONEOK serves major producing and consuming regions, including the Mid-Continent, Rocky Mountain, Permian and Gulf Coast areas.