ONEOK (NYSE:OKE) Stock Rated Equal Weight in New Coverage at Barclays

Research analysts at Barclays assumed coverage on shares of ONEOK (NYSE:OKE) in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage set an “equal weight” rating and a $94.00 price target on the utilities provider’s stock. Barclays‘s target price points to a potential upside of 9.36% from the company’s previous close.

Several other brokerages have also recently issued reports on OKE. Jefferies Financial Group set a $97.00 price target on shares of ONEOK in a research report on Thursday, October 29th. Argus set a $108.00 price objective on shares of ONEOK in a report on Wednesday, November 4th. Wells Fargo & Company lifted their price objective on ONEOK from $98.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, September 2nd. Weiss Ratings upgraded ONEOK from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, October 21st. Finally, Seaport Research Partners increased their target price on ONEOK from $95.00 to $100.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $99.55.

ONEOK Price Performance

OKE opened at $85.95 on Tuesday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.66 and a current ratio of 0.84. ONEOK has a 52-week low of $66.93 and a 52-week high of $99.85. The stock has a market capitalization of $54.19 billion, a PE ratio of 13.61, a price-to-earnings-growth ratio of 1.62 and a beta of 0.77. The stock’s 50 day moving average price is $92.21 and its 200-day moving average price is $89.00.

ONEOK (NYSE:OKE) last announced its quarterly earnings results on Tuesday, October 27th. The utilities provider reported $2.13 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.63. ONEOK had a return on equity of 16.36% and a net margin of 9.42%. The company had revenue of $12.46 billion during the quarter, compared to analyst estimates of $10.54 billion. During the same quarter last year, the firm posted $1.49 earnings per share. On average, equities research analysts predict that ONEOK will post 6.25 EPS for the current year.

Institutional Investors Weigh In On ONEOK

Several hedge funds have recently added to or reduced their stakes in the stock. Pin Oak Investment Advisors Inc. bought a new position in shares of ONEOK during the second quarter valued at $28,000. Transamerica Financial Advisors LLC boosted its stake in ONEOK by 69.6% in the 2nd quarter. Transamerica Financial Advisors LLC now owns 363 shares of the utilities provider’s stock worth $32,000 after purchasing an additional 149 shares in the last quarter. Wilkerson Advisory Group LLC boosted its stake in ONEOK by 51.4% in the 1st quarter. Wilkerson Advisory Group LLC now owns 392 shares of the utilities provider’s stock worth $35,000 after purchasing an additional 133 shares in the last quarter. Meeder Asset Management Inc. grew its position in ONEOK by 46.0% during the 1st quarter. Meeder Asset Management Inc. now owns 400 shares of the utilities provider’s stock valued at $36,000 after purchasing an additional 126 shares during the last quarter. Finally, Rakuten Securities Inc. purchased a new stake in ONEOK during the 2nd quarter valued at about $39,000. 69.13% of the stock is owned by institutional investors.

ONEOK Company Profile

ONEOK, Inc is a U.S. energy midstream company that gathers, processes, transports and stores natural gas and natural gas liquids (NGLs). Its services connect energy producers with processors, refineries, petrochemical facilities and other customers.

The company operates natural gas gathering and processing systems, NGL pipelines and fractionation facilities, as well as crude oil and refined products transportation assets. Its operations span regions including the Permian Basin, the Mid-Continent, the Rocky Mountain area and the Gulf Coast.

ONEOK traces its roots to Oklahoma Natural Gas Company, founded in 1906.