Zacks Investment Research downgraded shares of ONEOK (NYSE:OKE) from a buy rating to a hold rating in a report released on Wednesday, Zacks.com reports. The brokerage currently has $81.00 target price on the utilities provider’s stock.

According to Zacks, “On a year-to-date basis, shares of ONEOK have outperformed the industry. The company is poised to gain from long-term fee-based commitments. ONEOK expects nearly 85% of its earnings in 2019 to be fee-based. Recently-completed capital growth projects in the Permian Basin, STACK and SCOOP areas are expected to boost the company's performance. It has widespread pipelines and storage facilities in some prolific oil and gas regions in the United States. The acquisition of ONEOK Partners and higher drilling activities from the producers will boost the company’s performance. However, ONEOK is subject to strict regulations and intense competition in midstream energy services. The company does not own the lands on which its pipelines are situated. ONEOK is exposed to risk of incurring higher costs related to necessary land usage.”

OKE has been the subject of a number of other reports. Argus raised their target price on ONEOK to $82.00 and gave the stock an average rating in a research note on Tuesday, August 6th. Mitsubishi UFJ Financial Group raised their target price on ONEOK to $77.00 and gave the stock a neutral rating in a research note on Thursday, August 1st. UBS Group raised ONEOK from a neutral rating to a buy rating and raised their target price for the stock from $69.00 to $75.00 in a research note on Monday, August 12th. Finally, Credit Suisse Group raised their target price on ONEOK from $70.00 to $72.00 and gave the stock a neutral rating in a research note on Wednesday, August 7th. Twelve equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company has an average rating of Hold and an average target price of $72.69.

NYSE OKE opened at $75.77 on Wednesday. The business has a fifty day moving average price of $70.91 and a 200 day moving average price of $68.67. ONEOK has a one year low of $50.26 and a one year high of $77.21. The company has a debt-to-equity ratio of 1.70, a quick ratio of 0.60 and a current ratio of 0.81. The company has a market cap of $31.01 billion, a P/E ratio of 27.26, a P/E/G ratio of 2.09 and a beta of 1.13.

ONEOK (NYSE:OKE) last posted its quarterly earnings data on Tuesday, July 30th. The utilities provider reported $0.75 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.04. ONEOK had a return on equity of 19.30% and a net margin of 10.67%. The firm had revenue of $2.46 billion during the quarter, compared to the consensus estimate of $2.87 billion. During the same period in the prior year, the company earned $0.68 EPS. The firm’s revenue was down 17.0% compared to the same quarter last year. As a group, sell-side analysts predict that ONEOK will post 3.12 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ballentine Partners LLC grew its holdings in shares of ONEOK by 18.3% during the 2nd quarter. Ballentine Partners LLC now owns 25,538 shares of the utilities provider’s stock worth $1,758,000 after purchasing an additional 3,955 shares during the period. Retirement Systems of Alabama boosted its holdings in ONEOK by 0.4% during the 2nd quarter. Retirement Systems of Alabama now owns 192,488 shares of the utilities provider’s stock valued at $13,245,000 after acquiring an additional 822 shares during the period. Dixon Hubard Feinour & Brown Inc. VA boosted its holdings in ONEOK by 4.3% during the 1st quarter. Dixon Hubard Feinour & Brown Inc. VA now owns 31,948 shares of the utilities provider’s stock valued at $2,231,000 after acquiring an additional 1,331 shares during the period. Wetherby Asset Management Inc. boosted its holdings in ONEOK by 5.0% during the 1st quarter. Wetherby Asset Management Inc. now owns 14,063 shares of the utilities provider’s stock valued at $982,000 after acquiring an additional 672 shares during the period. Finally, Amundi Pioneer Asset Management Inc. boosted its holdings in ONEOK by 17.9% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 480,799 shares of the utilities provider’s stock valued at $33,579,000 after acquiring an additional 73,086 shares during the period. Institutional investors and hedge funds own 74.31% of the company’s stock.

ONEOK Company Profile

ONEOK, Inc, together with its subsidiaries, engages in the gathering, processing, storage, and transportation of natural gas in the United States. It operates through Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments. The company owns natural gas gathering pipelines and processing plants in the Mid-Continent and Rocky Mountain regions.

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