ONEOK (NYSE:OKE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.

According to Zacks, “In last 12 months shares of ONEOK have underperformed the industry. ONEOK is subject to strict regulations and intense competition in midstream energy services. Fluctuating weather pattern is also a major concern for the company. However, ONEOK has widespread pipelines and storage facilities in some prolific oil and gas regions of the United States. ONEOK is poised to gain from increased drilling activities in the basin where the company has well-placed assets. The increase in fee-based earnings, acquisition of ONEOK Partners, capital-growth projects and increasing drilling activities from the producers will further boost the performance of the company.”

Other research analysts also recently issued reports about the company. UBS increased their price objective on ONEOK from $60.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday, November 1st. BMO Capital Markets set a $62.00 price objective on ONEOK and gave the company a “buy” rating in a research note on Wednesday, October 18th. Argus reissued a “buy” rating and issued a $59.00 price objective (up from $55.00) on shares of ONEOK in a research note on Thursday, August 24th. Barclays initiated coverage on ONEOK in a research note on Tuesday, September 5th. They issued an “equal weight” rating and a $58.00 price objective for the company. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $55.00 price objective on shares of ONEOK in a research note on Friday, November 3rd. One research analyst has rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $59.07.

Shares of ONEOK (NYSE:OKE) traded up $0.39 during mid-day trading on Tuesday, hitting $53.40. The stock had a trading volume of 3,076,000 shares, compared to its average volume of 3,220,793. The company has a current ratio of 0.55, a quick ratio of 0.41 and a debt-to-equity ratio of 1.47. The firm has a market cap of $20,325.98, a P/E ratio of 33.13, a price-to-earnings-growth ratio of 3.40 and a beta of 1.26. ONEOK has a twelve month low of $47.14 and a twelve month high of $59.47.

ONEOK (NYSE:OKE) last announced its earnings results on Tuesday, October 31st. The utilities provider reported $0.43 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.49 by ($0.06). The business had revenue of $2.91 billion for the quarter, compared to analyst estimates of $2.80 billion. ONEOK had a return on equity of 9.25% and a net margin of 3.76%. During the same period in the previous year, the company earned $0.43 earnings per share. research analysts forecast that ONEOK will post 1.73 EPS for the current year.

In other ONEOK news, Director Brian L. Derksen purchased 1,800 shares of the stock in a transaction dated Monday, November 20th. The stock was acquired at an average cost of $51.00 per share, for a total transaction of $91,800.00. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 1.00% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OKE. Vanguard Group Inc. boosted its holdings in ONEOK by 17.3% during the 2nd quarter. Vanguard Group Inc. now owns 27,197,952 shares of the utilities provider’s stock valued at $1,418,645,000 after acquiring an additional 4,002,795 shares during the period. BlackRock Inc. raised its position in ONEOK by 28.4% in the 2nd quarter. BlackRock Inc. now owns 24,014,654 shares of the utilities provider’s stock valued at $1,252,605,000 after purchasing an additional 5,317,251 shares in the last quarter. State Street Corp raised its position in ONEOK by 53.7% in the 2nd quarter. State Street Corp now owns 17,416,296 shares of the utilities provider’s stock valued at $908,434,000 after purchasing an additional 6,086,061 shares in the last quarter. Tortoise Capital Advisors L.L.C. raised its position in ONEOK by 269.7% in the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 13,348,843 shares of the utilities provider’s stock valued at $739,659,000 after purchasing an additional 9,737,701 shares in the last quarter. Finally, Kayne Anderson Capital Advisors LP raised its position in ONEOK by 184.7% in the 3rd quarter. Kayne Anderson Capital Advisors LP now owns 9,476,645 shares of the utilities provider’s stock valued at $525,098,000 after purchasing an additional 6,148,494 shares in the last quarter. Institutional investors and hedge funds own 71.02% of the company’s stock.

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About ONEOK

ONEOK, Inc is an energy midstream service provider in the United States. The Company owns and operates natural gas liquids (NGL) systems, and is engaged in the gathering, processing, storage and transportation of natural gas. THe Company’s operations include a 38,000-mile integrated network of NGL and natural gas pipelines, processing plants, fractionators and storage facilities in the Mid-Continent, Williston, Permian and Rocky Mountain regions.

Analyst Recommendations for ONEOK (NYSE:OKE)

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