ONEOK (OKE) Receives “Buy” Rating from BMO Capital Markets
BMO Capital Markets reissued their buy rating on shares of ONEOK (NYSE:OKE) in a report released on Tuesday. BMO Capital Markets currently has a $64.00 price objective on the utilities provider’s stock.
OKE has been the subject of a number of other research reports. Credit Suisse Group began coverage on ONEOK in a research report on Monday, January 8th. They set an outperform rating and a $62.00 target price for the company. Zacks Investment Research downgraded ONEOK from a hold rating to a sell rating in a research report on Tuesday, December 12th. Wells Fargo & Co upgraded ONEOK from a market perform rating to an outperform rating in a report on Thursday, January 11th. Bank of America started coverage on ONEOK in a report on Tuesday, January 9th. They issued a neutral rating for the company. Finally, Stifel Nicolaus reiterated a hold rating and issued a $54.00 price objective on shares of ONEOK in a report on Thursday, October 12th. Nine equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock has a consensus rating of Buy and an average target price of $59.93.
Shares of ONEOK (NYSE:OKE) traded up $0.18 during midday trading on Tuesday, reaching $58.32. The company’s stock had a trading volume of 8,657,039 shares, compared to its average volume of 3,060,000. 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 company has a market cap of $22,360.00, a P/E ratio of 36.45, a P/E/G ratio of 2.18 and a beta of 1.26. ONEOK has a 52 week low of $47.14 and a 52 week high of $60.06.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 14th. Shareholders of record on Monday, January 29th will be issued a $0.77 dividend. This is an increase from ONEOK’s previous quarterly dividend of $0.75. This represents a $3.08 annualized dividend and a dividend yield of 5.28%. The ex-dividend date is Friday, January 26th. ONEOK’s dividend payout ratio is 186.25%.
In other ONEOK news, Director Brian L. Derksen purchased 1,800 shares of the stock in a transaction on Monday, November 20th. The stock was bought at an average cost of $51.00 per share, for a total transaction of $91,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.00% of the stock is owned by corporate insiders.
Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of ONEOK by 17.3% during the second quarter. Vanguard Group Inc. now owns 27,197,952 shares of the utilities provider’s stock worth $1,418,645,000 after buying an additional 4,002,795 shares during the period. State Street Corp boosted its position in shares of ONEOK by 53.7% during the second quarter. State Street Corp now owns 17,416,296 shares of the utilities provider’s stock worth $908,434,000 after buying an additional 6,086,061 shares during the period. Tortoise Capital Advisors L.L.C. boosted its position in shares of ONEOK by 269.7% during the third quarter. Tortoise Capital Advisors L.L.C. now owns 13,348,843 shares of the utilities provider’s stock worth $739,659,000 after buying an additional 9,737,701 shares during the period. Kayne Anderson Capital Advisors LP boosted its position in shares of ONEOK by 184.7% during the third quarter. Kayne Anderson Capital Advisors LP now owns 9,476,645 shares of the utilities provider’s stock worth $525,098,000 after buying an additional 6,148,494 shares during the period. Finally, Neuberger Berman Group LLC boosted its position in shares of ONEOK by 3.3% during the third quarter. Neuberger Berman Group LLC now owns 9,398,693 shares of the utilities provider’s stock worth $520,782,000 after buying an additional 300,031 shares during the period. 69.94% of the stock is owned by institutional investors.
ONEOK Company Profile
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.
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