ONEOK (NYSE:OKE) Price Target Increased to $98.00 by Analysts at Royal Bank of Canada

by · The Markets Daily

ONEOK (NYSE:OKE – Free Report) had its target price increased by Royal Bank of Canada from $89.00 to $98.00 in a research note released on Wednesday morning, Benzinga reports. They currently have a sector perform rating on the utilities provider’s stock.

A number of other research firms also recently issued reports on OKE. Morgan Stanley upgraded ONEOK from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $103.00 to $111.00 in a research note on Monday, September 16th. Tudor Pickering raised shares of ONEOK to a “hold” rating in a report on Thursday, July 18th. JPMorgan Chase & Co. upped their target price on shares of ONEOK from $89.00 to $92.00 and gave the company an “overweight” rating in a report on Wednesday, June 26th. Wells Fargo & Company lifted their price target on shares of ONEOK from $91.00 to $100.00 and gave the stock an “overweight” rating in a research note on Friday, August 30th. Finally, Mizuho upped their price objective on ONEOK from $81.00 to $85.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $94.77.

Read Our Latest Report on ONEOK

ONEOK Stock Up 0.8 %

Shares of ONEOK stock opened at $97.23 on Wednesday. The company has a quick ratio of 0.41, a current ratio of 0.62 and a debt-to-equity ratio of 1.22. ONEOK has a twelve month low of $63.33 and a twelve month high of $98.01. The company has a market cap of $56.79 billion, a price-to-earnings ratio of 21.18, a price-to-earnings-growth ratio of 4.82 and a beta of 1.67. The company’s 50 day moving average is $91.79 and its 200 day moving average is $84.65.

ONEOK (NYSE:OKE – Get Free Report) last released its quarterly earnings results on Monday, August 5th. The utilities provider reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.12. ONEOK had a return on equity of 15.54% and a net margin of 13.41%. The firm had revenue of $4.89 billion for the quarter, compared to analysts’ expectations of $5.52 billion. During the same period in the prior year, the firm earned $1.04 EPS. Research analysts anticipate that ONEOK will post 5.09 EPS for the current year.

ONEOK Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Friday, November 1st will be paid a $0.99 dividend. The ex-dividend date is Friday, November 1st. This represents a $3.96 annualized dividend and a yield of 4.07%. ONEOK’s payout ratio is 86.27%.

Insider Activity

In related news, Director Pattye L. Moore sold 3,379 shares of the company’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $92.01, for a total transaction of $310,901.79. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.20% of the company’s stock.

Institutional Trading of ONEOK

A number of institutional investors and hedge funds have recently bought and sold shares of OKE. QRG Capital Management Inc. increased its holdings in shares of ONEOK by 2.2% in the second quarter. QRG Capital Management Inc. now owns 5,572 shares of the utilities provider’s stock worth $454,000 after purchasing an additional 119 shares during the last quarter. Johnson Investment Counsel Inc. grew its holdings in ONEOK by 0.9% during the 2nd quarter. Johnson Investment Counsel Inc. now owns 13,623 shares of the utilities provider’s stock valued at $1,111,000 after buying an additional 122 shares in the last quarter. Brighton Jones LLC increased its stake in ONEOK by 1.1% in the 2nd quarter. Brighton Jones LLC now owns 11,462 shares of the utilities provider’s stock worth $935,000 after acquiring an additional 122 shares during the last quarter. Ferguson Wellman Capital Management Inc. raised its holdings in shares of ONEOK by 1.4% during the 3rd quarter. Ferguson Wellman Capital Management Inc. now owns 9,202 shares of the utilities provider’s stock worth $839,000 after acquiring an additional 125 shares in the last quarter. Finally, Capital Wealth Planning LLC boosted its position in shares of ONEOK by 4.3% during the 2nd quarter. Capital Wealth Planning LLC now owns 3,166 shares of the utilities provider’s stock valued at $258,000 after acquiring an additional 131 shares during the last quarter. 69.13% of the stock is currently owned by institutional investors.

About ONEOK

(Get Free Report)

ONEOK, Inc engages in gathering, processing, fractionation, storage, transportation, and marketing of natural gas and natural gas liquids (NGL) in the United States. It operates through four segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude.

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