ONEOK (NYSE:OKE) Coverage Initiated by Analysts at Citigroup

Citigroup started coverage on shares of ONEOK (NYSE:OKE) in a research report report published on Friday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $110.00 target price on the utilities provider’s stock.

Several other equities analysts have also issued reports on OKE. US Capital Advisors raised shares of ONEOK from a “moderate buy” rating to a “strong-buy” rating in a report on Monday, February 3rd. Wolfe Research raised shares of ONEOK from a “peer perform” rating to an “outperform” rating and set a $110.00 price target for the company in a report on Monday, February 10th. Mizuho raised shares of ONEOK to a “hold” rating in a report on Thursday, November 7th. Truist Financial boosted their price objective on shares of ONEOK from $99.00 to $107.00 and gave the company a “hold” rating in a research report on Tuesday, December 3rd. Finally, Barclays started coverage on shares of ONEOK in a research report on Thursday, February 6th. They issued an “equal weight” rating and a $105.00 price objective on the stock. Seven research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, ONEOK currently has an average rating of “Moderate Buy” and an average target price of $104.15.

ONEOK Price Performance

OKE opened at $100.29 on Friday. The company has a fifty day moving average price of $100.91 and a two-hundred day moving average price of $99.10. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.59 and a current ratio of 0.81. ONEOK has a 52 week low of $74.39 and a 52 week high of $118.07. The firm has a market capitalization of $58.59 billion, a PE ratio of 20.98, a P/E/G ratio of 3.77 and a beta of 1.70.

ONEOK (NYSE:OKE) last released its earnings results on Monday, February 24th. The utilities provider reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.11. ONEOK had a net margin of 14.05% and a return on equity of 16.84%. The firm had revenue of $7 billion during the quarter, compared to analyst estimates of $6.18 billion. As a group, analysts anticipate that ONEOK will post 5.07 earnings per share for the current year.

ONEOK Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Monday, February 3rd were given a dividend of $1.03 per share. The ex-dividend date was Monday, February 3rd. This is a boost from ONEOK’s previous quarterly dividend of $0.99. This represents a $4.12 annualized dividend and a yield of 4.11%. ONEOK’s payout ratio is 86.19%.

Institutional Investors Weigh In On ONEOK

Several institutional investors and hedge funds have recently added to or reduced their stakes in OKE. Norges Bank bought a new stake in ONEOK during the 4th quarter worth about $539,554,000. Wellington Management Group LLP raised its holdings in shares of ONEOK by 433.4% in the 4th quarter. Wellington Management Group LLP now owns 4,206,906 shares of the utilities provider’s stock valued at $422,373,000 after purchasing an additional 3,418,207 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of ONEOK by 240.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,790,760 shares of the utilities provider’s stock valued at $280,194,000 after purchasing an additional 1,971,147 shares during the period. Raymond James Financial Inc. bought a new stake in shares of ONEOK in the 4th quarter valued at about $182,694,000. Finally, ClearBridge Investments Ltd bought a new stake in shares of ONEOK in the 4th quarter valued at about $177,045,000. 69.13% of the stock is owned by institutional investors.

ONEOK Company Profile

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.