Scotiabank Has Lowered Expectations for ONEOK (NYSE:OKE) Stock Price

ONEOK (NYSE:OKE) had its price objective dropped by equities researchers at Scotiabank from $100.00 to $96.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “sector outperform” rating on the utilities provider’s stock. Scotiabank’s target price suggests a potential upside of 13.33% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. Barclays dropped their price objective on shares of ONEOK from $105.00 to $101.00 and set an “equal weight” rating for the company in a research report on Friday, March 7th. Wolfe Research upgraded 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. Stifel Nicolaus cut their price objective on ONEOK from $110.00 to $107.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. US Capital Advisors raised ONEOK from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, February 3rd. Finally, Morgan Stanley increased their target price on ONEOK from $111.00 to $133.00 and gave the company an “overweight” rating in a research note on Tuesday, March 25th. Six 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 stock. Based on data from MarketBeat, ONEOK currently has a consensus rating of “Moderate Buy” and an average price target of $104.69.

ONEOK Price Performance

OKE stock opened at $84.71 on Tuesday. The stock has a 50-day moving average price of $88.43 and a two-hundred day moving average price of $97.65. The company has a market cap of $52.91 billion, a PE ratio of 17.72, a price-to-earnings-growth ratio of 3.77 and a beta of 1.01. The company has a current ratio of 0.81, a quick ratio of 0.59 and a debt-to-equity ratio of 1.59. ONEOK has a 12-month low of $75.48 and a 12-month high of $118.07.

ONEOK (NYSE:OKE) last issued its earnings results on Tuesday, April 29th. The utilities provider reported $1.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.24). ONEOK had a return on equity of 16.84% and a net margin of 14.05%. The firm had revenue of $6.49 billion for the quarter, compared to analysts’ expectations of $8.23 billion. During the same quarter in the previous year, the firm posted $1.09 EPS. As a group, research analysts predict that ONEOK will post 5.07 EPS for the current year.

Hedge Funds Weigh In On ONEOK

Several institutional investors and hedge funds have recently made changes to their positions in OKE. Ilmarinen Mutual Pension Insurance Co increased its stake in shares of ONEOK by 14.3% in the first quarter. Ilmarinen Mutual Pension Insurance Co now owns 96,000 shares of the utilities provider’s stock worth $9,525,000 after buying an additional 12,000 shares during the last quarter. Plato Investment Management Ltd bought a new stake in shares of ONEOK in the 1st quarter worth about $829,000. Advisory Alpha LLC raised its stake in shares of ONEOK by 14.3% in the 1st quarter. Advisory Alpha LLC now owns 5,603 shares of the utilities provider’s stock valued at $556,000 after purchasing an additional 700 shares in the last quarter. SCS Capital Management LLC bought a new position in shares of ONEOK during the first quarter worth about $1,647,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in ONEOK by 19.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,553,232 shares of the utilities provider’s stock worth $451,772,000 after purchasing an additional 748,820 shares in the last quarter. 69.13% of the stock is currently owned by hedge funds and other 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.