ONEOK, Inc. (NYSE:OKE) Stock Now Rated “Moderate Buy” by Wall Street Brokerages

Shares of ONEOK, Inc. (NYSE:OKE) have been given an average rating of “Moderate Buy” by the twenty-one brokerages that are currently covering the company, MarketBeat.com reports. Eleven research analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $99.25.

A number of research firms recently commented on OKE. Capital One Financial began coverage on ONEOK in a research report on Tuesday, September 22nd. They set an “overweight” rating and a $110.00 price objective for the company. Wells Fargo & Company upped their target price on shares of ONEOK from $98.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, September 2nd. Raymond James Financial restated an “outperform” rating and issued a $98.00 target price on shares of ONEOK in a report on Tuesday, October 20th. Scotiabank raised their price target on shares of ONEOK from $96.00 to $97.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 3rd. Finally, Truist Financial lifted their price target on shares of ONEOK from $104.00 to $105.00 and gave the stock a “hold” rating in a report on Friday, October 30th.

ONEOK Trading Down 0.0%

Shares of ONEOK stock opened at $85.16 on Wednesday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.84 and a quick ratio of 0.66. ONEOK has a 1 year low of $66.93 and a 1 year high of $99.85. The company has a market capitalization of $53.69 billion, a P/E ratio of 13.22, a P/E/G ratio of 1.55 and a beta of 0.77. The business has a 50 day moving average price of $92.38 and a 200 day moving average price of $88.95.

ONEOK (NYSE:OKE) last announced its earnings results on Tuesday, October 27th. The utilities provider reported $2.13 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.63. ONEOK had a return on equity of 16.36% and a net margin of 9.42%. The firm had revenue of $12.46 billion for the quarter, compared to analysts’ expectations of $10.54 billion. During the same quarter in the prior year, the firm earned $1.49 EPS. Sell-side analysts anticipate that ONEOK will post 6.25 EPS for the current fiscal year.

ONEOK Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 16th. Shareholders of record on Monday, November 2nd will be issued a $1.07 dividend. The ex-dividend date is Monday, November 2nd. This represents a $4.28 annualized dividend and a yield of 5.0%. ONEOK’s payout ratio is 66.46%.

Institutional Trading of ONEOK

Institutional investors and hedge funds have recently made changes to their positions in the company. Saudi Central Bank raised its stake in ONEOK by 89.9% during the 2nd quarter. Saudi Central Bank now owns 44,102 shares of the utilities provider’s stock valued at $3,834,000 after purchasing an additional 20,876 shares during the last quarter. Empowered Funds LLC grew its position in ONEOK by 21.8% during the second quarter. Empowered Funds LLC now owns 73,242 shares of the utilities provider’s stock worth $6,368,000 after buying an additional 13,103 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in ONEOK by 2.0% during the second quarter. The Manufacturers Life Insurance Company now owns 798,176 shares of the utilities provider’s stock worth $69,393,000 after buying an additional 15,796 shares in the last quarter. State Street Corp increased its stake in ONEOK by 5.0% during the second quarter. State Street Corp now owns 43,633,749 shares of the utilities provider’s stock valued at $3,793,518,000 after acquiring an additional 2,059,368 shares during the period. Finally, Matrix Trust Co bought a new position in ONEOK during the second quarter valued at about $1,245,000. 69.13% of the stock is currently owned by institutional investors and hedge funds.

ONEOK Company Profile

ONEOK, Inc is a U.S. energy midstream company that gathers, processes, transports and stores natural gas and natural gas liquids (NGLs). Its services connect energy producers with processors, refineries, petrochemical facilities and other customers.

The company operates natural gas gathering and processing systems, NGL pipelines and fractionation facilities, as well as crude oil and refined products transportation assets. Its operations span regions including the Permian Basin, the Mid-Continent, the Rocky Mountain area and the Gulf Coast.

ONEOK traces its roots to Oklahoma Natural Gas Company, founded in 1906.