ONEOK (NYSE:OKE) Shares Break Below 200 Day Moving Average – Should You Sell?

ONEOK, Inc. (NYSE:OKE) passed below its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $88.84 and traded as low as $87.55. ONEOK shares last traded at $88.3980, with a volume of 5,614,250 shares.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on OKE shares. Truist Financial raised their target price on ONEOK from $104.00 to $105.00 and gave the company a “hold” rating in a research note on Friday, October 30th. US Capital Advisors lowered ONEOK from a “strong-buy” rating to a “moderate buy” rating in a report on Thursday, August 20th. UBS Group set a $93.00 price objective on ONEOK in a research note on Friday, September 11th. Wall Street Zen upgraded ONEOK from a “sell” rating to a “hold” rating in a report on Sunday, August 9th. Finally, The Goldman Sachs Group boosted their price objective on ONEOK from $88.00 to $89.00 and gave the company a “neutral” rating in a report on Friday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, ONEOK presently has a consensus rating of “Moderate Buy” and an average target price of $99.25.

ONEOK Trading Down 1.3%

The stock’s 50 day simple moving average is $92.38 and its two-hundred day simple moving average is $88.95. The stock has a market capitalization of $53.69 billion, a PE ratio of 14.21, a PEG ratio of 1.71 and a beta of 0.77. 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 (NYSE:OKE) last posted its quarterly earnings results on Tuesday, October 27th. The utilities provider reported $2.13 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.63. ONEOK had a return on equity of 16.36% and a net margin of 9.42%. The company had revenue of $12.46 billion during the quarter, compared to the consensus estimate of $10.54 billion. During the same quarter in the prior year, the company earned $1.49 EPS. On average, sell-side analysts expect that ONEOK, Inc. will post 6.23 EPS for the current year.

ONEOK Dividend Announcement

The company 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. This represents a $4.28 annualized dividend and a yield of 5.0%. The ex-dividend date of this dividend is Monday, November 2nd. ONEOK’s dividend payout ratio (DPR) is presently 66.46%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Allworth Financial LP raised its stake in shares of ONEOK by 2.7% in the 3rd quarter. Allworth Financial LP now owns 136,732 shares of the utilities provider’s stock valued at $11,887,000 after purchasing an additional 3,590 shares during the period. StoneRidge PMG Advisors LLC bought a new stake in shares of ONEOK in the third quarter valued at about $727,000. Formidable Asset Management LLC boosted its position in shares of ONEOK by 14.2% during the third quarter. Formidable Asset Management LLC now owns 19,294 shares of the utilities provider’s stock worth $1,677,000 after buying an additional 2,400 shares during the period. Focused Wealth Management Inc boosted its position in shares of ONEOK by 6.4% during the third quarter. Focused Wealth Management Inc now owns 4,358 shares of the utilities provider’s stock worth $372,000 after buying an additional 263 shares during the period. Finally, Rakuten Investment Management Inc. boosted its position in shares of ONEOK by 9.8% during the third quarter. Rakuten Investment Management Inc. now owns 113,123 shares of the utilities provider’s stock worth $9,826,000 after buying an additional 10,075 shares during the period. 69.13% of the stock is currently owned by hedge funds and other institutional investors.

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.