Royal Bank of Canada Upgrades ONEOK (OKE) to Outperform

ONEOK (NYSE:OKE) was upgraded by analysts at Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a report released on Tuesday.

A number of other research analysts also recently issued reports on the stock. Wells Fargo & Co upgraded shares of ONEOK from a “market perform” rating to an “outperform” rating in a research report on Thursday, January 11th. Bank of America assumed coverage on shares of ONEOK in a research report on Tuesday, January 9th. They set a “neutral” rating for the company. Credit Suisse Group assumed coverage on shares of ONEOK in a research report on Monday, January 8th. They set an “outperform” rating and a $62.00 target price for the company. Zacks Investment Research upgraded shares of ONEOK from a “sell” rating to a “hold” rating in a research report on Friday, December 22nd. Finally, Stifel Nicolaus restated a “hold” rating and set a $55.00 target price on shares of ONEOK in a research report on Friday, November 3rd. Nine equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $59.93.

ONEOK (NYSE:OKE) traded up $0.61 during midday trading on Tuesday, reaching $59.41. 4,204,100 shares of the company were exchanged, compared to its average volume of 3,753,845. The firm has a market capitalization of $22,470.00, a P/E ratio of 37.13, a PEG ratio of 2.23 and a beta of 1.26. ONEOK has a 52 week low of $47.14 and a 52 week high of $60.06. The company has a quick ratio of 0.41, a current ratio of 0.55 and a debt-to-equity ratio of 1.47.

ONEOK (NYSE:OKE) last posted its earnings results on Tuesday, October 31st. The utilities provider reported $0.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.06). The business had revenue of $2.91 billion for the quarter, compared to analyst estimates of $2.80 billion. ONEOK had a net margin of 3.76% and a return on equity of 9.25%. During the same quarter in the prior year, the firm earned $0.43 earnings per share. equities analysts predict that ONEOK will post 1.77 earnings per share for the current year.

In other news, Director Brian L. Derksen acquired 1,800 shares of the firm’s stock in a transaction on Monday, November 20th. The stock was acquired at an average price of $51.00 per share, for a total transaction of $91,800.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.00% of the company’s stock.

Several institutional investors have recently modified their holdings of the business. Ropes Wealth Advisors LLC acquired a new position in shares of ONEOK during the 2nd quarter worth about $103,000. Winslow Evans & Crocker Inc. raised its position in shares of ONEOK by 462.9% during the 3rd quarter. Winslow Evans & Crocker Inc. now owns 1,970 shares of the utilities provider’s stock worth $109,000 after purchasing an additional 1,620 shares during the last quarter. Mercer Capital Advisers Inc. raised its position in shares of ONEOK by 229.8% during the 3rd quarter. Mercer Capital Advisers Inc. now owns 1,979 shares of the utilities provider’s stock worth $110,000 after purchasing an additional 1,379 shares during the last quarter. Enterprise Financial Services Corp raised its position in shares of ONEOK by 332.8% during the 3rd quarter. Enterprise Financial Services Corp now owns 2,268 shares of the utilities provider’s stock worth $126,000 after purchasing an additional 1,744 shares during the last quarter. Finally, Fieldpoint Private Securities LLC acquired a new position in shares of ONEOK during the 3rd quarter worth about $150,000. Institutional investors and hedge funds own 69.94% of the company’s stock.

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ONEOK Company Profile

ONEOK, Inc is an energy midstream service provider in the United States. The Company owns and operates natural gas liquids (NGL) systems, and is engaged in the gathering, processing, storage and transportation of natural gas. THe Company’s operations include a 38,000-mile integrated network of NGL and natural gas pipelines, processing plants, fractionators and storage facilities in the Mid-Continent, Williston, Permian and Rocky Mountain regions.

Analyst Recommendations for ONEOK (NYSE:OKE)

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