Zacks Investment Research upgraded shares of ONEOK (NYSE:OKE) from a hold rating to a buy rating in a report published on Wednesday, March 14th. They currently have $65.00 target price on the utilities provider’s stock.
According to Zacks, “In the last year, shares of ONEOK have gained against industry's decline. ONEOK has widespread pipelines and storage facilities in some prolific oil and gas regions of the United States. 2018 guidance of the company points out the expected gain of the company from its well-placed assets in regions having high drilling activities. The increase in fee-based earnings, acquisition of ONEOK Partners, capital-growth projects and increasing drilling activities from the producers will further boost the performance of the company. However, ONEOK is subject to strict regulations and intense competition in midstream energy services. Rising interest rates is a concern and could impact profitability of the company. “
A number of other research analysts also recently commented on OKE. Credit Suisse Group started coverage on ONEOK in a research note on Monday, January 8th. They issued an outperform rating and a $62.00 target price on the stock. Bank of America started coverage on ONEOK in a research note on Tuesday, January 9th. They issued a neutral rating on the stock. Wells Fargo upgraded ONEOK from a market perform rating to an outperform rating in a research note on Thursday, January 11th. Royal Bank of Canada upgraded ONEOK from a sector perform rating to an outperform rating in a research note on Tuesday, January 16th. Finally, BMO Capital Markets restated a buy rating and issued a $64.00 target price on shares of ONEOK in a research note on Tuesday, January 16th. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock presently has an average rating of Buy and a consensus target price of $61.29.
NYSE:OKE traded down $0.75 during trading hours on Wednesday, hitting $56.69. 2,169,857 shares of the company’s stock traded hands, compared to its average volume of 3,139,091. The company has a current ratio of 0.66, a quick ratio of 0.50 and a debt-to-equity ratio of 1.42. ONEOK has a twelve month low of $47.14 and a twelve month high of $61.36. The firm has a market capitalization of $23,586.83, a price-to-earnings ratio of 32.21, a PEG ratio of 2.35 and a beta of 1.22.
ONEOK (NYSE:OKE) last issued its earnings results on Monday, February 26th. The utilities provider reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.01. ONEOK had a return on equity of 10.46% and a net margin of 3.19%. The firm had revenue of $3.79 billion for the quarter, compared to the consensus estimate of $4.10 billion. During the same quarter in the previous year, the company posted $0.43 earnings per share. equities analysts forecast that ONEOK will post 2.57 earnings per share for the current year.
In related news, Director Eduardo A. Rodriguez sold 2,100 shares of the business’s stock in a transaction dated Monday, March 26th. The stock was sold at an average price of $56.94, for a total transaction of $119,574.00. Following the completion of the transaction, the director now owns 16,025 shares of the company’s stock, valued at approximately $912,463.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Sheppard F. Miers III sold 2,200 shares of the business’s stock in a transaction dated Thursday, March 8th. The stock was sold at an average price of $56.70, for a total value of $124,740.00. Following the transaction, the vice president now directly owns 31,244 shares of the company’s stock, valued at approximately $1,771,534.80. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. New York State Common Retirement Fund lifted its position in shares of ONEOK by 1.6% during the 3rd quarter. New York State Common Retirement Fund now owns 552,700 shares of the utilities provider’s stock worth $30,625,000 after purchasing an additional 8,800 shares during the last quarter. Neuberger Berman Group LLC raised its holdings in ONEOK by 3.3% in the 3rd quarter. Neuberger Berman Group LLC now owns 9,398,693 shares of the utilities provider’s stock valued at $520,782,000 after acquiring an additional 300,031 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in ONEOK by 13.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 7,724,860 shares of the utilities provider’s stock valued at $428,034,000 after acquiring an additional 899,502 shares in the last quarter. Koch Industries Inc. acquired a new position in ONEOK in the 4th quarter valued at approximately $1,089,000. Finally, Retirement Systems of Alabama raised its holdings in ONEOK by 3.3% in the 3rd quarter. Retirement Systems of Alabama now owns 184,309 shares of the utilities provider’s stock valued at $10,213,000 after acquiring an additional 5,964 shares in the last quarter. 68.47% of the stock is owned by institutional investors and hedge funds.
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ONEOK, Inc, through its general partner interests in ONEOK Partners, L.P., engages in the gathering, processing, storage, and transportation of natural gas in the United States. The company operates through Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments.
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