ValuEngine Upgrades ONEOK (OKE) to “Buy”

ONEOK (NYSE:OKE) was upgraded by investment analysts at ValuEngine from a “hold” rating to a “buy” rating in a research report issued on Friday.

Several other brokerages also recently commented on OKE. Zacks Investment Research raised shares of ONEOK from a “hold” rating to a “buy” rating and set a $75.00 price objective for the company in a research note on Friday. Seaport Global Securities raised shares of ONEOK from a “neutral” rating to a “buy” rating and set a $75.00 price objective for the company in a research note on Friday. Jefferies Financial Group raised shares of ONEOK from a “hold” rating to a “buy” rating and set a $77.00 price objective for the company in a research note on Tuesday, October 16th. Barclays downgraded shares of ONEOK from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $73.00 to $70.00 in a research note on Friday, October 12th. Finally, Credit Suisse Group assumed coverage on shares of ONEOK in a research note on Thursday, October 11th. They issued a “neutral” rating and a $74.00 price objective for the company. Nine equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. ONEOK currently has an average rating of “Buy” and a consensus price target of $69.88.

Shares of ONEOK stock opened at $67.79 on Friday. ONEOK has a 1-year low of $49.65 and a 1-year high of $71.99. The company has a quick ratio of 0.40, a current ratio of 0.56 and a debt-to-equity ratio of 1.04. The company has a market cap of $27.52 billion, a PE ratio of 38.52, a PEG ratio of 2.58 and a beta of 0.98.

ONEOK (NYSE:OKE) last issued its quarterly earnings results on Tuesday, July 31st. The utilities provider reported $0.68 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.01. ONEOK had a net margin of 6.07% and a return on equity of 14.70%. The company had revenue of $2.96 billion during the quarter, compared to the consensus estimate of $3.20 billion. On average, research analysts forecast that ONEOK will post 2.73 earnings per share for the current year.

In related news, Director Brian L. Derksen acquired 1,500 shares of the company’s stock in a transaction that occurred on Monday, August 6th. The stock was acquired at an average price of $67.60 per share, with a total value of $101,400.00. Following the purchase, the director now directly owns 5,100 shares in the company, valued at $344,760. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.53% of the stock is owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. raised its stake in shares of ONEOK by 9.8% during the second quarter. BlackRock Inc. now owns 36,629,660 shares of the utilities provider’s stock valued at $2,557,848,000 after acquiring an additional 3,276,879 shares during the last quarter. Northern Trust Corp raised its stake in shares of ONEOK by 0.9% during the second quarter. Northern Trust Corp now owns 4,492,346 shares of the utilities provider’s stock valued at $313,701,000 after acquiring an additional 38,609 shares during the last quarter. Schwab Charles Investment Management Inc. raised its stake in shares of ONEOK by 3.3% during the second quarter. Schwab Charles Investment Management Inc. now owns 2,537,390 shares of the utilities provider’s stock valued at $177,186,000 after acquiring an additional 82,208 shares during the last quarter. Millennium Management LLC raised its stake in shares of ONEOK by 7.6% during the second quarter. Millennium Management LLC now owns 2,275,744 shares of the utilities provider’s stock valued at $158,915,000 after acquiring an additional 160,265 shares during the last quarter. Finally, Legal & General Group Plc raised its stake in shares of ONEOK by 6.6% during the second quarter. Legal & General Group Plc now owns 2,262,991 shares of the utilities provider’s stock valued at $158,025,000 after acquiring an additional 139,331 shares during the last quarter. 73.15% of the stock is owned by hedge funds and other institutional investors.

ONEOK Company Profile

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.

Further Reading: Asset Allocation Models, Which is Right For You?

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for ONEOK (NYSE:OKE)

Receive News & Ratings for ONEOK Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ONEOK and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply