Wells Fargo & Co Increases ONEOK (OKE) Price Target to $76.00

ONEOK (NYSE:OKE) had its target price upped by Wells Fargo & Co from $75.00 to $76.00 in a research note released on Thursday morning. Wells Fargo & Co currently has an outperform rating on the utilities provider’s stock.

Other equities analysts also recently issued reports about the stock. US Capital Advisors reissued a buy rating on shares of ONEOK in a research note on Tuesday, July 17th. Zacks Investment Research raised shares of ONEOK from a hold rating to a buy rating and set a $79.00 price target on the stock in a research note on Friday, July 20th. Jefferies Financial Group raised shares of ONEOK from a hold rating to a buy rating and set a $77.00 price target on the stock in a research note on Tuesday, October 16th. Seaport Global Securities raised shares of ONEOK from a neutral rating to a buy rating and set a $75.00 price target on the stock in a research note on Friday, October 19th. Finally, ValuEngine raised shares of ONEOK from a hold rating to a buy rating in a research note on Friday, October 19th. Nine equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. ONEOK currently has a consensus rating of Buy and an average target price of $70.31.

Shares of NYSE:OKE traded down $2.28 during midday trading on Thursday, hitting $62.53. The company’s stock had a trading volume of 2,683,852 shares, compared to its average volume of 2,545,889. The company has a current ratio of 0.56, a quick ratio of 0.40 and a debt-to-equity ratio of 1.04. The company has a market cap of $26.02 billion, a P/E ratio of 35.53, a P/E/G ratio of 2.44 and a beta of 0.98. ONEOK has a 12-month low of $49.65 and a 12-month high of $71.99.

ONEOK (NYSE:OKE) last posted its quarterly earnings results on Tuesday, October 30th. The utilities provider reported $0.75 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.04. The firm had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.31 billion. ONEOK had a net margin of 6.96% and a return on equity of 16.44%. During the same period last year, the firm posted $0.43 earnings per share. On average, analysts expect that ONEOK will post 2.73 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 14th. Investors of record on Monday, November 5th will be given a dividend of $0.855 per share. This is a boost from ONEOK’s previous quarterly dividend of $0.83. This represents a $3.42 annualized dividend and a yield of 5.47%. The ex-dividend date is Friday, November 2nd. ONEOK’s dividend payout ratio (DPR) is presently 187.50%.

In other news, Director Brian L. Derksen acquired 1,500 shares of the business’s stock in a transaction that occurred on Monday, August 6th. The stock was purchased at an average cost of $67.60 per share, for a total transaction of $101,400.00. Following the completion of the transaction, the director now owns 5,100 shares in the company, valued at $344,760. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.53% of the stock is currently owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in OKE. BlackRock Inc. increased its position 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 increased its position 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. increased its position 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 increased its position 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 increased its position 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. Hedge funds and other institutional investors own 73.29% of the company’s stock.

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.

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Analyst Recommendations for ONEOK (NYSE:OKE)

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