ONEOK (NYSE:OKE) Coverage Initiated at Tudor Pickering

Tudor Pickering initiated coverage on shares of ONEOK (NYSE:OKE) in a report issued on Friday, The Fly reports. The firm issued a buy rating and a $74.00 price target on the utilities provider’s stock.

Other analysts have also recently issued reports about the stock. Barclays set a $79.00 price target on shares of ONEOK and gave the company a hold rating in a research note on Tuesday, October 15th. Goldman Sachs Group upgraded shares of ONEOK from a neutral rating to a buy rating and upped their price target for the company from $73.00 to $81.00 in a research note on Sunday, November 3rd. Mitsubishi UFJ Financial Group upped their price target on shares of ONEOK to $77.00 and gave the company a neutral rating in a research note on Thursday, August 1st. Raymond James dropped their price target on shares of ONEOK from $74.00 to $73.00 and set an outperform rating on the stock in a research note on Wednesday, October 23rd. Finally, Zacks Investment Research cut shares of ONEOK from a buy rating to a hold rating and set a $81.00 price target on the stock. in a research note on Wednesday, September 18th. Nine analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus target price of $74.71.

Shares of OKE stock traded up $0.71 during trading on Friday, reaching $70.48. 1,716,742 shares of the company’s stock traded hands, compared to its average volume of 1,912,538. The company has a market capitalization of $29.68 billion, a P/E ratio of 25.35, a PEG ratio of 2.20 and a beta of 1.13. The company has a current ratio of 1.26, a quick ratio of 0.95 and a debt-to-equity ratio of 2.01. The firm’s 50-day moving average is $71.29 and its 200 day moving average is $69.30. ONEOK has a 1 year low of $50.26 and a 1 year high of $77.21.

ONEOK (NYSE:OKE) last announced its quarterly earnings results on Tuesday, October 29th. The utilities provider reported $0.74 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.74. The company had revenue of $2.26 billion for the quarter, compared to analysts’ expectations of $2.36 billion. ONEOK had a net margin of 11.76% and a return on equity of 19.56%. During the same period in the prior year, the company posted $0.75 EPS. As a group, sell-side analysts predict that ONEOK will post 3.1 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Monday, November 4th will be issued a $0.915 dividend. This is a positive change from ONEOK’s previous quarterly dividend of $0.89. The ex-dividend date of this dividend is Friday, November 1st. This represents a $3.66 dividend on an annualized basis and a dividend yield of 5.19%. ONEOK’s dividend payout ratio is presently 131.65%.

Large investors have recently modified their holdings of the company. State of Tennessee Treasury Department grew its holdings in shares of ONEOK by 313.3% during the 3rd quarter. State of Tennessee Treasury Department now owns 981,378 shares of the utilities provider’s stock valued at $72,318,000 after purchasing an additional 743,900 shares during the last quarter. Point72 Asset Management L.P. bought a new position in shares of ONEOK during the 2nd quarter valued at $51,047,000. Vanguard Group Inc. grew its holdings in shares of ONEOK by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 46,629,850 shares of the utilities provider’s stock valued at $3,208,599,000 after purchasing an additional 739,353 shares during the last quarter. Scout Investments Inc. bought a new position in shares of ONEOK during the 3rd quarter valued at $44,621,000. Finally, Invesco Ltd. grew its holdings in shares of ONEOK by 19.6% during the 2nd quarter. Invesco Ltd. now owns 3,333,770 shares of the utilities provider’s stock valued at $229,398,000 after purchasing an additional 546,731 shares during the last quarter. 74.40% of the stock is currently owned by hedge funds and other institutional investors.

ONEOK Company Profile

ONEOK, Inc, together with its subsidiaries, engages in the gathering, processing, storage, and transportation of natural gas in the United States. It operates through Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments. The company owns natural gas gathering pipelines and processing plants in the Mid-Continent and Rocky Mountain regions.

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