ONEOK (NYSE:OKE) Hits New 12-Month High After Analyst Upgrade

ONEOK, Inc. (NYSE:OKE) shares reached a new 52-week high on Tuesday after Barclays raised their price target on the stock from $94.00 to $99.00. Barclays currently has an equal weight rating on the stock. ONEOK traded as high as $98.49 and last traded at $98.35, with a volume of 744106 shares changing hands. The stock had previously closed at $95.64.

A number of other equities research analysts also recently issued reports on the stock. Morgan Stanley raised shares of ONEOK from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $103.00 to $111.00 in a report on Monday, September 16th. Tudor Pickering raised shares of ONEOK to a “hold” rating in a report on Thursday, July 18th. Citigroup lifted their price objective on shares of ONEOK from $85.00 to $102.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Truist Financial raised their price target on ONEOK from $83.00 to $99.00 and gave the company a “hold” rating in a research report on Wednesday, October 30th. Finally, Scotiabank upped their price objective on ONEOK from $88.00 to $102.00 and gave the stock a “sector outperform” rating in a report on Friday, August 30th. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $96.92.

Insiders Place Their Bets

In other news, Director Pattye L. Moore sold 3,379 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $92.01, for a total transaction of $310,901.79. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 0.20% of the company’s stock.

Institutional Investors Weigh In On ONEOK

A number of large investors have recently modified their holdings of the stock. Quest Partners LLC purchased a new stake in ONEOK in the second quarter worth about $28,000. Matrix Trust Co bought a new stake in shares of ONEOK during the third quarter valued at approximately $29,000. Ridgewood Investments LLC purchased a new stake in ONEOK in the second quarter worth $31,000. Manchester Capital Management LLC raised its holdings in ONEOK by 66.4% in the first quarter. Manchester Capital Management LLC now owns 456 shares of the utilities provider’s stock worth $37,000 after purchasing an additional 182 shares in the last quarter. Finally, Access Investment Management LLC purchased a new position in ONEOK during the third quarter valued at $37,000. Institutional investors own 69.13% of the company’s stock.

ONEOK Trading Up 3.6 %

The stock’s fifty day moving average price is $94.29 and its 200 day moving average price is $86.31. The stock has a market cap of $59.70 billion, a P/E ratio of 21.38, a PEG ratio of 4.08 and a beta of 1.66. The company has a current ratio of 0.81, a quick ratio of 0.59 and a debt-to-equity ratio of 1.59.

ONEOK (NYSE:OKE) last posted its quarterly earnings data on Tuesday, October 29th. The utilities provider reported $1.18 EPS for the quarter, missing the consensus estimate of $1.23 by ($0.05). ONEOK had a return on equity of 16.84% and a net margin of 14.05%. The business had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $5.81 billion. During the same period in the previous year, the firm earned $0.99 EPS. Equities research analysts expect that ONEOK, Inc. will post 5.15 earnings per share for the current year.

ONEOK Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Friday, November 1st will be paid a $0.99 dividend. The ex-dividend date of this dividend is Friday, November 1st. This represents a $3.96 annualized dividend and a dividend yield of 3.87%. ONEOK’s payout ratio is currently 82.85%.

About ONEOK

ONEOK, Inc engages in gathering, processing, fractionation, storage, transportation, and marketing of natural gas and natural gas liquids (NGL) in the United States. It operates through four segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude.