ONEOK (NYSE:OKE) Hits New 52-Week High After Analyst Upgrade

Shares of ONEOK, Inc. (NYSE:OKE) hit a new 52-week high during trading on Tuesday after Morgan Stanley raised their price target on the stock from $103.00 to $105.00. Morgan Stanley currently has an equal weight rating on the stock. ONEOK traded as high as $97.90 and last traded at $97.24, with a volume of 297039 shares. The stock had previously closed at $95.32.

OKE has been the topic of a number of other reports. Truist Financial upped their target price on shares of ONEOK from $91.00 to $93.00 and gave the stock a “hold” rating in a research report on Monday, May 4th. Wells Fargo & Company lowered their price objective on ONEOK from $100.00 to $98.00 and set an “overweight” rating on the stock in a research report on Thursday, April 30th. Barclays cut their target price on ONEOK from $90.00 to $88.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 8th. Royal Bank Of Canada lifted their target price on ONEOK from $84.00 to $90.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 21st. Finally, Raymond James Financial restated an “outperform” rating and issued a $92.00 price target on shares of ONEOK in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, ONEOK has a consensus rating of “Moderate Buy” and a consensus price target of $91.94.

Institutional Investors Weigh In On ONEOK

Hedge funds have recently added to or reduced their stakes in the stock. Capital International Investors purchased a new position in shares of ONEOK during the 4th quarter worth $586,500,000. Norges Bank bought a new stake in ONEOK during the 4th quarter valued at approximately $564,867,000. BlackRock Inc. lifted its holdings in shares of ONEOK by 8.7% in the second quarter. BlackRock Inc. now owns 64,537,467 shares of the utilities provider’s stock worth $5,610,887,000 after buying an additional 5,148,768 shares in the last quarter. Legal & General Group Plc purchased a new stake in ONEOK in the 2nd quarter worth $389,985,000. Finally, Kayne Anderson Capital Advisors LP bought a new position in ONEOK during the second quarter valued at approximately $335,958,000. 69.13% of the stock is currently owned by hedge funds and other institutional investors.

ONEOK Stock Down 1.2%

The company has a current ratio of 0.74, a quick ratio of 0.59 and a debt-to-equity ratio of 1.34. The business has a 50-day moving average price of $89.92 and a 200 day moving average price of $88.06. The stock has a market capitalization of $60.43 billion, a P/E ratio of 16.53, a P/E/G ratio of 2.72 and a beta of 0.73.

ONEOK (NYSE:OKE) last issued its quarterly earnings data on Monday, August 3rd. The utilities provider reported $1.53 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.07. ONEOK had a net margin of 9.29% and a return on equity of 16.41%. The business had revenue of $12.05 billion during the quarter, compared to analysts’ expectations of $8.95 billion. During the same period last year, the company posted $1.34 EPS. ONEOK has set its FY 2026 guidance at 5.680-5.680 EPS. On average, equities analysts expect that ONEOK, Inc. will post 5.81 EPS for the current fiscal year.

ONEOK Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Monday, August 3rd were given a dividend of $1.07 per share. The ex-dividend date was Monday, August 3rd. This represents a $4.28 annualized dividend and a dividend yield of 4.5%. ONEOK’s dividend payout ratio is 73.79%.

About ONEOK

ONEOK, Inc (NYSE: OKE) is a publicly traded midstream energy company headquartered in Tulsa, Oklahoma. The company owns and operates a portfolio of natural gas and natural gas liquids (NGL) pipelines, processing facilities, fractionators and storage and terminal assets. Its operations are focused on gathering, processing, transporting, fractionating and marketing NGLs and interstate natural gas, providing critical infrastructure that connects hydrocarbon production to refineries, petrochemical plants and other end markets.

ONEOK’s asset base includes pipeline systems and processing plants that move and condition natural gas, along with infrastructure for the transportation, storage and fractionation of NGLs such as ethane, propane and butane.