ONEOK (NYSE:OKE) Price Target Raised to $133.00

ONEOK (NYSE:OKE) had its price objective upped by Morgan Stanley from $111.00 to $133.00 in a research note released on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the utilities provider’s stock.

Several other research firms have also issued reports on OKE. Citigroup initiated coverage on shares of ONEOK in a research note on Friday, February 28th. They issued a “buy” rating and a $110.00 price objective for the company. Truist Financial boosted their price target on ONEOK from $99.00 to $107.00 and gave the stock a “hold” rating in a research report on Tuesday, December 3rd. Wells Fargo & Company lowered their price objective on ONEOK from $107.00 to $102.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 26th. US Capital Advisors upgraded ONEOK from a “moderate buy” rating to a “strong-buy” rating in a report on Monday, February 3rd. Finally, Scotiabank lowered their price target on ONEOK from $109.00 to $102.00 and set a “sector outperform” rating on the stock in a report on Thursday, March 6th. Seven research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $105.00.

ONEOK Stock Performance

Shares of OKE stock opened at $98.76 on Tuesday. ONEOK has a fifty-two week low of $76.23 and a fifty-two week high of $118.07. The stock’s 50-day moving average is $98.53 and its two-hundred day moving average is $100.07. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.81 and a quick ratio of 0.59. The firm has a market cap of $61.66 billion, a P/E ratio of 20.66, a PEG ratio of 3.77 and a beta of 1.70.

ONEOK (NYSE:OKE) last issued its quarterly earnings data on Monday, February 24th. The utilities provider reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.11. The firm had revenue of $7 billion for the quarter, compared to analyst estimates of $6.18 billion. ONEOK had a net margin of 14.05% and a return on equity of 16.84%. Analysts predict that ONEOK will post 5.07 earnings per share for the current fiscal year.

ONEOK Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Monday, February 3rd were given a dividend of $1.03 per share. The ex-dividend date was Monday, February 3rd. This represents a $4.12 dividend on an annualized basis and a dividend yield of 4.17%. This is a positive change from ONEOK’s previous quarterly dividend of $0.99. ONEOK’s dividend payout ratio is currently 79.69%.

Institutional Investors Weigh In On ONEOK

Institutional investors have recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of ONEOK in the 4th quarter worth approximately $539,554,000. Wellington Management Group LLP lifted its position in ONEOK by 433.4% in the fourth quarter. Wellington Management Group LLP now owns 4,206,906 shares of the utilities provider’s stock worth $422,373,000 after purchasing an additional 3,418,207 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in ONEOK by 240.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,790,760 shares of the utilities provider’s stock worth $280,194,000 after buying an additional 1,971,147 shares in the last quarter. Raymond James Financial Inc. bought a new stake in ONEOK in the 4th quarter valued at $182,694,000. Finally, ClearBridge Investments Ltd acquired a new position in shares of ONEOK in the 4th quarter valued at $177,045,000. 69.13% of the stock is owned by institutional investors and hedge funds.

ONEOK Company Profile

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.