ONEOK (NYSE:OKE) Price Target Raised to $97.00

ONEOK (NYSE:OKE) had its price target increased by Scotiabank from $96.00 to $97.00 in a research note published on Tuesday,Benzinga reports. The brokerage currently has a sector perform rating on the utilities provider’s stock.

Several other research firms also recently weighed in on OKE. Barclays decreased their price objective on ONEOK from $90.00 to $88.00 and set an “equal weight” rating for the company in a report on Wednesday, July 8th. US Capital Advisors cut shares of ONEOK from a “strong-buy” rating to a “moderate buy” rating in a report on Thursday, August 20th. Capital One Financial assumed coverage on shares of ONEOK in a research report on Tuesday, September 22nd. They set an “overweight” rating and a $110.00 target price on the stock. Wells Fargo & Company boosted their price target on shares of ONEOK from $98.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, September 2nd. Finally, Freedom Broker boosted their price target on shares of ONEOK from $105.00 to $110.00 and gave the company a “buy” rating in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $99.25.

ONEOK Trading Down 2.6%

Shares of NYSE OKE opened at $86.26 on Tuesday. The company has a quick ratio of 0.66, a current ratio of 0.84 and a debt-to-equity ratio of 0.83. The business has a fifty day simple moving average of $92.58 and a two-hundred day simple moving average of $88.89. The firm has a market cap of $54.38 billion, a PE ratio of 13.39, a price-to-earnings-growth ratio of 1.62 and a beta of 0.77. ONEOK has a twelve month low of $66.93 and a twelve month high of $99.85.

ONEOK (NYSE:OKE) last issued its earnings results on Tuesday, October 27th. The utilities provider reported $2.13 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.63. ONEOK had a return on equity of 16.36% and a net margin of 9.42%. The business had revenue of $12.46 billion during the quarter, compared to analysts’ expectations of $10.54 billion. During the same period in the prior year, the business earned $1.49 EPS. Analysts expect that ONEOK will post 6.23 earnings per share for the current fiscal year.

ONEOK Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 16th. Shareholders of record on Monday, November 2nd will be paid a $1.07 dividend. This represents a $4.28 annualized dividend and a yield of 5.0%. The ex-dividend date is Monday, November 2nd. ONEOK’s dividend payout ratio (DPR) is 66.46%.

Hedge Funds Weigh In On ONEOK

Institutional investors and hedge funds have recently bought and sold shares of the company. Saudi Central Bank grew its holdings in ONEOK by 89.9% during the second quarter. Saudi Central Bank now owns 44,102 shares of the utilities provider’s stock worth $3,834,000 after acquiring an additional 20,876 shares during the period. Empowered Funds LLC raised its position in ONEOK by 21.8% during the second quarter. Empowered Funds LLC now owns 73,242 shares of the utilities provider’s stock valued at $6,368,000 after acquiring an additional 13,103 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in ONEOK by 2.0% in the second quarter. The Manufacturers Life Insurance Company now owns 798,176 shares of the utilities provider’s stock valued at $69,393,000 after acquiring an additional 15,796 shares during the period. State Street Corp lifted its holdings in ONEOK by 5.0% in the second quarter. State Street Corp now owns 43,633,749 shares of the utilities provider’s stock valued at $3,793,518,000 after acquiring an additional 2,059,368 shares during the period. Finally, Matrix Trust Co acquired a new position in ONEOK in the second quarter valued at approximately $1,245,000. 69.13% of the stock is owned by hedge funds and other institutional investors.

About ONEOK

ONEOK, Inc is an energy infrastructure company that operates midstream assets across the United States. Its business includes the gathering, processing, storage and transportation of natural gas, as well as the gathering, fractionation, storage and transportation of natural gas liquids (NGLs). The company also provides transportation and storage services for refined petroleum products, crude oil and other related commodities.

ONEOK serves major producing and consuming regions, including the Mid-Continent, Rocky Mountain, Permian and Gulf Coast areas.