ONEOK (NYSE:OKE) PT Raised to $85.00

ONEOK (NYSE:OKE) had its price target increased by Wells Fargo & Company from $81.00 to $85.00 in a research report released on Thursday, Benzinga reports. They currently have an overweight rating on the utilities provider’s stock.

A number of other research firms have also weighed in on OKE. StockNews.com raised shares of ONEOK from a sell rating to a hold rating in a research report on Wednesday, March 6th. Barclays lifted their price objective on shares of ONEOK from $73.00 to $80.00 and gave the company an equal weight rating in a report on Thursday, March 7th. Truist Financial upped their target price on shares of ONEOK from $71.00 to $81.00 and gave the stock a hold rating in a research note on Thursday, March 21st. US Capital Advisors downgraded shares of ONEOK from an overweight rating to a hold rating in a research note on Wednesday, March 20th. Finally, Citigroup increased their price objective on ONEOK from $73.00 to $83.00 and gave the stock a buy rating in a research note on Tuesday, March 5th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of Hold and an average target price of $83.58.

ONEOK Price Performance

Shares of NYSE:OKE opened at $77.23 on Thursday. The firm’s 50 day simple moving average is $78.34 and its two-hundred day simple moving average is $72.04. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.70 and a quick ratio of 0.48. The company has a market capitalization of $45.08 billion, a P/E ratio of 17.96, a P/E/G ratio of 4.13 and a beta of 1.64. ONEOK has a 1-year low of $55.91 and a 1-year high of $81.81.

ONEOK (NYSE:OKE) last issued its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.03. ONEOK had a return on equity of 15.94% and a net margin of 12.54%. The business had revenue of $4.78 billion during the quarter, compared to analyst estimates of $5.84 billion. During the same quarter in the prior year, the business posted $2.34 EPS. Research analysts expect that ONEOK will post 4.95 EPS for the current fiscal year.

ONEOK announced that its Board of Directors has authorized a stock buyback plan on Wednesday, January 17th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the utilities provider to repurchase up to 4.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

ONEOK Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 1st will be given a $0.99 dividend. This represents a $3.96 dividend on an annualized basis and a dividend yield of 5.13%. The ex-dividend date is Tuesday, April 30th. ONEOK’s payout ratio is currently 92.09%.

Insiders Place Their Bets

In other ONEOK news, Director Wayne Thomas Smith purchased 2,700 shares of the stock in a transaction on Friday, March 1st. The stock was acquired at an average price of $75.25 per share, with a total value of $203,175.00. Following the completion of the acquisition, the director now owns 2,700 shares in the company, valued at $203,175. The acquisition was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.20% of the company’s stock.

Institutional Trading of ONEOK

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OKE. Venturi Wealth Management LLC grew its holdings in ONEOK by 5.3% during the first quarter. Venturi Wealth Management LLC now owns 2,809 shares of the utilities provider’s stock worth $225,000 after acquiring an additional 142 shares during the period. Massmutual Trust Co. FSB ADV grew its stake in shares of ONEOK by 4.7% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 3,199 shares of the utilities provider’s stock worth $256,000 after purchasing an additional 144 shares during the period. Presima Securities ULC increased its holdings in shares of ONEOK by 1.7% during the 4th quarter. Presima Securities ULC now owns 9,100 shares of the utilities provider’s stock valued at $639,000 after purchasing an additional 150 shares in the last quarter. Regal Investment Advisors LLC lifted its stake in shares of ONEOK by 3.6% in the 3rd quarter. Regal Investment Advisors LLC now owns 4,631 shares of the utilities provider’s stock valued at $294,000 after purchasing an additional 159 shares during the period. Finally, FourThought Financial Partners LLC boosted its holdings in ONEOK by 3.8% during the fourth quarter. FourThought Financial Partners LLC now owns 4,386 shares of the utilities provider’s stock worth $308,000 after buying an additional 161 shares in the last quarter. Institutional investors and hedge funds own 69.13% of the company’s stock.

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.