Zacks Investment Research Upgrades ONEOK, Inc. (OKE) to Strong-Buy
ONEOK, Inc. (NYSE:OKE) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued on Tuesday. The brokerage currently has a $65.00 target price on the utilities provider’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 15.56% from the company’s current price.
According to Zacks, “In last three months shares of ONEOK Inc. have gained more than the industry it belongs to. ONEOK is poised to gain from increased drilling activities in the basin where this company has well placed assets. The increase in fee-based earnings, acquisition of ONEOK Partners, capital-growth projects and increasing drilling activities from the producers will further boost the performance of the company. However, strict regulations and intensifying competition in midstream energy services are the major concerns for the company.”
A number of other equities analysts also recently commented on the company. Stifel Nicolaus reiterated a “hold” rating and issued a $54.00 price target on shares of ONEOK in a research note on Thursday, October 12th. Mizuho began coverage on ONEOK in a research note on Tuesday, October 10th. They issued a “neutral” rating and a $59.00 price target for the company. J P Morgan Chase & Co reiterated a “neutral” rating and issued a $58.00 price target on shares of ONEOK in a research note on Monday, September 11th. Barclays PLC began coverage on ONEOK in a research note on Tuesday, September 5th. They issued an “equal weight” rating and a $58.00 price target for the company. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $52.00 price target (up from $51.00) on shares of ONEOK in a research note on Friday, September 1st. Nine investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $58.64.
Shares of ONEOK (NYSE:OKE) opened at 56.34 on Tuesday. The stock has a market capitalization of $21.41 billion, a P/E ratio of 35.30 and a beta of 1.30. The firm’s 50-day moving average price is $55.67 and its 200 day moving average price is $53.17. ONEOK has a 1-year low of $45.41 and a 1-year high of $59.47.
ONEOK (NYSE:OKE) last posted its quarterly earnings results on Tuesday, August 1st. The utilities provider reported $0.33 EPS for the quarter, missing the Zacks’ consensus estimate of $0.45 by ($0.12). The firm had revenue of $2.73 billion during the quarter, compared to analyst estimates of $2.64 billion. ONEOK had a return on equity of 8.62% and a net margin of 3.26%. During the same quarter last year, the business posted $0.40 earnings per share. Analysts expect that ONEOK will post $1.72 EPS for the current fiscal year.
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Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Delta Asset Management LLC TN bought a new stake in shares of ONEOK during the second quarter valued at approximately $103,000. Ropes Wealth Advisors LLC bought a new stake in shares of ONEOK during the second quarter valued at approximately $103,000. Smithfield Trust Co. raised its holdings in shares of ONEOK by 107.7% during the second quarter. Smithfield Trust Co. now owns 1,994 shares of the utilities provider’s stock valued at $104,000 after buying an additional 1,034 shares during the last quarter. Highlander Capital Management LLC bought a new stake in shares of ONEOK during the second quarter valued at approximately $154,000. Finally, Capstone Investment Advisors Netherlands B.V. raised its holdings in shares of ONEOK by 31.3% during the second quarter. Capstone Investment Advisors Netherlands B.V. now owns 3,071 shares of the utilities provider’s stock valued at $160,000 after buying an additional 732 shares during the last quarter. 51.30% of the stock is currently owned by institutional investors.
ONEOK, Inc is an energy midstream service provider in the United States. The Company owns and operates natural gas liquids (NGL) systems, and is engaged in the gathering, processing, storage and transportation of natural gas. THe Company’s operations include a 38,000-mile integrated network of NGL and natural gas pipelines, processing plants, fractionators and storage facilities in the Mid-Continent, Williston, Permian and Rocky Mountain regions.
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