Credit Suisse Group Initiates Coverage on ONEOK (OKE)
Credit Suisse Group assumed coverage on shares of ONEOK (NYSE:OKE) in a research report released on Monday, MarketBeat.com reports. The brokerage issued an outperform rating and a $62.00 price target on the utilities provider’s stock.
A number of other analysts have also recently weighed in on the company. Zacks Investment Research cut ONEOK from a buy rating to a sell rating in a research report on Tuesday, October 31st. Mizuho started coverage on ONEOK in a research report on Tuesday, October 10th. They set a neutral rating and a $59.00 price objective for the company. JPMorgan Chase & Co. reaffirmed a neutral rating and set a $58.00 price objective on shares of ONEOK in a research report on Monday, September 11th. UBS Group raised their price target on ONEOK from $60.00 to $61.00 and gave the company a buy rating in a report on Wednesday, November 1st. Finally, Stifel Nicolaus reissued a hold rating and issued a $54.00 price target on shares of ONEOK in a report on Thursday, October 12th. Eleven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $59.14.
Shares of ONEOK (NYSE:OKE) opened at $56.74 on Monday. ONEOK has a 1 year low of $47.14 and a 1 year high of $59.30. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.41 and a current ratio of 0.55. The firm has a market capitalization of $21,760.00, a P/E ratio of 35.46, a price-to-earnings-growth ratio of 2.88 and a beta of 1.26.
ONEOK (NYSE:OKE) last posted its quarterly earnings data on Tuesday, October 31st. The utilities provider reported $0.43 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.06). ONEOK had a return on equity of 9.25% and a net margin of 3.76%. The company had revenue of $2.91 billion for the quarter, compared to analyst estimates of $2.80 billion. During the same period in the previous year, the business posted $0.43 earnings per share. equities analysts predict that ONEOK will post 1.79 earnings per share for the current fiscal year.
In other ONEOK news, Director Brian L. Derksen purchased 1,800 shares of ONEOK stock in a transaction dated Monday, November 20th. The stock was acquired at an average cost of $51.00 per share, with a total value of $91,800.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. 1.00% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in ONEOK by 17.3% in the 2nd quarter. Vanguard Group Inc. now owns 27,197,952 shares of the utilities provider’s stock valued at $1,418,645,000 after purchasing an additional 4,002,795 shares in the last quarter. BlackRock Inc. increased its stake in ONEOK by 28.4% in the 2nd quarter. BlackRock Inc. now owns 24,014,654 shares of the utilities provider’s stock valued at $1,252,605,000 after purchasing an additional 5,317,251 shares in the last quarter. State Street Corp increased its stake in ONEOK by 53.7% in the 2nd quarter. State Street Corp now owns 17,416,296 shares of the utilities provider’s stock valued at $908,434,000 after purchasing an additional 6,086,061 shares in the last quarter. Tortoise Capital Advisors L.L.C. increased its stake in ONEOK by 269.7% in the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 13,348,843 shares of the utilities provider’s stock valued at $739,659,000 after purchasing an additional 9,737,701 shares in the last quarter. Finally, Kayne Anderson Capital Advisors LP increased its stake in ONEOK by 184.7% in the 3rd quarter. Kayne Anderson Capital Advisors LP now owns 9,476,645 shares of the utilities provider’s stock valued at $525,098,000 after purchasing an additional 6,148,494 shares in the last quarter. 70.89% of the stock is owned by hedge funds and other institutional investors.
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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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