ONEOK, Inc. (NYSE:OKE) Stock Has Consensus Target Price of $98.70 According to Brokerages

ONEOK, Inc. (NYSE:OKE) has received a consensus rating of “Moderate Buy” from the twenty-one analysts that are currently covering the firm, Marketbeat Ratings reports. Eleven research analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $99.25.

OKE has been the subject of several research reports. JPMorgan Chase & Co. lowered their price objective on shares of ONEOK from $106.00 to $100.00 and set a “neutral” rating for the company in a research note on Tuesday, October 6th. Mizuho boosted their target price on ONEOK from $91.00 to $95.00 in a research note on Friday, July 10th. Morgan Stanley increased their price target on shares of ONEOK from $105.00 to $112.00 and gave the company an “equal weight” rating in a report on Wednesday, September 9th. Capital One Financial began coverage on shares of ONEOK in a report on Tuesday, September 22nd. They set an “overweight” rating and a $110.00 price objective on the stock. Finally, Citigroup increased their price objective on ONEOK from $97.00 to $108.00 and gave the stock a “buy” rating in a research report on Thursday, September 3rd.

ONEOK Trading Down 1.3%

ONEOK stock opened at $85.16 on Wednesday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.84 and a quick ratio of 0.66. ONEOK has a one year low of $66.93 and a one year high of $99.85. The company has a market cap of $53.69 billion, a price-to-earnings ratio of 14.21, a P/E/G ratio of 1.71 and a beta of 0.77. The firm has a 50-day moving average of $92.38 and a 200-day moving average of $88.95.

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

ONEOK Dividend Announcement

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

Hedge Funds Weigh In On ONEOK

Large investors have recently made changes to their positions in the company. Allworth Financial LP grew its stake in shares of ONEOK by 2.7% in the third quarter. Allworth Financial LP now owns 136,732 shares of the utilities provider’s stock worth $11,887,000 after purchasing an additional 3,590 shares in the last quarter. StoneRidge PMG Advisors LLC bought a new position in ONEOK in the third quarter worth approximately $727,000. Formidable Asset Management LLC raised its position in shares of ONEOK by 14.2% in the third quarter. Formidable Asset Management LLC now owns 19,294 shares of the utilities provider’s stock worth $1,677,000 after buying an additional 2,400 shares in the last quarter. Focused Wealth Management Inc grew its holdings in shares of ONEOK by 6.4% during the 3rd quarter. Focused Wealth Management Inc now owns 4,358 shares of the utilities provider’s stock worth $372,000 after acquiring an additional 263 shares during the period. Finally, Rakuten Investment Management Inc. raised its stake in ONEOK by 9.8% during the 3rd quarter. Rakuten Investment Management Inc. now owns 113,123 shares of the utilities provider’s stock worth $9,826,000 after acquiring an additional 10,075 shares during the period. 69.13% of the stock is currently owned by institutional investors and hedge funds.

ONEOK Company Profile

ONEOK, Inc is a U.S. energy midstream company that gathers, processes, transports and stores natural gas and natural gas liquids (NGLs). Its services connect energy producers with processors, refineries, petrochemical facilities and other customers.

The company operates natural gas gathering and processing systems, NGL pipelines and fractionation facilities, as well as crude oil and refined products transportation assets. Its operations span regions including the Permian Basin, the Mid-Continent, the Rocky Mountain area and the Gulf Coast.

ONEOK traces its roots to Oklahoma Natural Gas Company, founded in 1906.