ONEOK (NYSE:OKE) Price Target Raised to $94.00

ONEOK (NYSE:OKE) had its price objective boosted by analysts at Barclays from $82.00 to $94.00 in a research report issued on Monday, Benzinga reports. The firm presently has an “equal weight” rating on the utilities provider’s stock. Barclays‘s target price would suggest a potential downside of 0.70% from the stock’s previous close.

A number of other analysts have also recently weighed in on the company. Citigroup boosted their price target on ONEOK from $85.00 to $102.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Morgan Stanley upgraded ONEOK from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $103.00 to $111.00 in a research note on Monday. JPMorgan Chase & Co. lifted their price objective on ONEOK from $89.00 to $92.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 26th. Wells Fargo & Company lifted their price objective on ONEOK from $91.00 to $100.00 and gave the stock an “overweight” rating in a research note on Friday, August 30th. Finally, Royal Bank of Canada lifted their price objective on ONEOK from $84.00 to $89.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 22nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, ONEOK has a consensus rating of “Hold” and an average target price of $92.38.

ONEOK Price Performance

NYSE OKE opened at $94.66 on Monday. ONEOK has a fifty-two week low of $60.58 and a fifty-two week high of $94.95. The stock’s 50-day moving average is $86.60 and its two-hundred day moving average is $82.14. The firm has a market cap of $55.29 billion, a P/E ratio of 22.01, a price-to-earnings-growth ratio of 4.49 and a beta of 1.67. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.62 and a quick ratio of 0.41.

ONEOK (NYSE:OKE) last announced its quarterly earnings results on Monday, August 5th. The utilities provider reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. ONEOK had a return on equity of 15.54% and a net margin of 13.41%. The company had revenue of $4.89 billion during the quarter, compared to analysts’ expectations of $5.52 billion. During the same quarter in the previous year, the firm earned $1.04 earnings per share. On average, analysts anticipate that ONEOK will post 5.07 earnings per share for the current fiscal year.

Insider Buying and Selling at ONEOK

In other ONEOK news, Director Pattye L. Moore sold 3,379 shares of ONEOK stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $92.01, for a total transaction of $310,901.79. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of OKE. Rise Advisors LLC acquired a new position in shares of ONEOK in the 1st quarter worth approximately $25,000. LifeSteps Financial Inc. acquired a new position in shares of ONEOK in the 1st quarter worth approximately $26,000. Quest Partners LLC acquired a new position in shares of ONEOK in the 2nd quarter worth approximately $28,000. Ridgewood Investments LLC acquired a new position in shares of ONEOK in the 2nd quarter worth approximately $31,000. Finally, American National Bank acquired a new position in shares of ONEOK in the 1st quarter worth approximately $32,000. 69.13% of the stock is owned by institutional investors and hedge funds.

About ONEOK

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.