ONEOK (NYSE:OKE) Sets New 52-Week High After Analyst Upgrade

ONEOK, Inc. (NYSE:OKE)’s share price reached a new 52-week high during trading on Monday after UBS Group raised their price target on the stock from $112.00 to $132.00. UBS Group currently has a buy rating on the stock. ONEOK traded as high as $111.15 and last traded at $111.15, with a volume of 88100 shares. The stock had previously closed at $109.81.

A number of other research firms have also weighed in on OKE. Mizuho upgraded shares of ONEOK to a “hold” rating in a research report on Thursday, November 7th. Morgan Stanley upgraded shares of ONEOK from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $103.00 to $111.00 in a research note on Monday, September 16th. Tudor Pickering raised shares of ONEOK to a “hold” rating in a report on Thursday, July 18th. Bank of America assumed coverage on ONEOK in a research note on Thursday, October 17th. They set a “buy” rating and a $105.00 price target on the stock. Finally, Citigroup boosted their target price on shares of ONEOK from $85.00 to $102.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Eight investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $100.38.

Insiders Place Their Bets

In other news, Director Pattye L. Moore sold 3,379 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $92.01, for a total value of $310,901.79. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Quest Partners LLC purchased a new position in ONEOK during the second quarter valued at $28,000. Matrix Trust Co purchased a new position in ONEOK in the 3rd quarter worth about $29,000. Ridgewood Investments LLC purchased a new stake in shares of ONEOK during the 2nd quarter valued at about $31,000. Access Investment Management LLC purchased a new position in shares of ONEOK during the third quarter valued at approximately $37,000. Finally, Values First Advisors Inc. bought a new position in ONEOK during the third quarter valued at approximately $44,000. 69.13% of the stock is owned by hedge funds and other institutional investors.

ONEOK Stock Performance

The firm has a market cap of $66.07 billion, a P/E ratio of 23.66, a P/E/G ratio of 5.48 and a beta of 1.66. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.59 and a current ratio of 0.81. The business’s 50-day simple moving average is $97.38 and its 200 day simple moving average is $88.22.

ONEOK (NYSE:OKE) last issued its quarterly earnings results on Tuesday, October 29th. The utilities provider reported $1.18 EPS for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.05). The company had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $5.81 billion. ONEOK had a return on equity of 16.84% and a net margin of 14.05%. During the same quarter in the previous year, the company earned $0.99 EPS. As a group, equities analysts predict that ONEOK, Inc. will post 5.15 earnings per share for the current year.

ONEOK Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Friday, November 1st were issued a dividend of $0.99 per share. The ex-dividend date of this dividend was Friday, November 1st. This represents a $3.96 annualized dividend and a yield of 3.50%. ONEOK’s payout ratio is presently 82.85%.

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.