Wells Fargo & Company Has Lowered Expectations for ONEOK (NYSE:OKE) Stock Price

ONEOK (NYSE:OKE) had its target price trimmed by Wells Fargo & Company from $107.00 to $102.00 in a research report report published on Wednesday,Benzinga reports. The firm currently has an equal weight rating on the utilities provider’s stock.

A number of other research analysts also recently commented on OKE. US Capital Advisors upgraded ONEOK from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, February 3rd. Scotiabank initiated coverage on shares of ONEOK in a research report on Friday, January 10th. They set a “sector outperform” rating and a $109.00 price objective for the company. UBS Group boosted their target price on shares of ONEOK from $112.00 to $132.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Mizuho upgraded shares of ONEOK to a “hold” rating in a research report on Thursday, November 7th. Finally, Truist Financial boosted their price objective on ONEOK from $99.00 to $107.00 and gave the stock a “hold” rating in a research note on Tuesday, December 3rd. Seven research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, ONEOK currently has a consensus rating of “Moderate Buy” and a consensus price target of $104.15.

ONEOK Stock Up 3.8 %

Shares of OKE stock opened at $100.29 on Wednesday. The company’s fifty day simple moving average is $100.91 and its two-hundred day simple moving average is $99.10. ONEOK has a 52 week low of $74.39 and a 52 week high of $118.07. The stock has a market cap of $58.59 billion, a P/E ratio of 20.98, a PEG ratio of 3.77 and a beta of 1.70. The company has a quick ratio of 0.59, a current ratio of 0.81 and a debt-to-equity ratio of 1.59.

ONEOK (NYSE:OKE) last posted its earnings results on Monday, February 24th. The utilities provider reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.11. ONEOK had a return on equity of 16.84% and a net margin of 14.05%. The company had revenue of $7 billion for the quarter, compared to the consensus estimate of $6.18 billion. Analysts predict that ONEOK will post 5.07 EPS for the current fiscal year.

ONEOK Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Monday, February 3rd were given a $1.03 dividend. This represents a $4.12 annualized dividend and a yield of 4.11%. The ex-dividend date was Monday, February 3rd. This is an increase from ONEOK’s previous quarterly dividend of $0.99. ONEOK’s dividend payout ratio is 86.19%.

Institutional Trading of ONEOK

Several institutional investors and hedge funds have recently made changes to their positions in the business. National Pension Service grew its holdings in shares of ONEOK by 1.6% in the third quarter. National Pension Service now owns 763,833 shares of the utilities provider’s stock worth $69,608,000 after purchasing an additional 12,349 shares during the last quarter. Leavell Investment Management Inc. boosted its position in ONEOK by 3.8% in the 3rd quarter. Leavell Investment Management Inc. now owns 141,236 shares of the utilities provider’s stock valued at $12,871,000 after buying an additional 5,175 shares during the period. Nations Financial Group Inc. IA ADV grew its stake in ONEOK by 11.1% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 54,557 shares of the utilities provider’s stock worth $4,972,000 after acquiring an additional 5,451 shares in the last quarter. FNY Investment Advisers LLC increased its position in shares of ONEOK by 14,279.1% during the fourth quarter. FNY Investment Advisers LLC now owns 22,000 shares of the utilities provider’s stock worth $2,208,000 after acquiring an additional 21,847 shares during the period. Finally, Kingswood Wealth Advisors LLC raised its stake in shares of ONEOK by 57.9% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 14,506 shares of the utilities provider’s stock valued at $1,456,000 after acquiring an additional 5,321 shares in the last quarter. 69.13% of the stock is currently owned by institutional investors.

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.