ONEOK (NYSE:OKE) Upgraded to Buy at UBS Group

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UBS Group upgraded shares of ONEOK (NYSE:OKE) from a neutral rating to a buy rating in a research report report published on Monday morning, BenzingaRatingsTable reports. The firm currently has $75.00 price objective on the utilities provider’s stock, up from their previous price objective of $69.00.

Several other brokerages have also recently issued reports on OKE. Seaport Global Securities cut shares of ONEOK from a buy rating to a neutral rating and set a $69.07 target price for the company. in a report on Monday, April 22nd. Argus upped their target price on shares of ONEOK to $82.00 and gave the company an average rating in a report on Tuesday, August 6th. Mitsubishi UFJ Financial Group upped their target price on shares of ONEOK to $77.00 and gave the company a neutral rating in a report on Thursday, August 1st. Zacks Investment Research cut shares of ONEOK from a buy rating to a hold rating in a report on Monday, May 20th. Finally, Citigroup upped their target price on shares of ONEOK from $67.00 to $77.00 and gave the company a buy rating in a report on Thursday, May 2nd. Twelve equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock currently has an average rating of Hold and a consensus target price of $72.37.

Shares of ONEOK stock opened at $67.95 on Monday. The company has a fifty day simple moving average of $69.32 and a 200-day simple moving average of $67.75. ONEOK has a 12-month low of $50.26 and a 12-month high of $72.38. The company has a current ratio of 0.81, a quick ratio of 0.60 and a debt-to-equity ratio of 1.70. The stock has a market cap of $28.61 billion, a price-to-earnings ratio of 24.44, a PEG ratio of 1.94 and a beta of 1.17.

ONEOK (NYSE:OKE) last issued its earnings results on Tuesday, July 30th. The utilities provider reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.04. ONEOK had a net margin of 10.67% and a return on equity of 19.30%. The business had revenue of $2.46 billion during the quarter, compared to analysts’ expectations of $2.87 billion. During the same quarter in the prior year, the business posted $0.68 EPS. The company’s revenue for the quarter was down 17.0% on a year-over-year basis. On average, analysts forecast that ONEOK will post 3.09 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Tuesday, August 6th were given a $0.89 dividend. This is an increase from ONEOK’s previous quarterly dividend of $0.87. The ex-dividend date was Monday, August 5th. This represents a $3.56 annualized dividend and a yield of 5.24%. ONEOK’s dividend payout ratio is 128.06%.

A number of hedge funds have recently added to or reduced their stakes in OKE. BlackRock Inc. raised its position in ONEOK by 7.9% in the 1st quarter. BlackRock Inc. now owns 44,615,090 shares of the utilities provider’s stock valued at $3,115,917,000 after purchasing an additional 3,261,539 shares during the last quarter. Ronna Sue Cohen raised its position in ONEOK by 6,877.6% in the 1st quarter. Ronna Sue Cohen now owns 2,706,461 shares of the utilities provider’s stock valued at $2,706,000 after purchasing an additional 2,667,673 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in ONEOK in the 2nd quarter valued at $51,047,000. Vanguard Group Inc. raised its position in ONEOK by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 46,629,850 shares of the utilities provider’s stock valued at $3,208,599,000 after purchasing an additional 739,353 shares during the last quarter. Finally, Invesco Ltd. raised its position in ONEOK by 19.6% in the 2nd quarter. Invesco Ltd. now owns 3,333,770 shares of the utilities provider’s stock valued at $229,398,000 after purchasing an additional 546,731 shares during the last quarter. Hedge funds and other institutional investors own 74.39% of the company’s stock.

About ONEOK

ONEOK, Inc, together with its subsidiaries, engages in the gathering, processing, storage, and transportation of natural gas in the United States. It operates through Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments. The company owns natural gas gathering pipelines and processing plants in the Mid-Continent and Rocky Mountain regions.

See Also: Equal Weight Rating

Analyst Recommendations for ONEOK (NYSE:OKE)

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