ONEOK (NYSE:OKE) Price Target Increased to $85.00 by Analysts at Wells Fargo & Company

ONEOK (NYSE:OKE) had its target price increased by equities research analysts at Wells Fargo & Company from $81.00 to $85.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the utilities provider’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 10.61% from the company’s current price.

Other research analysts also recently issued reports about the stock. Seaport Res Ptn raised shares of ONEOK from a “neutral” rating to a “buy” rating in a research report on Thursday, February 8th. Barclays boosted their price objective on shares of ONEOK from $73.00 to $80.00 and gave the company an “equal weight” rating in a research report on Thursday, March 7th. Stifel Nicolaus lifted their target price on shares of ONEOK from $81.00 to $88.00 and gave the company a “buy” rating in a research note on Tuesday, April 16th. Citigroup lifted their target price on shares of ONEOK from $73.00 to $83.00 and gave the company a “buy” rating in a research note on Tuesday, March 5th. Finally, Truist Financial lifted their target price on shares of ONEOK from $71.00 to $81.00 and gave the company a “hold” rating in a research note on Thursday, March 21st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $83.25.

ONEOK Stock Performance

Shares of NYSE:OKE traded down $0.07 on Thursday, reaching $76.85. 431,683 shares of the company’s stock were exchanged, compared to its average volume of 2,977,428. The business’s 50-day moving average is $78.19 and its two-hundred day moving average is $71.91. The firm has a market capitalization of $44.85 billion, a price-to-earnings ratio of 17.86, a PEG ratio of 4.81 and a beta of 1.64. The company has a quick ratio of 0.67, a current ratio of 0.90 and a debt-to-equity ratio of 1.29. ONEOK has a fifty-two week low of $55.91 and a fifty-two week high of $81.81.

ONEOK (NYSE:OKE) last released its earnings results on Tuesday, April 30th. The utilities provider reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.03. The business had revenue of $4.78 billion for the quarter, compared to the consensus estimate of $5.84 billion. ONEOK had a net margin of 12.54% and a return on equity of 16.87%. During the same period last year, the firm posted $2.34 earnings per share. As a group, equities research analysts forecast that ONEOK will post 5.01 EPS for the current year.

ONEOK declared that its board has approved a stock buyback plan on Wednesday, January 17th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the utilities provider to purchase up to 4.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity at ONEOK

In related news, Director Wayne Thomas Smith bought 2,700 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was purchased at an average cost of $75.25 per share, for a total transaction of $203,175.00. Following the purchase, the director now directly owns 2,700 shares in the company, valued at $203,175. The purchase was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.20% of the company’s stock.

Institutional Investors Weigh In On ONEOK

Institutional investors and hedge funds have recently bought and sold shares of the business. Peoples Bank KS bought a new stake in ONEOK in the 3rd quarter valued at $25,000. Rise Advisors LLC bought a new stake in ONEOK in the 1st quarter valued at $25,000. LifeSteps Financial Inc. bought a new stake in ONEOK in the 1st quarter valued at $26,000. Beacon Capital Management LLC grew its holdings in shares of ONEOK by 90.7% in the 4th quarter. Beacon Capital Management LLC now owns 408 shares of the utilities provider’s stock worth $29,000 after purchasing an additional 194 shares during the last quarter. Finally, HHM Wealth Advisors LLC bought a new stake in shares of ONEOK in the 4th quarter worth about $32,000. Institutional investors own 69.13% of the company’s stock.

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.