Truist Financial Raises ONEOK (NYSE:OKE) Price Target to $83.00

ONEOK (NYSE:OKE) had its price objective hoisted by equities researchers at Truist Financial from $81.00 to $83.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has a “hold” rating on the utilities provider’s stock. Truist Financial’s price target would indicate a potential upside of 0.02% from the stock’s previous close.

Several other equities research analysts have also weighed in on the company. Tudor Pickering upgraded ONEOK to a “hold” rating in a research report on Thursday, July 18th. Mizuho boosted their price target on ONEOK from $81.00 to $85.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. Morgan Stanley increased their target price on ONEOK from $90.00 to $93.00 and gave the company an “equal weight” rating in a report on Monday, June 10th. Wells Fargo & Company increased their target price on ONEOK from $81.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, May 2nd. Finally, StockNews.com upgraded ONEOK from a “sell” rating to a “hold” rating in a research report on Friday, May 17th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, ONEOK currently has a consensus rating of “Hold” and an average target price of $85.00.

ONEOK Price Performance

Shares of NYSE OKE traded up $0.19 during trading hours on Wednesday, reaching $82.98. 149,925 shares of the stock traded hands, compared to its average volume of 2,729,761. The company has a market capitalization of $48.43 billion, a P/E ratio of 19.30, a price-to-earnings-growth ratio of 4.34 and a beta of 1.65. The company has a quick ratio of 0.48, a current ratio of 0.70 and a debt-to-equity ratio of 1.24. ONEOK has a 52-week low of $60.58 and a 52-week high of $86.20. The company’s 50-day simple moving average is $81.37 and its two-hundred day simple moving average is $77.87.

ONEOK (NYSE:OKE) last announced its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.03. The company had revenue of $4.78 billion for the quarter, compared to analysts’ expectations of $5.84 billion. ONEOK had a return on equity of 15.94% and a net margin of 12.54%. During the same period last year, the firm posted $2.34 EPS. Equities research analysts forecast that ONEOK will post 5.06 EPS for the current year.

Institutional Investors Weigh In On ONEOK

Institutional investors and hedge funds have recently modified their holdings of the business. Charles Schwab Investment Management Inc. increased its holdings in ONEOK by 21.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,408,725 shares of the utilities provider’s stock worth $871,341,000 after purchasing an additional 2,153,295 shares during the period. Northern Trust Corp increased its holdings in ONEOK by 1.5% during the 4th quarter. Northern Trust Corp now owns 5,754,127 shares of the utilities provider’s stock worth $404,055,000 after purchasing an additional 85,736 shares during the period. Norges Bank purchased a new position in ONEOK during the 4th quarter worth $297,948,000. Kayne Anderson Capital Advisors LP increased its holdings in ONEOK by 28.7% during the 1st quarter. Kayne Anderson Capital Advisors LP now owns 3,705,367 shares of the utilities provider’s stock worth $297,059,000 after purchasing an additional 825,464 shares during the period. Finally, First Eagle Investment Management LLC increased its holdings in ONEOK by 12.3% during the 1st quarter. First Eagle Investment Management LLC now owns 3,465,068 shares of the utilities provider’s stock worth $277,795,000 after purchasing an additional 378,509 shares during the period. 69.13% of the stock is owned by institutional investors.

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.