Scotiabank Increases ONEOK (NYSE:OKE) Price Target to $102.00

ONEOK (NYSE:OKE) had its price target lifted by Scotiabank from $88.00 to $102.00 in a research note released on Friday, Benzinga reports. Scotiabank currently has a sector outperform rating on the utilities provider’s stock.

OKE has been the subject of a number of other research reports. Morgan Stanley boosted their target price on ONEOK from $90.00 to $93.00 and gave the stock an equal weight rating in a research report on Monday, June 10th. Mizuho raised their target price on shares of ONEOK from $81.00 to $85.00 and gave the stock a neutral rating in a report on Friday, July 26th. Wells Fargo & Company boosted their target price on shares of ONEOK from $91.00 to $100.00 and gave the company an overweight rating in a research note on Friday. Tudor Pickering raised ONEOK to a hold rating in a report on Thursday, July 18th. Finally, Royal Bank of Canada lifted their price objective on ONEOK from $84.00 to $89.00 and gave the stock a sector perform rating in a report on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Hold and an average price target of $88.46.

ONEOK Price Performance

Shares of NYSE OKE opened at $92.36 on Friday. The company has a 50 day simple moving average of $84.39 and a two-hundred day simple moving average of $80.71. ONEOK has a fifty-two week low of $60.58 and a fifty-two week high of $92.61. The company has a market capitalization of $53.91 billion, a price-to-earnings ratio of 21.48, a P/E/G ratio of 4.61 and a beta of 1.65. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.41 and a current ratio of 0.62.

ONEOK (NYSE:OKE) last released its earnings results on Monday, August 5th. The utilities provider reported $1.33 EPS for the quarter, topping the consensus estimate of $1.21 by $0.12. ONEOK had a return on equity of 15.54% and a net margin of 13.41%. The business had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $5.52 billion. During the same period in the previous year, the company posted $1.04 earnings per share. Analysts expect that ONEOK will post 5.05 EPS for the current fiscal year.

ONEOK Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 1st were paid a $0.99 dividend. The ex-dividend date of this dividend was Thursday, August 1st. This represents a $3.96 dividend on an annualized basis and a dividend yield of 4.29%. ONEOK’s dividend payout ratio (DPR) is presently 92.09%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Norges Bank purchased a new position in shares of ONEOK in the fourth quarter valued at about $297,948,000. Charles Schwab Investment Management Inc. lifted its holdings in ONEOK by 21.0% in 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 in the last quarter. First Eagle Investment Management LLC boosted its stake in ONEOK by 77.9% in the 4th quarter. First Eagle Investment Management LLC now owns 3,086,559 shares of the utilities provider’s stock worth $216,738,000 after purchasing an additional 1,351,626 shares during the period. Wellington Management Group LLP grew its holdings in ONEOK by 2,643.5% during the 4th quarter. Wellington Management Group LLP now owns 1,170,739 shares of the utilities provider’s stock valued at $82,209,000 after buying an additional 1,128,066 shares in the last quarter. Finally, M&G Plc bought a new stake in shares of ONEOK during the first quarter valued at approximately $77,634,000. 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.