ONEOK (NYSE:OKE) Stock Price Target Raised at Scotiabank

ONEOK (NYSE:OKE) had its target price boosted by stock analysts at Scotiabank from $96.00 to $97.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has a “sector perform” rating on the utilities provider’s stock. Scotiabank‘s target price indicates a potential upside of 4.49% from the company’s previous close.

Other research analysts also recently issued reports about the stock. Wall Street Zen raised shares of ONEOK from a “sell” rating to a “hold” rating in a research report on Sunday, August 9th. TD Cowen reiterated a “hold” rating on shares of ONEOK in a research report on Friday, October 16th. Raymond James Financial reissued an “outperform” rating and set a $98.00 target price on shares of ONEOK in a research note on Tuesday, October 20th. Jefferies Financial Group set a $97.00 price target on shares of ONEOK in a report on Thursday, October 29th. Finally, Freedom Broker upped their price target on shares of ONEOK from $105.00 to $110.00 and gave the stock a “buy” rating in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $98.70.

ONEOK Trading Up 0.3%

NYSE OKE traded up $0.31 on Tuesday, hitting $92.83. 845,473 shares of the stock were exchanged, compared to its average volume of 4,126,079. ONEOK has a 52-week low of $64.02 and a 52-week high of $99.85. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.84 and a quick ratio of 0.59. The company has a market capitalization of $58.53 billion, a price-to-earnings ratio of 14.41, a P/E/G ratio of 1.88 and a beta of 0.82. The company’s 50-day moving average price is $92.84 and its two-hundred day moving average price is $88.68.

ONEOK (NYSE:OKE) last issued its quarterly earnings results on Tuesday, October 27th. The utilities provider reported $2.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.50 by $0.63. The business had revenue of $12.46 billion for the quarter, compared to the consensus estimate of $10.54 billion. ONEOK had a return on equity of 16.36% and a net margin of 9.42%. During the same quarter in the previous year, the company posted $1.49 earnings per share. Research analysts predict that ONEOK will post 6.16 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. lifted its position in shares of ONEOK by 8.7% during the 2nd quarter. BlackRock Inc. now owns 64,537,467 shares of the utilities provider’s stock worth $5,610,887,000 after purchasing an additional 5,148,768 shares during the last quarter. State Street Corp grew its holdings in ONEOK by 5.0% in the 2nd quarter. State Street Corp now owns 43,633,749 shares of the utilities provider’s stock valued at $3,793,518,000 after buying an additional 2,059,368 shares during the last quarter. First Eagle Investment Management LLC increased its position in ONEOK by 1.3% in the 2nd quarter. First Eagle Investment Management LLC now owns 11,834,827 shares of the utilities provider’s stock worth $1,028,920,000 after buying an additional 155,652 shares during the period. Dimensional Fund Advisors LP increased its position in ONEOK by 3.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,552,597 shares of the utilities provider’s stock worth $502,000,000 after buying an additional 187,880 shares during the period. Finally, Bank of America Corp DE lifted its holdings in shares of ONEOK by 5.2% during the first quarter. Bank of America Corp DE now owns 5,504,989 shares of the utilities provider’s stock worth $497,596,000 after buying an additional 272,704 shares during the last quarter. Institutional investors and hedge funds own 69.13% of the company’s stock.

ONEOK Company Profile

ONEOK, Inc is an energy infrastructure company that operates midstream assets across the United States. Its business includes the gathering, processing, storage and transportation of natural gas, as well as the gathering, fractionation, storage and transportation of natural gas liquids (NGLs). The company also provides transportation and storage services for refined petroleum products, crude oil and other related commodities.

ONEOK serves major producing and consuming regions, including the Mid-Continent, Rocky Mountain, Permian and Gulf Coast areas.