Zacks Investment Research upgraded shares of ONEOK, Inc. (NYSE:OKE) from a hold rating to a strong-buy rating in a report issued on Tuesday, October 17th. The firm currently has $65.00 target price on the utilities provider’s stock.
According to Zacks, “In last three months shares of ONEOK Inc. have gained more than the industry it belongs to. ONEOK is poised to gain from increased drilling activities in the basin where this company has well placed assets. The increase in fee-based earnings, acquisition of ONEOK Partners, capital-growth projects and increasing drilling activities from the producers will further boost the performance of the company. However, strict regulations and intensifying competition in midstream energy services are the major concerns for the company.”
A number of other equities research analysts have also issued reports on the company. Stifel Nicolaus restated a hold rating and issued a $54.00 price target on shares of ONEOK in a research report on Thursday, October 12th. Mizuho began coverage on ONEOK in a research note on Tuesday, October 10th. They set a neutral rating and a $59.00 price target on the stock. J P Morgan Chase & Co restated a neutral rating and set a $58.00 price target on shares of ONEOK in a research note on Monday, September 11th. Barclays PLC began coverage on ONEOK in a research note on Tuesday, September 5th. They set an equal weight rating and a $58.00 price target on the stock. Finally, Jefferies Group LLC restated a hold rating and set a $52.00 price target (up from $51.00) on shares of ONEOK in a research note on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $59.07.
ONEOK (NYSE OKE) traded up $0.17 on Tuesday, reaching $52.82. The company’s stock had a trading volume of 2,119,412 shares, compared to its average volume of 2,263,643. The stock has a market cap of $20,187.94, a P/E ratio of 32.91, a P/E/G ratio of 3.63 and a beta of 1.29. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.55 and a quick ratio of 0.41. ONEOK has a one year low of $46.04 and a one year high of $59.47.
ONEOK (NYSE:OKE) last issued its quarterly earnings data on Tuesday, October 31st. The utilities provider reported $0.43 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.49 by ($0.06). ONEOK had a net margin of 3.76% and a return on equity of 9.25%. The company had revenue of $2.91 billion during the quarter, compared to analyst estimates of $2.80 billion. During the same period last year, the firm earned $0.43 EPS. equities analysts anticipate that ONEOK will post 1.61 EPS for the current year.
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The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 14th. Investors of record on Monday, November 6th will be issued a $0.745 dividend. This represents a $2.98 annualized dividend and a yield of 5.64%. The ex-dividend date of this dividend is Friday, November 3rd. ONEOK’s dividend payout ratio (DPR) is presently 186.25%.
A number of large investors have recently bought and sold shares of the stock. CHICAGO TRUST Co NA increased its holdings in ONEOK by 0.5% in the second quarter. CHICAGO TRUST Co NA now owns 4,020 shares of the utilities provider’s stock valued at $210,000 after buying an additional 20 shares during the last quarter. Cleararc Capital Inc. increased its holdings in ONEOK by 0.7% in the first quarter. Cleararc Capital Inc. now owns 5,147 shares of the utilities provider’s stock valued at $285,000 after buying an additional 36 shares during the last quarter. New Amsterdam Partners LLC NY increased its holdings in ONEOK by 0.6% in the second quarter. New Amsterdam Partners LLC NY now owns 9,367 shares of the utilities provider’s stock valued at $489,000 after buying an additional 58 shares during the last quarter. Stephens Inc. AR increased its holdings in ONEOK by 0.4% in the second quarter. Stephens Inc. AR now owns 15,430 shares of the utilities provider’s stock valued at $805,000 after buying an additional 58 shares during the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. increased its holdings in ONEOK by 0.7% in the first quarter. Meiji Yasuda Asset Management Co Ltd. now owns 8,076 shares of the utilities provider’s stock valued at $448,000 after buying an additional 60 shares during the last quarter. 52.51% of the stock is currently owned by hedge funds and other institutional investors.
ONEOK Company Profile
ONEOK, Inc is an energy midstream service provider in the United States. The Company owns and operates natural gas liquids (NGL) systems, and is engaged in the gathering, processing, storage and transportation of natural gas. THe Company’s operations include a 38,000-mile integrated network of NGL and natural gas pipelines, processing plants, fractionators and storage facilities in the Mid-Continent, Williston, Permian and Rocky Mountain regions.
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