ONEOK (NYSE:OKE) Hits New 1-Year High Following Analyst Upgrade

ONEOK, Inc. (NYSE:OKE)’s share price hit a new 52-week high during trading on Tuesday after Citigroup raised their price target on the stock from $85.00 to $102.00. Citigroup currently has a buy rating on the stock. ONEOK traded as high as $92.78 and last traded at $92.74, with a volume of 1921431 shares. The stock had previously closed at $92.36.

A number of other equities analysts have also recently commented on the company. JPMorgan Chase & Co. lifted their target price on ONEOK from $89.00 to $92.00 and gave the stock an “overweight” rating in a report on Wednesday, June 26th. Royal Bank of Canada lifted their target price on ONEOK from $84.00 to $89.00 and gave the stock a “sector perform” rating in a report on Thursday, August 22nd. Truist Financial boosted their price objective on ONEOK from $81.00 to $83.00 and gave the company a “hold” rating in a report on Wednesday, July 31st. Tudor Pickering upgraded ONEOK to a “hold” rating in a report on Thursday, July 18th. Finally, Scotiabank boosted their price objective on ONEOK from $88.00 to $102.00 and gave the company a “sector outperform” rating in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $89.92.

Institutional Investors Weigh In On ONEOK

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Norges Bank bought a new position in shares of ONEOK in the 4th quarter worth $297,948,000. First Eagle Investment Management LLC raised its position in shares of 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 acquiring an additional 1,351,626 shares in the last quarter. Wellington Management Group LLP raised its position in shares of ONEOK by 2,643.5% in the 4th quarter. Wellington Management Group LLP now owns 1,170,739 shares of the utilities provider’s stock worth $82,209,000 after acquiring an additional 1,128,066 shares in the last quarter. M&G Plc acquired a new position in ONEOK during the 1st quarter valued at about $77,634,000. Finally, Kayne Anderson Capital Advisors LP increased its position 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 valued at $297,059,000 after buying an additional 825,464 shares in the last quarter. 69.13% of the stock is owned by institutional investors.

ONEOK Stock Down 1.0 %

The company has a 50-day moving average of $84.83 and a 200-day moving average of $80.92. The company has a market capitalization of $53.30 billion, a price-to-earnings ratio of 21.24, a price-to-earnings-growth ratio of 4.61 and a beta of 1.65. The company has a current ratio of 0.62, a quick ratio of 0.41 and a debt-to-equity ratio of 1.22.

ONEOK (NYSE:OKE) last announced its earnings results on Monday, August 5th. The utilities provider reported $1.33 earnings per share (EPS) for the quarter, beating 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 company had revenue of $4.89 billion for the quarter, compared to analyst estimates of $5.52 billion. During the same period in the prior year, the company posted $1.04 EPS. On average, equities analysts predict that ONEOK, Inc. will post 5.05 earnings per share 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 issued a $0.99 dividend. This represents a $3.96 dividend on an annualized basis and a dividend yield of 4.34%. The ex-dividend date was Thursday, August 1st. ONEOK’s dividend payout ratio is presently 92.09%.

About ONEOK

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.