Morgan Stanley Upgrades ONEOK (NYSE:OKE) to Overweight

ONEOK (NYSE:OKE) was upgraded by Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research note issued on Monday, Marketbeat reports. The brokerage presently has a $111.00 price objective on the utilities provider’s stock, up from their prior price objective of $103.00. Morgan Stanley’s target price would suggest a potential upside of 17.26% from the stock’s previous close.

Several other analysts have also recently weighed in on the company. Tudor Pickering raised ONEOK to a “hold” rating in a report on Thursday, July 18th. JPMorgan Chase & Co. upped their price target on ONEOK from $89.00 to $92.00 and gave the company an “overweight” rating in a research note on Wednesday, June 26th. Mizuho upped their price target on ONEOK from $81.00 to $85.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Truist Financial upped their price target on ONEOK from $81.00 to $83.00 and gave the company a “hold” rating in a research note on Wednesday, July 31st. Finally, Citigroup upped their price target on ONEOK from $85.00 to $102.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, eight have given a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $92.38.

ONEOK Stock Performance

Shares of NYSE:OKE opened at $94.66 on Monday. The stock has a market capitalization of $55.29 billion, a P/E ratio of 22.01, a P/E/G ratio of 4.49 and a beta of 1.67. ONEOK has a 1-year low of $60.58 and a 1-year high of $94.95. The company has a current ratio of 0.62, a quick ratio of 0.41 and a debt-to-equity ratio of 1.22. The business has a 50-day moving average price of $86.60 and a two-hundred day moving average price of $82.14.

ONEOK (NYSE:OKE) last announced its quarterly earnings data on Monday, August 5th. The utilities provider reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.12. The firm had revenue of $4.89 billion during the quarter, compared to analysts’ expectations of $5.52 billion. ONEOK had a return on equity of 15.54% and a net margin of 13.41%. During the same period in the previous year, the business posted $1.04 EPS. Equities analysts predict that ONEOK will post 5.07 earnings per share for the current year.

Insiders Place Their Bets

In other ONEOK news, Director Pattye L. Moore sold 3,379 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $92.01, for a total transaction of $310,901.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On ONEOK

A number of large investors have recently bought and sold shares of the company. Rise Advisors LLC acquired a new stake in shares of ONEOK in the 1st quarter valued at approximately $25,000. LifeSteps Financial Inc. acquired a new stake in shares of ONEOK in the 1st quarter valued at approximately $26,000. Quest Partners LLC acquired a new stake in shares of ONEOK in the 2nd quarter valued at approximately $28,000. Ridgewood Investments LLC acquired a new stake in shares of ONEOK in the 2nd quarter valued at approximately $31,000. Finally, American National Bank acquired a new stake in shares of ONEOK in the 1st quarter valued at approximately $32,000. Institutional investors and hedge funds 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.