ONEOK (NYSE:OKE) Coverage Initiated at Scotiabank

Scotiabank assumed coverage on shares of ONEOK (NYSE:OKE) in a research report released on Friday morning, Marketbeat.com reports. The firm issued a sector outperform rating and a $109.00 price objective on the utilities provider’s stock.

Several other equities research analysts have also recently issued reports on OKE. Mizuho upgraded ONEOK to a “hold” rating in a report on Thursday, November 7th. Morgan Stanley raised ONEOK from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $103.00 to $111.00 in a research note on Monday, September 16th. Bank of America began coverage on shares of ONEOK in a research note on Thursday, October 17th. They set a “buy” rating and a $105.00 price objective for the company. UBS Group raised their target price on shares of ONEOK from $112.00 to $132.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Finally, Royal Bank of Canada upped their price target on shares of ONEOK from $89.00 to $98.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 16th. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, ONEOK presently has a consensus rating of “Moderate Buy” and a consensus target price of $101.54.

ONEOK Trading Down 1.0 %

Shares of OKE stock opened at $101.84 on Friday. The company has a market capitalization of $59.49 billion, a price-to-earnings ratio of 21.31, a PEG ratio of 5.24 and a beta of 1.70. The company has a current ratio of 0.81, a quick ratio of 0.59 and a debt-to-equity ratio of 1.59. The firm has a 50-day moving average price of $105.63 and a 200 day moving average price of $94.95. ONEOK has a twelve month low of $67.05 and a twelve month high of $118.07.

ONEOK (NYSE:OKE) last posted its quarterly earnings data on Tuesday, October 29th. The utilities provider reported $1.18 earnings per share for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.05). ONEOK had a net margin of 14.05% and a return on equity of 16.84%. The firm had revenue of $5.02 billion during the quarter, compared to analyst estimates of $5.81 billion. During the same period in the prior year, the firm earned $0.99 EPS. Research analysts forecast that ONEOK will post 5.1 earnings per share for the current fiscal year.

ONEOK Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Friday, November 1st were given a $0.99 dividend. This represents a $3.96 annualized dividend and a dividend yield of 3.89%. The ex-dividend date was Friday, November 1st. ONEOK’s payout ratio is 82.85%.

Institutional Investors Weigh In On ONEOK

Several hedge funds have recently modified their holdings of the stock. Matrix Trust Co acquired a new stake in ONEOK in the third quarter valued at approximately $29,000. Quest Partners LLC purchased a new position in shares of ONEOK in the second quarter valued at $28,000. Access Investment Management LLC acquired a new stake in ONEOK during the 3rd quarter valued at $37,000. Values First Advisors Inc. purchased a new stake in ONEOK during the 3rd quarter worth $44,000. Finally, Fortitude Family Office LLC boosted its position in ONEOK by 37.4% in the 3rd quarter. Fortitude Family Office LLC now owns 496 shares of the utilities provider’s stock valued at $45,000 after buying an additional 135 shares during the last quarter. 69.13% of the stock is currently owned by hedge funds and other institutional investors.

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.