Morgan Stanley Forecasts Strong Price Appreciation for ONEOK (NYSE:OKE) Stock

ONEOK (NYSE:OKE) had its price target lifted by investment analysts at Morgan Stanley from $111.00 to $133.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the utilities provider’s stock. Morgan Stanley’s target price would suggest a potential upside of 31.39% from the company’s previous close.

Other analysts have also issued reports about the stock. Scotiabank cut their target price on shares of ONEOK from $109.00 to $102.00 and set a “sector outperform” rating for the company in a research report on Thursday, March 6th. Citigroup began coverage on shares of ONEOK in a research report on Friday, February 28th. They set a “buy” rating and a $110.00 price objective for the company. Truist Financial lifted their target price on ONEOK from $99.00 to $107.00 and gave the company a “hold” rating in a research report on Tuesday, December 3rd. Wolfe Research upgraded ONEOK from a “peer perform” rating to an “outperform” rating and set a $110.00 price target for the company in a research report on Monday, February 10th. Finally, Barclays lowered their price objective on ONEOK from $105.00 to $101.00 and set an “equal weight” rating on the stock in a research report on Friday, March 7th. Seven investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $105.00.

ONEOK Price Performance

Shares of OKE opened at $101.22 on Tuesday. The firm has a fifty day simple moving average of $98.72 and a two-hundred day simple moving average of $100.08. The firm has a market cap of $63.20 billion, a PE ratio of 21.18, a P/E/G ratio of 3.77 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. ONEOK has a 1-year low of $76.23 and a 1-year high of $118.07.

ONEOK (NYSE:OKE) last posted its quarterly earnings data on Monday, February 24th. The utilities provider reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.46 by $0.11. The company had revenue of $7 billion during the quarter, compared to analysts’ expectations of $6.18 billion. ONEOK had a return on equity of 16.84% and a net margin of 14.05%. On average, equities analysts anticipate that ONEOK will post 5.07 EPS for the current year.

Institutional Investors Weigh In On ONEOK

A number of hedge funds have recently made changes to their positions in OKE. Norges Bank bought a new stake in ONEOK in the 4th quarter worth approximately $539,554,000. Wellington Management Group LLP increased its position in ONEOK by 433.4% in the fourth quarter. Wellington Management Group LLP now owns 4,206,906 shares of the utilities provider’s stock worth $422,373,000 after purchasing an additional 3,418,207 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in ONEOK by 240.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,790,760 shares of the utilities provider’s stock valued at $280,194,000 after purchasing an additional 1,971,147 shares in the last quarter. Raymond James Financial Inc. bought a new position in ONEOK during the fourth quarter valued at $182,694,000. Finally, ClearBridge Investments Ltd purchased a new position in shares of ONEOK in the 4th quarter worth $177,045,000. 69.13% of the stock is currently owned by hedge funds and other institutional investors.

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.