Barclays Raises ONEOK (NYSE:OKE) Price Target to $94.00

ONEOK (NYSE:OKE) had its price objective lifted by Barclays from $82.00 to $94.00 in a research report released on Monday morning, Benzinga reports. The firm currently has an equal weight rating on the utilities provider’s stock.

Several other research firms also recently issued reports on OKE. JPMorgan Chase & Co. lifted their target price on shares of ONEOK from $89.00 to $92.00 and gave the company an overweight rating in a research report on Wednesday, June 26th. Morgan Stanley upgraded ONEOK from an equal weight rating to an overweight rating and lifted their price objective for the stock from $103.00 to $111.00 in a report on Monday. Truist Financial boosted their price objective on ONEOK from $81.00 to $83.00 and gave the stock a hold rating in a research note on Wednesday, July 31st. Scotiabank raised their target price on ONEOK from $88.00 to $102.00 and gave the company a sector outperform rating in a research report on Friday, August 30th. Finally, Wells Fargo & Company boosted their price target on ONEOK from $91.00 to $100.00 and gave the stock an overweight rating in a research report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $92.38.

ONEOK Stock Performance

NYSE OKE opened at $93.90 on Monday. The stock has a market capitalization of $54.84 billion, a price-to-earnings ratio of 21.84, a PEG ratio of 4.49 and a beta of 1.67. The stock has a 50-day moving average of $86.83 and a 200 day moving average of $82.22. 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 has a twelve month low of $60.58 and a twelve month high of $95.26.

ONEOK (NYSE:OKE) last announced its earnings results 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. ONEOK had a return on equity of 15.54% and a net margin of 13.41%. The business had revenue of $4.89 billion during the quarter, compared to the consensus estimate of $5.52 billion. During the same period in the prior year, the company posted $1.04 EPS. Sell-side analysts anticipate that ONEOK will post 5.07 EPS for the current fiscal year.

ONEOK Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 1st were paid a $0.99 dividend. This represents a $3.96 dividend on an annualized basis and a dividend yield of 4.22%. The ex-dividend date was Thursday, August 1st. ONEOK’s dividend payout ratio (DPR) is 92.09%.

Insider Transactions at ONEOK

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

Hedge Funds Weigh In On ONEOK

Hedge funds and other institutional investors have recently bought and sold shares of the company. Rise Advisors LLC acquired a new stake in shares of ONEOK during the first quarter worth about $25,000. LifeSteps Financial Inc. acquired a new stake in ONEOK during the 1st quarter worth approximately $26,000. Quest Partners LLC purchased a new position in ONEOK in the 2nd quarter valued at approximately $28,000. Ridgewood Investments LLC purchased a new position in ONEOK in the 2nd quarter valued at approximately $31,000. Finally, American National Bank acquired a new position in shares of ONEOK in the first quarter worth $32,000. 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.