ONEOK (NYSE:OKE) Hits New 12-Month High After Analyst Upgrade

ONEOK, Inc. (NYSE:OKE) shares hit a new 52-week high during trading on Monday after UBS Group raised their price target on the stock from $112.00 to $132.00. UBS Group currently has a buy rating on the stock. ONEOK traded as high as $111.15 and last traded at $111.15, with a volume of 88100 shares. The stock had previously closed at $109.81.

OKE has been the topic of several other reports. Truist Financial lifted their price target on ONEOK from $83.00 to $99.00 and gave the company a “hold” rating in a research report on Wednesday, October 30th. Barclays increased their price target on shares of ONEOK from $94.00 to $99.00 and gave the stock an “equal weight” rating in a research note on Monday, November 4th. Citigroup boosted their price objective on shares of ONEOK from $85.00 to $102.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Scotiabank raised their target price on shares of ONEOK from $88.00 to $102.00 and gave the company a “sector outperform” rating in a research note on Friday, August 30th. Finally, Morgan Stanley raised ONEOK from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $103.00 to $111.00 in a research report on Monday, September 16th. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, ONEOK currently has a consensus rating of “Moderate Buy” and a consensus target price of $100.38.

Insider Activity at ONEOK

In related news, Director Pattye L. Moore sold 3,379 shares of ONEOK stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $92.01, for a total value of $310,901.79. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.20% of the stock is owned by insiders.

Institutional Investors Weigh In On ONEOK

Several hedge funds and other institutional investors have recently made changes to their positions in the business. International Assets Investment Management LLC raised its holdings in ONEOK by 9,439.9% in the 3rd quarter. International Assets Investment Management LLC now owns 3,230,989 shares of the utilities provider’s stock worth $294,440,000 after purchasing an additional 3,197,121 shares during the period. Charles Schwab Investment Management Inc. increased its position in ONEOK by 3.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 17,480,774 shares of the utilities provider’s stock worth $1,593,023,000 after buying an additional 661,854 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of ONEOK in the third quarter worth about $47,957,000. Bahl & Gaynor Inc. lifted its position in shares of ONEOK by 3,648.4% during the 2nd quarter. Bahl & Gaynor Inc. now owns 514,954 shares of the utilities provider’s stock valued at $41,995,000 after buying an additional 501,216 shares in the last quarter. Finally, Yaupon Capital Management LP bought a new position in shares of ONEOK during the 3rd quarter valued at approximately $45,194,000. Hedge funds and other institutional investors own 69.13% of the company’s stock.

ONEOK Price Performance

The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.59 and a current ratio of 0.81. The company has a market cap of $65.73 billion, a P/E ratio of 23.54, a P/E/G ratio of 5.48 and a beta of 1.66. The firm’s fifty day moving average is $96.95 and its two-hundred day moving average is $87.97.

ONEOK (NYSE:OKE) last posted its quarterly earnings results on Tuesday, October 29th. The utilities provider reported $1.18 earnings per share for the quarter, missing the consensus estimate of $1.23 by ($0.05). The business had revenue of $5.02 billion during the quarter, compared to the consensus estimate of $5.81 billion. ONEOK had a return on equity of 16.84% and a net margin of 14.05%. During the same quarter in the previous year, the company earned $0.99 earnings per share. As a group, analysts anticipate that ONEOK, Inc. will post 5.15 earnings per share for the current fiscal year.

ONEOK Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Friday, November 1st were paid a $0.99 dividend. This represents a $3.96 annualized dividend and a yield of 3.52%. The ex-dividend date was Friday, November 1st. ONEOK’s payout ratio is currently 82.85%.

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.