ONEOK (NYSE:OKE) Earns Sector Outperform Rating from Analysts at Scotiabank

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

OKE has been the subject of several other reports. Royal Bank of Canada boosted their price objective on ONEOK from $89.00 to $98.00 and gave the company a “sector perform” rating in a research report on Wednesday, October 16th. Wells Fargo & Company cut shares of ONEOK from an “overweight” rating to an “equal weight” rating and set a $107.00 price target for the company. in a report on Wednesday, December 18th. Morgan Stanley raised shares of ONEOK from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $103.00 to $111.00 in a research report on Monday, September 16th. Barclays boosted their price objective on shares of ONEOK from $94.00 to $99.00 and gave the company an “equal weight” rating in a research report on Monday, November 4th. Finally, Bank of America initiated coverage on ONEOK in a report on Thursday, October 17th. They set a “buy” rating and a $105.00 target price for the company. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $101.54.

ONEOK Stock Down 1.0 %

Shares of NYSE:OKE opened at $101.84 on Friday. The company has a 50 day moving average price of $105.63 and a two-hundred day moving average price of $94.75. The company has a market capitalization of $59.49 billion, a PE ratio of 21.31, a PEG ratio of 5.24 and a beta of 1.70. ONEOK has a 52 week low of $67.05 and a 52 week high of $118.07. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.59 and a current ratio of 0.81.

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

ONEOK Dividend Announcement

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

Hedge Funds Weigh In On ONEOK

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