Wells Fargo & Company Issues Positive Forecast for ONEOK (NYSE:OKE) Stock Price

ONEOK (NYSE:OKE) had its price target upped by Wells Fargo & Company from $100.00 to $107.00 in a research note published on Friday morning, Benzinga reports. They currently have an overweight rating on the utilities provider’s stock.

OKE has been the topic of several other reports. Truist Financial boosted their target price on shares of ONEOK from $83.00 to $99.00 and gave the company a “hold” rating in a research note on Wednesday, October 30th. Bank of America started coverage on ONEOK in a research note on Thursday, October 17th. They issued a “buy” rating and a $105.00 price objective for the company. Citigroup lifted their target price on ONEOK from $85.00 to $102.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Morgan Stanley raised shares of ONEOK from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $103.00 to $111.00 in a research report on Monday, September 16th. Finally, Tudor Pickering raised shares of ONEOK to a “hold” rating in a research report on Thursday, July 18th. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $96.92.

ONEOK Trading Up 2.4 %

ONEOK stock opened at $95.64 on Friday. The firm has a market cap of $55.87 billion, a price-to-earnings ratio of 20.01, a price-to-earnings-growth ratio of 3.98 and a beta of 1.66. ONEOK has a 1 year low of $63.33 and a 1 year high of $98.43. The firm’s 50 day moving average price is $93.80 and its two-hundred day moving average price is $86.07. 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 announced its earnings results on Tuesday, October 29th. The utilities provider reported $1.18 EPS for the quarter, missing the consensus estimate of $1.23 by ($0.05). ONEOK had a net margin of 14.05% and a return on equity of 16.84%. The company had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $5.81 billion. During the same period in the prior year, the company earned $0.99 earnings per share. On average, research analysts predict that ONEOK will post 5.16 EPS for the current fiscal year.

ONEOK Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Friday, November 1st will be given a $0.99 dividend. This represents a $3.96 dividend on an annualized basis and a dividend yield of 4.14%. The ex-dividend date of this dividend is Friday, November 1st. ONEOK’s dividend payout ratio is currently 82.85%.

Insiders Place Their Bets

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

Institutional Investors Weigh In On ONEOK

A number of institutional investors have recently made changes to their positions in OKE. Nations Financial Group Inc. IA ADV boosted its stake in ONEOK by 11.1% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 54,557 shares of the utilities provider’s stock valued at $4,972,000 after purchasing an additional 5,451 shares during the period. Access Investment Management LLC bought a new stake in shares of ONEOK in the third quarter valued at about $37,000. Peregrine Asset Advisers Inc. boosted its position in shares of ONEOK by 84.3% in the third quarter. Peregrine Asset Advisers Inc. now owns 98,730 shares of the utilities provider’s stock valued at $8,997,000 after acquiring an additional 45,172 shares during the period. Patten & Patten Inc. TN bought a new position in ONEOK during the third quarter worth about $201,000. Finally, Ashton Thomas Securities LLC acquired a new stake in ONEOK in the 3rd quarter worth about $115,000. Institutional investors own 69.13% of the company’s stock.

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.