Wells Fargo & Company Raises ONEOK (NYSE:OKE) Price Target to $107.00

ONEOK (NYSE:OKE) had its price objective raised by research analysts at Wells Fargo & Company from $100.00 to $107.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the utilities provider’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 14.60% from the company’s previous close.

A number of other brokerages also recently issued reports on OKE. Citigroup upped their price objective on ONEOK from $85.00 to $102.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Scotiabank boosted their price objective on shares of ONEOK from $88.00 to $102.00 and gave the company a “sector outperform” rating in a research report on Friday, August 30th. Royal Bank of Canada lifted their price target on shares of ONEOK from $89.00 to $98.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 16th. Bank of America assumed coverage on ONEOK in a report on Thursday, October 17th. They issued a “buy” rating and a $105.00 price target on the stock. Finally, Barclays boosted their target price on shares of ONEOK from $82.00 to $94.00 and gave the company an “equal weight” rating in a research note on Monday, September 16th. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, ONEOK currently has a consensus rating of “Moderate Buy” and a consensus target price of $96.54.

ONEOK Stock Performance

ONEOK stock traded down $3.51 during mid-day trading on Friday, reaching $93.37. 1,274,575 shares of the stock traded hands, compared to its average volume of 2,728,041. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.81 and a quick ratio of 0.41. The stock has a market capitalization of $54.53 billion, a PE ratio of 19.58, a price-to-earnings-growth ratio of 4.20 and a beta of 1.67. The business’s 50-day moving average is $93.56 and its 200-day moving average is $85.72. ONEOK has a 12-month low of $63.33 and a 12-month high of $98.43.

ONEOK (NYSE:OKE) last released 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 business posted $0.99 earnings per share. As a group, sell-side analysts predict that ONEOK will post 5.04 EPS for the current fiscal year.

Insiders Place Their Bets

In other ONEOK news, Director Pattye L. Moore sold 3,379 shares of the firm’s 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ONEOK

Several institutional investors have recently added to or reduced their stakes in OKE. International Assets Investment Management LLC grew its stake in shares of ONEOK by 9,439.9% during 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. M&G Plc acquired a new position in shares of ONEOK in the first quarter worth about $77,634,000. Kayne Anderson Capital Advisors LP grew its position in shares of ONEOK by 28.7% during the 1st quarter. Kayne Anderson Capital Advisors LP now owns 3,705,367 shares of the utilities provider’s stock valued at $297,059,000 after acquiring an additional 825,464 shares during the period. Bahl & Gaynor Inc. boosted its position in ONEOK by 3,648.4% during the second quarter. Bahl & Gaynor Inc. now owns 514,954 shares of the utilities provider’s stock worth $41,995,000 after purchasing an additional 501,216 shares in the last quarter. Finally, Cetera Investment Advisers raised its stake in shares of ONEOK by 370.1% during the 1st quarter. Cetera Investment Advisers now owns 615,276 shares of the utilities provider’s stock worth $49,327,000 after buying an additional 484,403 shares during the period. Institutional investors and hedge funds own 69.13% of the company’s stock.

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.