ONEOK (NYSE:OKE) Cut to “Equal Weight” at Wells Fargo & Company

ONEOK (NYSE:OKE) was downgraded by research analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research note issued on Wednesday,Finviz reports. They presently have a $107.00 target price on the utilities provider’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 5.13% from the stock’s previous close.

Several other research analysts also recently issued reports on the company. Bank of America started coverage on ONEOK in a report on Thursday, October 17th. They set a “buy” rating and a $105.00 price objective on the stock. Barclays upped their price target on ONEOK from $94.00 to $99.00 and gave the company an “equal weight” rating in a research note on Monday, November 4th. Citigroup lifted their price objective on ONEOK from $85.00 to $102.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. US Capital Advisors upgraded shares of ONEOK from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, November 26th. Finally, Truist Financial lifted their price target on shares of ONEOK from $99.00 to $107.00 and gave the stock a “hold” rating in a research report on Tuesday, December 3rd. Eight analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, ONEOK has an average rating of “Moderate Buy” and an average price target of $101.00.

ONEOK Stock Performance

NYSE:OKE opened at $101.78 on Wednesday. The firm has a 50 day moving average of $103.86 and a 200-day moving average of $92.24. ONEOK has a 1 year low of $67.05 and a 1 year high of $118.07. The stock has a market capitalization of $59.46 billion, a P/E ratio of 21.29, a price-to-earnings-growth ratio of 5.24 and a beta of 1.69. The company has a current ratio of 0.81, a quick ratio of 0.59 and a debt-to-equity ratio of 1.59.

ONEOK (NYSE:OKE) last issued 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). ONEOK had a return on equity of 16.84% and a net margin of 14.05%. The company had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $5.81 billion. During the same period in the prior year, the company earned $0.99 EPS. As a group, sell-side analysts anticipate that ONEOK will post 5.1 EPS for the current fiscal year.

Institutional Investors Weigh In On ONEOK

Large investors have recently made changes to their positions in the stock. Matrix Trust Co acquired a new stake in shares of ONEOK in the third quarter valued at approximately $29,000. Quest Partners LLC acquired a new position in shares of ONEOK during the 2nd quarter worth about $28,000. Ridgewood Investments LLC bought a new stake in shares of ONEOK in the 2nd quarter valued at about $31,000. Access Investment Management LLC bought a new position in ONEOK during the third quarter worth about $37,000. Finally, Values First Advisors Inc. bought a new position in ONEOK during the third quarter worth about $44,000. Institutional investors 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.