ONEOK (NYSE:OKE) Price Target Increased to $85.00 by Analysts at Wells Fargo & Company

ONEOK (NYSE:OKE) had its price target lifted by Wells Fargo & Company from $81.00 to $85.00 in a research note published on Thursday, Benzinga reports. The brokerage currently has an overweight rating on the utilities provider’s stock.

OKE has been the topic of several other reports. Barclays increased their price objective on ONEOK from $73.00 to $80.00 and gave the company an equal weight rating in a research report on Thursday, March 7th. UBS Group raised their price target on shares of ONEOK from $80.00 to $87.00 and gave the company a buy rating in a report on Tuesday, February 27th. Truist Financial lifted their price target on shares of ONEOK from $71.00 to $81.00 and gave the stock a hold rating in a research note on Thursday, March 21st. JPMorgan Chase & Co. increased their price objective on shares of ONEOK from $81.00 to $85.00 and gave the company an overweight rating in a research report on Wednesday, March 13th. Finally, Wolfe Research raised shares of ONEOK from an underperform rating to a peer perform rating in a research report on Wednesday, January 10th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus price target of $83.58.

ONEOK Trading Up 0.4 %

Shares of NYSE OKE opened at $77.23 on Thursday. The firm’s 50 day moving average price is $78.34 and its 200-day moving average price is $72.00. ONEOK has a 52-week low of $55.91 and a 52-week high of $81.81. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.67 and a current ratio of 0.70. The company has a market cap of $45.08 billion, a PE ratio of 17.96, a P/E/G ratio of 4.13 and a beta of 1.64.

ONEOK (NYSE:OKE) last announced its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.03. ONEOK had a net margin of 12.54% and a return on equity of 15.94%. The company had revenue of $4.78 billion during the quarter, compared to analyst estimates of $5.84 billion. During the same period in the previous year, the business earned $2.34 EPS. On average, equities research analysts expect that ONEOK will post 4.95 EPS for the current fiscal year.

ONEOK announced that its Board of Directors has approved a share repurchase program on Wednesday, January 17th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the utilities provider to buy up to 4.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

ONEOK Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Wednesday, May 1st will be issued a $0.99 dividend. The ex-dividend date is Tuesday, April 30th. This represents a $3.96 dividend on an annualized basis and a yield of 5.13%. ONEOK’s dividend payout ratio is currently 92.09%.

Insider Transactions at ONEOK

In related news, Director Wayne Thomas Smith acquired 2,700 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was bought at an average cost of $75.25 per share, for a total transaction of $203,175.00. Following the purchase, the director now owns 2,700 shares in the company, valued at approximately $203,175. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On ONEOK

Several large investors have recently added to or reduced their stakes in OKE. Rise Advisors LLC bought a new stake in shares of ONEOK during the 1st quarter valued at $25,000. LifeSteps Financial Inc. purchased a new stake in ONEOK in the 1st quarter worth $26,000. Peoples Bank KS bought a new stake in ONEOK during the third quarter valued at about $25,000. American National Bank purchased a new position in shares of ONEOK in the first quarter valued at about $32,000. Finally, Beacon Capital Management LLC lifted its position in shares of ONEOK by 90.7% in the fourth quarter. Beacon Capital Management LLC now owns 408 shares of the utilities provider’s stock valued at $29,000 after acquiring an additional 194 shares in the last quarter. Hedge funds and other 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.