ONEOK (NYSE:OKE) Price Target Raised to $102.00

ONEOK (NYSE:OKE) had its price target increased by Citigroup from $85.00 to $102.00 in a report published on Tuesday, Benzinga reports. The firm currently has a buy rating on the utilities provider’s stock.

Other analysts also recently issued reports about the company. Scotiabank increased their price objective on ONEOK from $88.00 to $102.00 and gave the company a sector outperform rating in a report on Friday, August 30th. Mizuho increased their price objective on ONEOK from $81.00 to $85.00 and gave the company a neutral rating in a report on Friday, July 26th. Tudor Pickering upgraded ONEOK to a hold rating in a report on Thursday, July 18th. StockNews.com upgraded ONEOK from a sell rating to a hold rating in a report on Friday, May 17th. Finally, Truist Financial increased their price target on ONEOK from $81.00 to $83.00 and gave the stock a hold rating in a report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Hold and an average target price of $89.92.

ONEOK Stock Up 0.5 %

Shares of OKE opened at $91.81 on Tuesday. ONEOK has a 52 week low of $60.58 and a 52 week high of $93.00. The stock has a market capitalization of $53.62 billion, a price-to-earnings ratio of 21.35, a PEG ratio of 3.66 and a beta of 1.67. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.41 and a current ratio of 0.62. The stock has a fifty day moving average of $85.06 and a 200-day moving average of $81.00.

ONEOK (NYSE:OKE) last posted its quarterly earnings data on Monday, August 5th. The utilities provider reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. The business had revenue of $4.89 billion during the quarter, compared to the consensus estimate of $5.52 billion. ONEOK had a return on equity of 15.54% and a net margin of 13.41%. During the same period in the prior year, the business posted $1.04 earnings per share. As a group, sell-side analysts anticipate that ONEOK will post 5.05 earnings per share for the current fiscal year.

ONEOK Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Thursday, August 1st were given a $0.99 dividend. The ex-dividend date was Thursday, August 1st. This represents a $3.96 annualized dividend and a yield of 4.31%. ONEOK’s payout ratio is 92.09%.

Hedge Funds Weigh In On ONEOK

Several large investors have recently added to or reduced their stakes in the business. Tortoise Capital Advisors L.L.C. lifted its position in ONEOK by 3.5% in the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 6,795,313 shares of the utilities provider’s stock valued at $554,158,000 after acquiring an additional 232,043 shares in the last quarter. Northern Trust Corp lifted its position in shares of ONEOK by 1.5% during the 4th quarter. Northern Trust Corp now owns 5,754,127 shares of the utilities provider’s stock worth $404,055,000 after buying an additional 85,736 shares in the last quarter. Norges Bank bought a new position in shares of ONEOK during the 4th quarter worth approximately $297,948,000. Kayne Anderson Capital Advisors LP lifted 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 worth $297,059,000 after buying an additional 825,464 shares in the last quarter. Finally, First Eagle Investment Management LLC lifted its position in shares of ONEOK by 12.3% during the 1st quarter. First Eagle Investment Management LLC now owns 3,465,068 shares of the utilities provider’s stock worth $277,795,000 after buying an additional 378,509 shares in the last quarter. 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.