Truist Financial Increases ONEOK (NYSE:OKE) Price Target to $99.00

ONEOK (NYSE:OKE) had its price target raised by equities researchers at Truist Financial from $83.00 to $99.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has a “hold” rating on the utilities provider’s stock. Truist Financial’s price target points to a potential upside of 1.75% from the stock’s current price.

A number of other brokerages have also commented on OKE. Wells Fargo & Company lifted their price target on shares of ONEOK from $91.00 to $100.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. Barclays upped their price target on ONEOK from $82.00 to $94.00 and gave the company an “equal weight” rating in a research report on Monday, September 16th. Morgan Stanley upgraded ONEOK from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $103.00 to $111.00 in a research report on Monday, September 16th. Tudor Pickering upgraded shares of ONEOK to a “hold” rating in a report on Thursday, July 18th. Finally, Mizuho upped their price objective on shares of ONEOK from $81.00 to $85.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $96.00.

ONEOK Price Performance

Shares of NYSE OKE traded up $1.75 during midday trading on Wednesday, reaching $97.30. 1,316,334 shares of the company were exchanged, compared to its average volume of 2,719,087. ONEOK has a one year low of $63.33 and a one year high of $98.43. The stock has a market cap of $56.83 billion, a P/E ratio of 20.98, a PEG ratio of 4.17 and a beta of 1.67. The company has a quick ratio of 0.41, a current ratio of 0.62 and a debt-to-equity ratio of 1.22. The stock’s 50-day moving average price is $93.18 and its 200-day moving average price is $85.56.

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 firm had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $5.81 billion. ONEOK had a return on equity of 15.54% and a net margin of 13.41%. During the same quarter last year, the firm posted $0.99 earnings per share. On average, sell-side analysts anticipate that ONEOK will post 5.1 earnings per share for the current fiscal year.

Insider Buying and Selling at ONEOK

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

Institutional Trading of ONEOK

Several institutional investors have recently made changes to their positions in OKE. Diversified Trust Co boosted its stake in shares of ONEOK by 8.7% in the 1st quarter. Diversified Trust Co now owns 4,019 shares of the utilities provider’s stock worth $322,000 after buying an additional 323 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in ONEOK by 464.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 198,018 shares of the utilities provider’s stock valued at $15,875,000 after buying an additional 162,963 shares during the period. Cornerstone Wealth Management LLC raised its position in ONEOK by 1.3% in the first quarter. Cornerstone Wealth Management LLC now owns 16,334 shares of the utilities provider’s stock worth $1,310,000 after acquiring an additional 204 shares during the period. First Trust Direct Indexing L.P. grew its position in shares of ONEOK by 8.1% during the 1st quarter. First Trust Direct Indexing L.P. now owns 17,552 shares of the utilities provider’s stock valued at $1,407,000 after acquiring an additional 1,316 shares during the period. Finally, Accel Wealth Management increased its stake in shares of ONEOK by 16.0% during the 1st quarter. Accel Wealth Management now owns 3,584 shares of the utilities provider’s stock worth $287,000 after purchasing an additional 495 shares during the last quarter. 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.