ONEOK, Inc. (OKE) Coverage Initiated at Mizuho

Investment analysts at Mizuho started coverage on shares of ONEOK, Inc. (NYSE:OKE) in a report released on Tuesday. The brokerage set a “neutral” rating and a $59.00 price target on the utilities provider’s stock. Mizuho’s price target would suggest a potential upside of 4.65% from the company’s previous close.

A number of other analysts have also commented on OKE. UBS AG upgraded ONEOK from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $56.00 to $59.00 in a research report on Wednesday, June 14th. BidaskClub lowered ONEOK from a “hold” rating to a “sell” rating in a research report on Thursday, August 17th. Zacks Investment Research upgraded ONEOK from a “strong sell” rating to a “hold” rating in a research report on Friday, July 14th. Credit Suisse Group lowered their price objective on ONEOK from $64.00 to $61.00 and set an “outperform” rating for the company in a research report on Thursday, August 3rd. Finally, BMO Capital Markets upgraded ONEOK from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $53.00 to $59.00 in a research report on Wednesday, July 5th. Ten investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $58.15.

ONEOK (NYSE OKE) traded down 0.11% during midday trading on Tuesday, reaching $56.32. 181,714 shares of the company traded hands. ONEOK has a 12-month low of $45.41 and a 12-month high of $59.47. The company has a market cap of $21.40 billion, a price-to-earnings ratio of 35.29 and a beta of 1.30. The company has a 50-day moving average price of $55.44 and a 200-day moving average price of $53.14.

ONEOK (NYSE:OKE) last announced its earnings results on Tuesday, August 1st. The utilities provider reported $0.33 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.45 by ($0.12). The business had revenue of $2.73 billion during the quarter, compared to analyst estimates of $2.64 billion. ONEOK had a net margin of 3.26% and a return on equity of 8.62%. During the same quarter last year, the business posted $0.40 earnings per share. On average, analysts predict that ONEOK will post $1.72 earnings per share for the current fiscal year.

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Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of ONEOK by 17.3% during the 2nd quarter. Vanguard Group Inc. now owns 27,197,952 shares of the utilities provider’s stock valued at $1,418,645,000 after purchasing an additional 4,002,795 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of ONEOK by 28.4% during the 2nd quarter. BlackRock Inc. now owns 24,014,654 shares of the utilities provider’s stock valued at $1,252,605,000 after purchasing an additional 5,317,251 shares in the last quarter. State Street Corp lifted its holdings in shares of ONEOK by 53.7% during the 2nd quarter. State Street Corp now owns 17,416,296 shares of the utilities provider’s stock valued at $908,434,000 after purchasing an additional 6,086,061 shares in the last quarter. Neuberger Berman Group LLC lifted its holdings in shares of ONEOK by 6.1% during the 2nd quarter. Neuberger Berman Group LLC now owns 9,098,662 shares of the utilities provider’s stock valued at $474,586,000 after purchasing an additional 526,450 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of ONEOK by 25.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 6,825,358 shares of the utilities provider’s stock valued at $356,012,000 after purchasing an additional 1,369,438 shares in the last quarter. Institutional investors and hedge funds own 51.26% of the company’s stock.

About ONEOK

ONEOK, Inc is an energy midstream service provider in the United States. The Company owns and operates natural gas liquids (NGL) systems, and is engaged in the gathering, processing, storage and transportation of natural gas. THe Company’s operations include a 38,000-mile integrated network of NGL and natural gas pipelines, processing plants, fractionators and storage facilities in the Mid-Continent, Williston, Permian and Rocky Mountain regions.

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