ONEOK (OKE) Earns Neutral Rating from Analysts at Bank of America

Bank of America assumed coverage on shares of ONEOK (NYSE:OKE) in a report issued on Tuesday, The Fly reports. The firm issued a neutral rating on the utilities provider’s stock.

A number of other research analysts have also issued reports on the company. Zacks Investment Research lowered ONEOK from a buy rating to a sell rating in a research report on Tuesday, October 31st. Mizuho initiated coverage on ONEOK in a research report on Tuesday, October 10th. They set a neutral rating and a $59.00 price target for the company. JPMorgan Chase & Co. reiterated a neutral rating and set a $58.00 price target on shares of ONEOK in a research report on Monday, September 11th. UBS Group boosted their price objective on ONEOK from $60.00 to $61.00 and gave the stock a buy rating in a research note on Wednesday, November 1st. Finally, Stifel Nicolaus reissued a hold rating and issued a $54.00 price objective on shares of ONEOK in a research note on Thursday, October 12th. Eleven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $59.14.

Shares of ONEOK (NYSE OKE) traded up $0.25 during mid-day trading on Tuesday, reaching $56.74. The company’s stock had a trading volume of 2,434,632 shares, compared to its average volume of 3,955,733. The company has a quick ratio of 0.41, a current ratio of 0.55 and a debt-to-equity ratio of 1.47. ONEOK has a one year low of $47.14 and a one year high of $59.30. The firm has a market cap of $21,780.00, a price-to-earnings ratio of 35.46, a PEG ratio of 2.88 and a beta of 1.26.

ONEOK (NYSE:OKE) last announced its quarterly earnings results on Tuesday, October 31st. The utilities provider reported $0.43 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.49 by ($0.06). ONEOK had a return on equity of 9.25% and a net margin of 3.76%. The business had revenue of $2.91 billion for the quarter, compared to analyst estimates of $2.80 billion. During the same quarter last year, the firm posted $0.43 EPS. analysts predict that ONEOK will post 1.79 EPS for the current year.

In related news, Director Brian L. Derksen bought 1,800 shares of the business’s stock in a transaction dated Monday, November 20th. The shares were bought at an average cost of $51.00 per share, with a total value of $91,800.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.00% of the stock is owned by insiders.

Several institutional investors have recently made changes to their positions in OKE. Pacer Advisors Inc. raised its position in shares of ONEOK by 8.2% during the second quarter. Pacer Advisors Inc. now owns 4,232 shares of the utilities provider’s stock worth $221,000 after purchasing an additional 319 shares during the period. JPMorgan Chase & Co. raised its position in shares of ONEOK by 27.5% during the second quarter. JPMorgan Chase & Co. now owns 260,577 shares of the utilities provider’s stock worth $13,590,000 after purchasing an additional 56,231 shares during the period. Commonwealth Bank of Australia raised its position in shares of ONEOK by 10.4% during the second quarter. Commonwealth Bank of Australia now owns 43,985 shares of the utilities provider’s stock worth $2,294,000 after purchasing an additional 4,159 shares during the period. Wells Fargo & Company MN grew its holdings in shares of ONEOK by 42.7% during the second quarter. Wells Fargo & Company MN now owns 1,010,968 shares of the utilities provider’s stock valued at $52,732,000 after buying an additional 302,407 shares in the last quarter. Finally, Aberdeen Asset Management PLC UK grew its holdings in shares of ONEOK by 14.1% during the second quarter. Aberdeen Asset Management PLC UK now owns 221,555 shares of the utilities provider’s stock valued at $11,556,000 after buying an additional 27,344 shares in the last quarter. 70.89% of the stock is currently owned by institutional investors.

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ONEOK Company Profile

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.

The Fly

Analyst Recommendations for ONEOK (NYSE:OKE)

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