ONEOK (OKE) Rating Increased to Buy at Zacks Investment Research

ONEOK (NYSE:OKE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm currently has a $77.00 price objective on the utilities provider’s stock. Zacks Investment Research‘s price target suggests a potential upside of 11.92% from the company’s current price.

According to Zacks, “Shares of ONEOK have outperformed the industry in the past 12 months. Increase in natural gas and NGLs volumes in the STACK and SCOOP areas along with higher optimization and marketing activities in the Natural Gas Liquids segment are expected to boost upcoming performance. ONEOK has widespread pipelines and storage facilities in some prolific oil and gas regions of the United States. The increase in fee-based earnings, acquisition of ONEOK Partners, capital-growth projects and increasing drilling activities from the producers will further boost the company’s performance. However, ONEOK is subject to strict regulations and intense competition in midstream energy services.”

Other research analysts have also issued research reports about the stock. Mizuho began coverage on shares of ONEOK in a research report on Wednesday, November 28th. They set a “neutral” rating and a $70.00 target price on the stock. Wolfe Research began coverage on shares of ONEOK in a research report on Thursday, December 13th. They set an “outperform” rating and a $66.00 target price on the stock. Raymond James began coverage on shares of ONEOK in a research report on Thursday, January 10th. They set a “strong-buy” rating and a $72.00 target price on the stock. UBS Group lowered shares of ONEOK from a “buy” rating to a “neutral” rating and set a $68.00 target price on the stock. in a research report on Tuesday, February 26th. Finally, Citigroup upgraded shares of ONEOK from a “neutral” rating to a “buy” rating and set a $67.00 target price on the stock in a research report on Thursday, November 29th. Nine analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $71.21.

Shares of OKE opened at $68.80 on Tuesday. ONEOK has a 52 week low of $50.26 and a 52 week high of $71.99. The stock has a market capitalization of $28.12 billion, a P/E ratio of 24.75, a P/E/G ratio of 2.02 and a beta of 1.22. The company has a current ratio of 0.66, a quick ratio of 0.46 and a debt-to-equity ratio of 1.35.

ONEOK (NYSE:OKE) last announced its quarterly earnings results on Monday, February 25th. The utilities provider reported $0.70 EPS for the quarter, missing the Zacks’ consensus estimate of $0.74 by ($0.04). ONEOK had a net margin of 9.14% and a return on equity of 17.10%. During the same quarter last year, the business posted $0.53 earnings per share. Equities analysts expect that ONEOK will post 2.95 earnings per share for the current year.

In other news, Director Eduardo A. Rodriguez sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $66.75, for a total transaction of $100,125.00. Following the completion of the sale, the director now owns 15,536 shares of the company’s stock, valued at approximately $1,037,028. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.53% of the company’s stock.

A number of large investors have recently modified their holdings of the stock. CIBC Asset Management Inc lifted its stake in ONEOK by 0.4% in the 4th quarter. CIBC Asset Management Inc now owns 38,249 shares of the utilities provider’s stock valued at $2,064,000 after purchasing an additional 159 shares during the last quarter. Kaizen Advisory LLC lifted its stake in ONEOK by 17.3% in the 4th quarter. Kaizen Advisory LLC now owns 1,121 shares of the utilities provider’s stock valued at $60,000 after purchasing an additional 165 shares during the last quarter. Covington Capital Management lifted its stake in ONEOK by 46.3% in the 4th quarter. Covington Capital Management now owns 585 shares of the utilities provider’s stock valued at $32,000 after purchasing an additional 185 shares during the last quarter. Stony Point Wealth Management Inc. lifted its stake in ONEOK by 3.7% in the 4th quarter. Stony Point Wealth Management Inc. now owns 5,209 shares of the utilities provider’s stock valued at $281,000 after purchasing an additional 186 shares during the last quarter. Finally, Trust Co. of Oklahoma lifted its stake in ONEOK by 1.8% in the 4th quarter. Trust Co. of Oklahoma now owns 10,914 shares of the utilities provider’s stock valued at $589,000 after purchasing an additional 195 shares during the last quarter. 74.67% of the stock is owned by institutional investors and hedge funds.

About ONEOK

ONEOK, Inc, together with its subsidiaries, engages in the gathering, processing, storage, and transportation of natural gas in the United States. It operates through Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments. The company owns natural gas gathering pipelines and processing plants in the Mid-Continent and Rocky Mountain regions.

See Also: Why is the ROA ratio important?

Get a free copy of the Zacks research report on ONEOK (OKE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for ONEOK (NYSE:OKE)

Receive News & Ratings for ONEOK Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ONEOK and related companies with MarketBeat.com's FREE daily email newsletter.



Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit