StockNews.com Begins Coverage on ONEOK (NYSE:OKE)

StockNews.com assumed coverage on shares of ONEOK (NYSE:OKE – Get Rating) in a research report released on Thursday morning. The brokerage issued a hold rating on the utilities provider’s stock.

Other equities research analysts also recently issued reports about the company. Raymond James lifted their price objective on ONEOK from $65.00 to $72.00 and gave the company an outperform rating in a report on Monday, January 23rd. Morgan Stanley boosted their target price on ONEOK from $70.00 to $81.00 and gave the stock an equal weight rating in a report on Monday, January 9th. Truist Financial boosted their target price on ONEOK from $69.00 to $73.00 and gave the stock a buy rating in a report on Wednesday, December 21st. Scotiabank started coverage on ONEOK in a report on Thursday, March 2nd. They issued a sector perform rating and a $74.00 target price on the stock. Finally, Barclays boosted their target price on ONEOK from $59.00 to $71.00 and gave the stock an equal weight rating in a report on Wednesday, January 18th. Seven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, ONEOK currently has a consensus rating of Hold and a consensus target price of $73.44.

ONEOK Stock Down 2.5 %

NYSE OKE opened at $59.49 on Thursday. The company has a current ratio of 0.83, a quick ratio of 0.64 and a debt-to-equity ratio of 1.96. The stock’s 50 day moving average is $67.73 and its two-hundred day moving average is $63.35. The company has a market capitalization of $26.61 billion, a price-to-earnings ratio of 15.53, a PEG ratio of 1.32 and a beta of 1.68. ONEOK has a 1-year low of $50.50 and a 1-year high of $75.07.

ONEOK (NYSE:OKE – Get Rating) last released its quarterly earnings data on Monday, February 27th. The utilities provider reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.06. The company had revenue of $5.03 billion for the quarter, compared to the consensus estimate of $6.03 billion. ONEOK had a return on equity of 27.65% and a net margin of 7.69%. The company’s quarterly revenue was down 7.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.85 earnings per share. Equities analysts forecast that ONEOK will post 5.28 earnings per share for the current fiscal year.

ONEOK Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, February 14th. Shareholders of record on Monday, January 30th were issued a dividend of $0.955 per share. This is an increase from ONEOK’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend was Friday, January 27th. This represents a $3.82 annualized dividend and a yield of 6.42%. ONEOK’s dividend payout ratio is currently 99.74%.

Institutional Trading of ONEOK

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of ONEOK by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 53,239,870 shares of the utilities provider’s stock valued at $2,728,011,000 after acquiring an additional 475,674 shares during the last quarter. State Street Corp raised its position in shares of ONEOK by 1.0% during the 2nd quarter. State Street Corp now owns 33,164,685 shares of the utilities provider’s stock valued at $1,840,640,000 after acquiring an additional 339,036 shares during the last quarter. Moneta Group Investment Advisors LLC raised its position in shares of ONEOK by 118,109.3% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 22,562,603 shares of the utilities provider’s stock valued at $1,482,363,000 after acquiring an additional 22,543,516 shares during the last quarter. Geode Capital Management LLC raised its position in shares of ONEOK by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 9,598,273 shares of the utilities provider’s stock valued at $629,512,000 after acquiring an additional 183,626 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of ONEOK by 11.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 9,441,530 shares of the utilities provider’s stock valued at $620,309,000 after acquiring an additional 936,550 shares during the last quarter. Institutional investors own 67.16% of the company’s stock.

ONEOK Company Profile

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ONEOK, Inc engages in gathering, processing, fractionating, transporting, storing and marketing of natural gas. It operates through the following segments: Natural Gas Gathering and Processing, Natural Gas Liquids and Natural Gas Pipelines. The Natural Gas Gathering and Processing segment offers midstream services to producers in North Dakota, Montana, Wyoming, Kansas and Oklahoma.