ONEOK (NYSE:OKE) Lifted to Overweight at Morgan Stanley

ONEOK (NYSE:OKE) was upgraded by investment analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a note issued to investors on Monday, Marketbeat.com reports. The firm currently has a $111.00 target price on the utilities provider’s stock, up from their prior target price of $103.00. Morgan Stanley’s target price would suggest a potential upside of 21.48% from the stock’s previous close.

Other analysts have also issued research reports about the company. Mizuho raised their price target on ONEOK from $81.00 to $85.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. Truist Financial raised their target price on shares of ONEOK from $81.00 to $83.00 and gave the stock a “hold” rating in a research report on Wednesday, July 31st. Royal Bank of Canada increased their price target on shares of ONEOK from $84.00 to $89.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 22nd. JPMorgan Chase & Co. raised their price objective on shares of ONEOK from $89.00 to $92.00 and gave the stock an “overweight” rating in a report on Wednesday, June 26th. Finally, Citigroup upped their target price on ONEOK from $85.00 to $102.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, ONEOK presently has a consensus rating of “Hold” and a consensus target price of $91.31.

ONEOK Trading Up 1.0 %

Shares of OKE opened at $91.37 on Monday. The firm has a fifty day simple moving average of $86.12 and a two-hundred day simple moving average of $81.87. ONEOK has a twelve month low of $60.58 and a twelve month high of $93.00. The stock has a market capitalization of $53.33 billion, a P/E ratio of 21.25, a PEG ratio of 4.47 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.

ONEOK (NYSE:OKE) last announced its quarterly earnings results on Monday, August 5th. The utilities provider reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. ONEOK had a return on equity of 15.54% and a net margin of 13.41%. The company had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $5.52 billion. During the same quarter in the previous year, the business earned $1.04 EPS. On average, research analysts anticipate that ONEOK will post 5.07 EPS for the current year.

Insider Buying and Selling at ONEOK

In other news, Director Pattye L. Moore sold 3,379 shares of the stock in a transaction that occurred on 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 legal filing with the SEC, which is accessible through this hyperlink. 0.20% of the stock is owned by company insiders.

Institutional Trading of ONEOK

Institutional investors have recently added to or reduced their stakes in the business. Hilltop Holdings Inc. lifted its holdings in shares of ONEOK by 7.3% during the fourth quarter. Hilltop Holdings Inc. now owns 16,525 shares of the utilities provider’s stock valued at $1,160,000 after purchasing an additional 1,124 shares in the last quarter. TD Asset Management Inc boosted its holdings in shares of ONEOK by 11.6% during the 4th quarter. TD Asset Management Inc now owns 208,063 shares of the utilities provider’s stock valued at $14,610,000 after acquiring an additional 21,657 shares during the last quarter. Norden Group LLC grew its stake in shares of ONEOK by 4,460.2% in the first quarter. Norden Group LLC now owns 134,388 shares of the utilities provider’s stock worth $10,773,000 after acquiring an additional 131,441 shares during the period. Wellington Management Group LLP raised its holdings in shares of ONEOK by 2,643.5% during the fourth quarter. Wellington Management Group LLP now owns 1,170,739 shares of the utilities provider’s stock valued at $82,209,000 after purchasing an additional 1,128,066 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC boosted its holdings in ONEOK by 8.7% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 121,195 shares of the utilities provider’s stock worth $8,510,000 after purchasing an additional 9,722 shares during the last quarter. 69.13% of the stock is currently owned by hedge funds and other institutional investors.

About ONEOK

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.