Truist Financial Forecasts Strong Price Appreciation for ONEOK (NYSE:OKE) Stock

ONEOK (NYSE:OKE) had its price target raised by Truist Financial from $83.00 to $99.00 in a research note released on Wednesday morning, Benzinga reports. They currently have a hold rating on the utilities provider’s stock.

Several other research firms also recently weighed in on OKE. Scotiabank upped their price objective on shares of ONEOK from $88.00 to $102.00 and gave the stock a “sector outperform” rating in a report on Friday, August 30th. Tudor Pickering upgraded shares of ONEOK to a “hold” rating in a report on Thursday, July 18th. Morgan Stanley upgraded ONEOK from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $103.00 to $111.00 in a research report on Monday, September 16th. Mizuho lifted their price target on ONEOK from $81.00 to $85.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Finally, Royal Bank of Canada upped their price objective on ONEOK from $89.00 to $98.00 and gave the company a “sector perform” rating in a report on Wednesday, October 16th. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, ONEOK currently has a consensus rating of “Moderate Buy” and an average target price of $96.54.

ONEOK Trading Down 2.6 %

Shares of NYSE:OKE opened at $93.36 on Wednesday. ONEOK has a fifty-two week low of $63.33 and a fifty-two week high of $98.43. The company has a quick ratio of 0.41, a current ratio of 0.81 and a debt-to-equity ratio of 1.59. The company has a market cap of $54.54 billion, a PE ratio of 19.53, a P/E/G ratio of 4.23 and a beta of 1.66. The company’s 50-day moving average price is $93.66 and its 200 day moving average price is $85.88.

ONEOK (NYSE:OKE) last issued its quarterly earnings data on Tuesday, October 29th. The utilities provider reported $1.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.05). The business had revenue of $5.02 billion during the quarter, compared to the consensus estimate of $5.81 billion. ONEOK had a return on equity of 16.84% and a net margin of 14.05%. During the same period last year, the company earned $0.99 earnings per share. Sell-side analysts anticipate that ONEOK will post 5.04 earnings per share for the current year.

ONEOK Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Friday, November 1st will be given a $0.99 dividend. This represents a $3.96 annualized dividend and a dividend yield of 4.24%. The ex-dividend date of this dividend is Friday, November 1st. ONEOK’s dividend payout ratio (DPR) is currently 82.85%.

Insider Activity at ONEOK

In other ONEOK news, Director Pattye L. Moore sold 3,379 shares of ONEOK 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 available through this hyperlink. 0.20% of the stock is owned by insiders.

Hedge Funds Weigh In On ONEOK

A number of large investors have recently made changes to their positions in OKE. Quest Partners LLC purchased a new position in ONEOK during the second quarter valued at approximately $28,000. Matrix Trust Co purchased a new stake in shares of ONEOK during the third quarter worth $29,000. Ridgewood Investments LLC acquired a new stake in ONEOK during the second quarter valued at $31,000. Manchester Capital Management LLC grew its stake in ONEOK by 66.4% in the first quarter. Manchester Capital Management LLC now owns 456 shares of the utilities provider’s stock valued at $37,000 after purchasing an additional 182 shares in the last quarter. Finally, Values First Advisors Inc. acquired a new position in ONEOK in the 3rd quarter worth about $44,000. Institutional investors and hedge funds own 69.13% of the company’s stock.

ONEOK Company Profile

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.