ONEOK (NYSE:OKE) Reaches New 12-Month High Following Analyst Upgrade

ONEOK, Inc. (NYSE:OKE) reached a new 52-week high during trading on Monday after UBS Group raised their price target on the stock from $112.00 to $132.00. UBS Group currently has a buy rating on the stock. ONEOK traded as high as $111.15 and last traded at $111.15, with a volume of 88100 shares changing hands. The stock had previously closed at $109.81.

Several other brokerages also recently issued reports on OKE. Barclays raised their price objective on shares of ONEOK from $94.00 to $99.00 and gave the stock an “equal weight” rating in a research report on Monday, November 4th. Bank of America began coverage on ONEOK in a research report on Thursday, October 17th. They set a “buy” rating and a $105.00 price objective on the stock. Wells Fargo & Company boosted their target price on shares of ONEOK from $100.00 to $107.00 and gave the company an “overweight” rating in a research report on Friday, November 1st. Truist Financial raised their price target on shares of ONEOK from $83.00 to $99.00 and gave the stock a “hold” rating in a research report on Wednesday, October 30th. Finally, Morgan Stanley upgraded shares of ONEOK from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $103.00 to $111.00 in a research report on Monday, September 16th. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $100.38.

Insider Buying and Selling

In related news, Director Pattye L. Moore sold 3,379 shares of ONEOK stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $92.01, for a total transaction of $310,901.79. The sale 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.

Hedge Funds Weigh In On ONEOK

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Quest Partners LLC bought a new position in shares of ONEOK in the second quarter worth $28,000. Matrix Trust Co bought a new stake in ONEOK during the third quarter worth about $29,000. Ridgewood Investments LLC bought a new position in shares of ONEOK during the 2nd quarter valued at about $31,000. Access Investment Management LLC bought a new stake in ONEOK in the 3rd quarter worth approximately $37,000. Finally, Values First Advisors Inc. bought a new position in ONEOK during the third quarter valued at approximately $44,000. 69.13% of the stock is owned by hedge funds and other institutional investors.

ONEOK Price Performance

The company has a debt-to-equity ratio of 1.59, a current ratio of 0.81 and a quick ratio of 0.59. The firm’s 50 day simple moving average is $96.95 and its 200 day simple moving average is $87.97. The stock has a market capitalization of $65.73 billion, a PE ratio of 23.54, a P/E/G ratio of 5.48 and a beta of 1.66.

ONEOK (NYSE:OKE) last announced its quarterly earnings results on Tuesday, October 29th. The utilities provider reported $1.18 EPS for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.05). ONEOK had a return on equity of 16.84% and a net margin of 14.05%. The company had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $5.81 billion. During the same period last year, the firm earned $0.99 earnings per share. As a group, equities analysts forecast that ONEOK, Inc. will post 5.15 EPS for the current fiscal year.

ONEOK Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Friday, November 1st were paid a dividend of $0.99 per share. The ex-dividend date of this dividend was Friday, November 1st. This represents a $3.96 annualized dividend and a dividend yield of 3.52%. ONEOK’s dividend payout ratio (DPR) is presently 82.85%.

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.