ONEOK (NYSE:OKE) Given New $89.00 Price Target at JPMorgan Chase & Co.

ONEOK (NYSE:OKE) had its price objective increased by JPMorgan Chase & Co. from $88.00 to $89.00 in a research note issued on Friday, Benzinga reports. The firm presently has an “overweight” rating on the utilities provider’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 15.23% from the company’s current price.

Other equities analysts have also recently issued reports about the stock. Mizuho upped their price objective on shares of ONEOK from $75.00 to $81.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. Wolfe Research raised shares of ONEOK from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 10th. Raymond James increased their price target on shares of ONEOK from $80.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 19th. Morgan Stanley increased their price target on shares of ONEOK from $84.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Tuesday, March 26th. Finally, Truist Financial increased their price target on shares of ONEOK from $71.00 to $81.00 and gave the stock a “hold” rating in a research report on Thursday, March 21st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $83.58.

ONEOK Price Performance

OKE stock traded up $0.29 on Friday, reaching $77.24. The company had a trading volume of 2,235,452 shares, compared to its average volume of 2,996,050. ONEOK has a 1 year low of $55.91 and a 1 year high of $81.81. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.67 and a current ratio of 0.70. The company’s fifty day moving average is $78.25 and its 200 day moving average is $71.95. The company has a market cap of $45.08 billion, a P/E ratio of 17.96, a PEG ratio of 4.70 and a beta of 1.64.

ONEOK (NYSE:OKE) last issued its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.03. ONEOK had a return on equity of 15.94% and a net margin of 12.54%. The company had revenue of $4.78 billion for the quarter, compared to analyst estimates of $5.84 billion. During the same quarter in the prior year, the company posted $2.34 EPS. On average, research analysts forecast that ONEOK will post 4.99 earnings per share for the current year.

ONEOK declared that its board has initiated a stock buyback plan on Wednesday, January 17th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the utilities provider to reacquire up to 4.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at ONEOK

In other news, Director Wayne Thomas Smith acquired 2,700 shares of the stock in a transaction on Friday, March 1st. The shares were purchased at an average cost of $75.25 per share, for a total transaction of $203,175.00. Following the transaction, the director now owns 2,700 shares in the company, valued at approximately $203,175. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 0.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ONEOK

Several institutional investors and hedge funds have recently modified their holdings of OKE. Vanguard Group Inc. raised its position in shares of ONEOK by 10.3% during the third quarter. Vanguard Group Inc. now owns 59,237,038 shares of the utilities provider’s stock valued at $3,757,405,000 after buying an additional 5,525,010 shares during the last quarter. Norges Bank acquired a new position in shares of ONEOK during the fourth quarter valued at about $297,948,000. Deutsche Bank AG raised its position in shares of ONEOK by 37.7% during the third quarter. Deutsche Bank AG now owns 13,292,341 shares of the utilities provider’s stock valued at $843,133,000 after buying an additional 3,636,660 shares during the last quarter. Blackstone Inc. raised its position in shares of ONEOK by 3,478.3% during the third quarter. Blackstone Inc. now owns 3,578,316 shares of the utilities provider’s stock valued at $226,973,000 after buying an additional 3,478,316 shares during the last quarter. Finally, Invesco Ltd. raised its position in shares of ONEOK by 65.9% during the third quarter. Invesco Ltd. now owns 8,132,301 shares of the utilities provider’s stock valued at $515,832,000 after buying an additional 3,229,046 shares during the last quarter. 69.13% of the stock is currently owned by hedge funds and other institutional investors.

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.