Royal Bank of Canada Boosts ONEOK (NYSE:OKE) Price Target to $98.00

ONEOK (NYSE:OKE) had its price target raised by Royal Bank of Canada from $89.00 to $98.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has a “sector perform” rating on the utilities provider’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 2.48% from the company’s previous close.

Other research analysts also recently issued reports about the stock. Barclays upped their target price on shares of ONEOK from $82.00 to $94.00 and gave the company an “equal weight” rating in a research report on Monday, September 16th. Wells Fargo & Company upped their price target on ONEOK from $91.00 to $100.00 and gave the company an “overweight” rating in a research note on Friday, August 30th. Citigroup boosted their price objective on shares of ONEOK from $85.00 to $102.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. JPMorgan Chase & Co. increased their target price 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, Tudor Pickering raised shares of ONEOK to a “hold” rating in a report on Thursday, July 18th. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $93.08.

ONEOK Price Performance

Shares of OKE stock traded up $0.65 during trading hours on Wednesday, reaching $95.63. 616,037 shares of the company were exchanged, compared to its average volume of 2,746,506. ONEOK has a fifty-two week low of $63.33 and a fifty-two week high of $98.01. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.62 and a quick ratio of 0.41. The stock’s fifty day moving average is $91.07 and its two-hundred day moving average is $84.36. The company has a market cap of $55.81 billion, a price-to-earnings ratio of 22.28, a P/E/G ratio of 4.68 and a beta of 1.67.

ONEOK (NYSE:OKE) last announced its quarterly earnings data on Monday, August 5th. The utilities provider reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. The firm had revenue of $4.89 billion for the quarter, compared to analyst estimates of $5.52 billion. ONEOK had a return on equity of 15.54% and a net margin of 13.41%. During the same period last year, the company earned $1.04 EPS. Sell-side analysts forecast that ONEOK will post 5.09 earnings per share for the current fiscal year.

Insider Buying and Selling at ONEOK

In related news, Director Pattye L. Moore sold 3,379 shares of ONEOK stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $92.01, for a total value of $310,901.79. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of OKE. Rise Advisors LLC acquired a new stake in shares of ONEOK in the 1st quarter valued at approximately $25,000. Quest Partners LLC acquired a new stake in ONEOK in the second quarter valued at $28,000. Matrix Trust Co bought a new position in shares of ONEOK in the 3rd quarter valued at about $29,000. Ridgewood Investments LLC acquired a new position in shares of ONEOK during the 2nd quarter worth about $31,000. Finally, American National Bank bought a new stake in shares of ONEOK in the 1st quarter valued at about $32,000. 69.13% of the stock is currently owned by 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.