ONEOK (NYSE:OKE) PT Raised to $98.00 at Royal Bank of Canada

ONEOK (NYSE:OKE) had its target price hoisted by Royal Bank of Canada from $89.00 to $98.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “sector perform” rating on the utilities provider’s stock. Royal Bank of Canada’s price objective points to a potential upside of 1.62% from the company’s previous close.

Other research analysts have also issued research reports about the company. Citigroup increased their price objective on ONEOK from $85.00 to $102.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. Barclays raised their target price on ONEOK from $82.00 to $94.00 and gave the company an “equal weight” rating in a report on Monday, September 16th. JPMorgan Chase & Co. lifted their price objective on ONEOK from $89.00 to $92.00 and gave the stock an “overweight” rating in a report on Wednesday, June 26th. Scotiabank lifted their price objective on ONEOK from $88.00 to $102.00 and gave the stock a “sector outperform” rating in a report on Friday, August 30th. Finally, Tudor Pickering raised 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 given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $94.77.

ONEOK Stock Up 0.8 %

Shares of ONEOK stock opened at $96.44 on Wednesday. The firm has a market cap of $56.29 billion, a price-to-earnings ratio of 22.43, a P/E/G ratio of 4.68 and a beta of 1.67. The stock has a 50-day simple moving average of $91.54 and a 200-day simple moving average of $84.53. ONEOK has a 52-week low of $63.33 and a 52-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.

ONEOK (NYSE:OKE) last announced its quarterly earnings results on Monday, August 5th. The utilities provider reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. The company had revenue of $4.89 billion during the quarter, compared to analysts’ expectations of $5.52 billion. ONEOK had a return on equity of 15.54% and a net margin of 13.41%. During the same quarter in the previous year, the firm earned $1.04 earnings per share. On average, equities research analysts expect that ONEOK will post 5.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Pattye L. Moore sold 3,379 shares of the firm’s 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ONEOK

Several hedge funds and other institutional investors have recently modified their holdings of OKE. Stratos Wealth Partners LTD. raised its position in ONEOK by 2.2% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 65,534 shares of the utilities provider’s stock valued at $5,972,000 after purchasing an additional 1,385 shares during the last quarter. OmniStar Financial Group Inc. raised its position in ONEOK by 79.6% in the 3rd quarter. OmniStar Financial Group Inc. now owns 17,362 shares of the utilities provider’s stock valued at $1,585,000 after purchasing an additional 7,694 shares during the last quarter. Aaron Wealth Advisors LLC raised its position in ONEOK by 12.5% in the 3rd quarter. Aaron Wealth Advisors LLC now owns 4,089 shares of the utilities provider’s stock valued at $373,000 after purchasing an additional 455 shares during the last quarter. V Square Quantitative Management LLC raised its position in ONEOK by 9.3% in the 3rd quarter. V Square Quantitative Management LLC now owns 11,287 shares of the utilities provider’s stock valued at $1,029,000 after purchasing an additional 960 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its position in ONEOK by 1.0% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 73,145 shares of the utilities provider’s stock valued at $6,666,000 after purchasing an additional 727 shares during the last quarter. Institutional investors own 69.13% of the company’s stock.

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.