ONEOK (OKE) Lowered to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of ONEOK (NYSE:OKE) from a hold rating to a sell rating in a report issued on Tuesday morning.

According to Zacks, “In last 12 months shares of ONEOK have underperformed the industry. ONEOK is subject to strict regulations and intense competition in midstream energy services. Fluctuating weather pattern is also a major concern for the company. However, ONEOK has widespread pipelines and storage facilities in some prolific oil and gas regions of the United States. ONEOK is poised to gain from increased drilling activities in the basin where the company has well-placed assets. The increase in fee-based earnings, acquisition of ONEOK Partners, capital-growth projects and increasing drilling activities from the producers will further boost the performance of the company.”

A number of other research firms also recently weighed in on OKE. Jefferies Group reissued a hold rating and set a $52.00 price target (up previously from $51.00) on shares of ONEOK in a research report on Friday, September 1st. UBS raised their price target on shares of ONEOK from $60.00 to $61.00 and gave the stock a buy rating in a research report on Wednesday, November 1st. BidaskClub downgraded shares of ONEOK from a hold rating to a sell rating in a research report on Thursday, August 17th. Barclays started coverage on shares of ONEOK in a research report on Tuesday, September 5th. They set an equal weight rating and a $58.00 price target for the company. Finally, BMO Capital Markets set a $62.00 price objective on ONEOK and gave the stock a buy rating in a research note on Wednesday, October 18th. One analyst has rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $59.07.

ONEOK (NYSE:OKE) traded down $0.58 during mid-day trading on Tuesday, hitting $52.16. 5,325,749 shares of the stock were exchanged, compared to its average volume of 2,224,105. ONEOK has a twelve month low of $47.14 and a twelve month high of $59.47. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.55 and a quick ratio of 0.41. The firm has a market capitalization of $20,222.45, a P/E ratio of 32.96, a P/E/G ratio of 3.38 and a beta of 1.26.

ONEOK (NYSE:OKE) last released its quarterly earnings results on Tuesday, October 31st. The utilities provider reported $0.43 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.06). ONEOK had a return on equity of 9.25% and a net margin of 3.76%. The company had revenue of $2.91 billion for the quarter, compared to analyst estimates of $2.80 billion. During the same period in the previous year, the business posted $0.43 EPS. research analysts forecast that ONEOK will post 1.73 EPS for the current fiscal year.

In other news, Director Brian L. Derksen acquired 1,800 shares of ONEOK stock in a transaction that occurred on Monday, November 20th. The shares were purchased at an average cost of $51.00 per share, for a total transaction of $91,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.00% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Strs Ohio lifted its stake in ONEOK by 20.8% in the second quarter. Strs Ohio now owns 13,864 shares of the utilities provider’s stock valued at $723,000 after buying an additional 2,390 shares during the last quarter. Municipal Employees Retirement System of Michigan lifted its stake in ONEOK by 69.1% in the second quarter. Municipal Employees Retirement System of Michigan now owns 13,900 shares of the utilities provider’s stock valued at $726,000 after buying an additional 5,680 shares during the last quarter. TD Asset Management Inc. lifted its stake in ONEOK by 2.9% in the second quarter. TD Asset Management Inc. now owns 129,390 shares of the utilities provider’s stock valued at $6,749,000 after buying an additional 3,601 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its stake in ONEOK by 2.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,285,153 shares of the utilities provider’s stock valued at $67,034,000 after buying an additional 25,846 shares during the last quarter. Finally, National Planning Corp lifted its stake in ONEOK by 21.4% in the second quarter. National Planning Corp now owns 6,179 shares of the utilities provider’s stock valued at $321,000 after buying an additional 1,088 shares during the last quarter. Hedge funds and other institutional investors own 71.02% of the company’s stock.

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ONEOK Company Profile

ONEOK, Inc is an energy midstream service provider in the United States. The Company owns and operates natural gas liquids (NGL) systems, and is engaged in the gathering, processing, storage and transportation of natural gas. THe Company’s operations include a 38,000-mile integrated network of NGL and natural gas pipelines, processing plants, fractionators and storage facilities in the Mid-Continent, Williston, Permian and Rocky Mountain regions.

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