ONEOK (NYSE:OKE) Stock Price Target Raised at Scotiabank

ONEOK (NYSE:OKE) had its target price upped by equities research analysts at Scotiabank from $96.00 to $97.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “sector perform” rating on the utilities provider’s stock. Scotiabank‘s price target suggests a potential upside of 4.49% from the company’s current price.

A number of other research analysts have also commented on OKE. Jefferies Financial Group set a $97.00 target price on ONEOK in a research note on Thursday, October 29th. Wall Street Zen upgraded shares of ONEOK from a “sell” rating to a “hold” rating in a research note on Sunday, August 9th. Freedom Capital raised shares of ONEOK from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 5th. Mizuho increased their price objective on shares of ONEOK from $91.00 to $95.00 in a research note on Friday, July 10th. Finally, Royal Bank Of Canada increased their price objective on shares of ONEOK from $90.00 to $96.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 21st. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eleven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, ONEOK currently has an average rating of “Moderate Buy” and a consensus target price of $98.70.

ONEOK Stock Performance

OKE stock traded up $0.31 during trading on Tuesday, reaching $92.83. 845,473 shares of the stock were exchanged, compared to its average volume of 4,126,079. ONEOK has a twelve month low of $64.02 and a twelve month high of $99.85. The company has a market capitalization of $58.53 billion, a P/E ratio of 14.41, a price-to-earnings-growth ratio of 1.88 and a beta of 0.82. The stock has a 50 day simple moving average of $92.84 and a 200-day simple moving average of $88.68. The company has a current ratio of 0.84, a quick ratio of 0.59 and a debt-to-equity ratio of 0.83.

ONEOK (NYSE:OKE) last posted its quarterly earnings results on Tuesday, October 27th. The utilities provider reported $2.13 EPS for the quarter, beating the consensus estimate of $1.50 by $0.63. ONEOK had a return on equity of 16.36% and a net margin of 9.42%. The firm had revenue of $12.46 billion during the quarter, compared to analysts’ expectations of $10.54 billion. During the same quarter in the prior year, the firm posted $1.49 EPS. As a group, sell-side analysts anticipate that ONEOK will post 6.16 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. BlackRock Inc. increased its holdings in shares of ONEOK by 8.7% during the second quarter. BlackRock Inc. now owns 64,537,467 shares of the utilities provider’s stock worth $5,610,887,000 after buying an additional 5,148,768 shares in the last quarter. State Street Corp boosted its holdings in shares of ONEOK by 5.0% during the 2nd quarter. State Street Corp now owns 43,633,749 shares of the utilities provider’s stock valued at $3,793,518,000 after acquiring an additional 2,059,368 shares in the last quarter. First Eagle Investment Management LLC boosted its holdings in shares of ONEOK by 1.3% during the 2nd quarter. First Eagle Investment Management LLC now owns 11,834,827 shares of the utilities provider’s stock valued at $1,028,920,000 after acquiring an additional 155,652 shares in the last quarter. Dimensional Fund Advisors LP grew its position in ONEOK by 3.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,552,597 shares of the utilities provider’s stock worth $502,000,000 after acquiring an additional 187,880 shares during the last quarter. Finally, Bank of America Corp DE grew its position in ONEOK by 5.2% during the 1st quarter. Bank of America Corp DE now owns 5,504,989 shares of the utilities provider’s stock worth $497,596,000 after acquiring an additional 272,704 shares during the last quarter. 69.13% of the stock is currently owned by institutional investors and hedge funds.

About ONEOK

ONEOK, Inc is an energy infrastructure company that operates midstream assets across the United States. Its business includes the gathering, processing, storage and transportation of natural gas, as well as the gathering, fractionation, storage and transportation of natural gas liquids (NGLs). The company also provides transportation and storage services for refined petroleum products, crude oil and other related commodities.

ONEOK serves major producing and consuming regions, including the Mid-Continent, Rocky Mountain, Permian and Gulf Coast areas.