Royal Bank of Canada Boosts ONEOK (NYSE:OKE) Price Target to $33.00

ONEOK (NYSE:OKE) had its price objective boosted by Royal Bank of Canada from $31.00 to $33.00 in a research note published on Thursday, BenzingaRatingsTable reports. The firm currently has a sector perform rating on the utilities provider’s stock.

A number of other equities research analysts have also weighed in on OKE. Tudor Pickering lowered shares of ONEOK from a buy rating to a hold rating and set a $34.00 target price on the stock. in a report on Monday, April 20th. Credit Suisse Group lowered shares of ONEOK from an outperform rating to a neutral rating and set a $30.00 target price on the stock. in a report on Tuesday, May 5th. Bank of America lowered shares of ONEOK from a buy rating to a neutral rating and set a $42.00 target price on the stock. in a report on Thursday, June 11th. Zacks Investment Research lowered shares of ONEOK from a hold rating to a sell rating and set a $30.00 target price on the stock. in a report on Monday, May 4th. Finally, Wells Fargo & Co lowered shares of ONEOK from an overweight rating to an equal weight rating and set a $33.00 price objective on the stock. in a research note on Wednesday, July 22nd. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have issued a buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $43.35.

OKE stock traded down $0.19 during trading on Thursday, reaching $27.91. 7,232,421 shares of the company were exchanged, compared to its average volume of 6,117,282. ONEOK has a twelve month low of $12.16 and a twelve month high of $78.48. The company has a debt-to-equity ratio of 2.30, a current ratio of 1.71 and a quick ratio of 1.01. The company has a market capitalization of $12.40 billion, a price-to-earnings ratio of 18.73, a P/E/G ratio of 1.78 and a beta of 2.19. The company has a 50-day moving average of $31.00 and a two-hundred day moving average of $43.17.

ONEOK (NYSE:OKE) last posted its earnings results on Tuesday, July 28th. The utilities provider reported $0.32 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.51 by ($0.19). ONEOK had a return on equity of 18.28% and a net margin of 7.13%. The business had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $2.32 billion. During the same period in the previous year, the firm earned $0.75 earnings per share. The company’s revenue was down 32.4% compared to the same quarter last year. On average, analysts forecast that ONEOK will post 2.55 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Monday, August 3rd will be given a dividend of $0.935 per share. The ex-dividend date is Friday, July 31st. This represents a $3.74 dividend on an annualized basis and a dividend yield of 13.40%. ONEOK’s payout ratio is presently 121.82%.

Institutional investors have recently added to or reduced their stakes in the stock. Verus Capital Partners LLC acquired a new position in shares of ONEOK during the 4th quarter valued at $30,000. Flagship Harbor Advisors LLC lifted its stake in shares of ONEOK by 224.9% in the first quarter. Flagship Harbor Advisors LLC now owns 1,436 shares of the utilities provider’s stock valued at $31,000 after buying an additional 994 shares in the last quarter. Carroll Financial Associates Inc. lifted its stake in shares of ONEOK by 445.4% in the second quarter. Carroll Financial Associates Inc. now owns 949 shares of the utilities provider’s stock valued at $31,000 after buying an additional 775 shares in the last quarter. Contravisory Investment Management Inc. lifted its stake in shares of ONEOK by 31.5% in the first quarter. Contravisory Investment Management Inc. now owns 1,531 shares of the utilities provider’s stock valued at $33,000 after buying an additional 367 shares in the last quarter. Finally, New England Investment & Retirement Group Inc. bought a new position in shares of ONEOK in the first quarter valued at $39,000. Institutional investors own 64.75% of the company’s stock.

About ONEOK

ONEOK, Inc, together with its subsidiaries, engages in the gathering, processing, storage, and transportation of natural gas in the United States. It operates through Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments. The company owns natural gas gathering pipelines and processing plants in the Mid-Continent and Rocky Mountain regions.

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Analyst Recommendations for ONEOK (NYSE:OKE)

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