ONEOK (NYSE:OKE) Downgraded to Sell at StockNews.com

ONEOK (NYSE:OKE) was downgraded by equities research analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.

Several other brokerages have also recently issued reports on OKE. Raymond James increased their price objective on ONEOK from $80.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, January 19th. Mizuho increased their target price on shares of ONEOK from $75.00 to $81.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. US Capital Advisors lowered shares of ONEOK from an “overweight” rating to a “hold” rating in a report on Wednesday, March 20th. Seaport Res Ptn upgraded ONEOK from a “neutral” rating to a “buy” rating in a report on Thursday, February 8th. Finally, Barclays lifted their price target on ONEOK from $73.00 to $80.00 and gave the company an “equal weight” rating in a report on Thursday, March 7th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, ONEOK has an average rating of “Hold” and an average target price of $83.58.

ONEOK Trading Up 1.1 %

NYSE OKE traded up $0.89 during trading on Thursday, hitting $80.03. The stock had a trading volume of 1,814,990 shares, compared to its average volume of 2,960,906. The stock has a market capitalization of $46.71 billion, a price-to-earnings ratio of 18.61, a P/E/G ratio of 4.13 and a beta of 1.64. The stock has a 50 day simple moving average of $78.62 and a 200 day simple moving average of $72.22. ONEOK has a one year low of $55.91 and a one year high of $81.81. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.48 and a current ratio of 0.70.

ONEOK (NYSE:OKE) last posted its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $1.09 EPS for the quarter, topping the consensus estimate of $1.06 by $0.03. The company had revenue of $4.78 billion for the quarter, compared to the consensus estimate of $5.84 billion. ONEOK had a net margin of 12.54% and a return on equity of 15.94%. During the same quarter last year, the firm posted $2.34 EPS. Sell-side analysts predict that ONEOK will post 4.95 earnings per share for the current year.

ONEOK declared that its Board of Directors has initiated a share buyback plan on Wednesday, January 17th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the utilities provider to buy up to 4.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director Wayne Thomas Smith purchased 2,700 shares of the stock in a transaction on Friday, March 1st. The stock was bought at an average price of $75.25 per share, with a total value of $203,175.00. Following the transaction, the director now owns 2,700 shares in the company, valued at approximately $203,175. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On ONEOK

A number of institutional investors have recently bought and sold shares of the business. Sheets Smith Wealth Management boosted its stake in shares of ONEOK by 0.3% in the first quarter. Sheets Smith Wealth Management now owns 52,199 shares of the utilities provider’s stock worth $4,185,000 after buying an additional 139 shares during the last quarter. Venturi Wealth Management LLC boosted its position in ONEOK by 5.3% in the 1st quarter. Venturi Wealth Management LLC now owns 2,809 shares of the utilities provider’s stock worth $225,000 after purchasing an additional 142 shares in the last quarter. Massmutual Trust Co. FSB ADV grew its stake in shares of ONEOK by 4.7% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 3,199 shares of the utilities provider’s stock worth $256,000 after purchasing an additional 144 shares during the period. Presima Securities ULC increased its holdings in shares of ONEOK by 1.7% during the 4th quarter. Presima Securities ULC now owns 9,100 shares of the utilities provider’s stock valued at $639,000 after purchasing an additional 150 shares in the last quarter. Finally, Regal Investment Advisors LLC lifted its stake in shares of ONEOK by 3.6% in the 3rd quarter. Regal Investment Advisors LLC now owns 4,631 shares of the utilities provider’s stock valued at $294,000 after purchasing an additional 159 shares during the period. 69.13% of the stock is owned by hedge funds and other 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.