ONEOK (NYSE:OKE) Now Covered by Bank of America

Stock analysts at Bank of America assumed coverage on shares of ONEOK (NYSE:OKE) in a report released on Thursday, StockNewsAPI reports. The firm set a “buy” rating and a $105.00 price target on the utilities provider’s stock. Bank of America‘s price objective points to a potential upside of 9.78% from the stock’s current price.

Other research analysts also recently issued reports about the stock. Truist Financial raised their price objective on shares of ONEOK from $81.00 to $83.00 and gave the stock a “hold” rating in a research report on Wednesday, July 31st. Morgan Stanley raised ONEOK from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $103.00 to $111.00 in a research report on Monday, September 16th. Citigroup upped their price objective on shares of ONEOK from $85.00 to $102.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Wells Fargo & Company lifted their target price on shares of ONEOK from $91.00 to $100.00 and gave the company an “overweight” rating in a report on Friday, August 30th. Finally, Tudor Pickering raised shares of ONEOK to a “hold” rating in a report on Thursday, July 18th. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $94.77.

ONEOK Stock Up 0.7 %

OKE stock opened at $95.65 on Thursday. The stock has a market cap of $55.83 billion, a P/E ratio of 22.24, a PEG ratio of 4.68 and a beta of 1.67. The company has a current ratio of 0.62, a quick ratio of 0.41 and a debt-to-equity ratio of 1.22. ONEOK has a twelve month low of $63.33 and a twelve month high of $98.01. The company’s 50 day moving average is $91.32 and its two-hundred day moving average is $84.44.

ONEOK (NYSE:OKE) last posted its earnings results on Monday, August 5th. The utilities provider reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.12. The business had revenue of $4.89 billion during the quarter, compared to the consensus estimate of $5.52 billion. ONEOK had a return on equity of 15.54% and a net margin of 13.41%. During the same period in the previous year, the business earned $1.04 EPS. Research analysts expect that ONEOK will post 5.09 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Pattye L. Moore sold 3,379 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $92.01, for a total value of $310,901.79. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On ONEOK

A number of institutional investors have recently modified their holdings of the company. Wellington Management Group LLP grew its position in shares of ONEOK by 2,643.5% in the fourth quarter. Wellington Management Group LLP now owns 1,170,739 shares of the utilities provider’s stock valued at $82,209,000 after purchasing an additional 1,128,066 shares during the period. M&G Plc purchased a new position in ONEOK during the first quarter worth approximately $77,634,000. Kayne Anderson Capital Advisors LP boosted its holdings in shares of ONEOK by 28.7% in the 1st quarter. Kayne Anderson Capital Advisors LP now owns 3,705,367 shares of the utilities provider’s stock valued at $297,059,000 after purchasing an additional 825,464 shares during the last quarter. Bahl & Gaynor Inc. increased its holdings in shares of ONEOK by 3,648.4% during the 2nd quarter. Bahl & Gaynor Inc. now owns 514,954 shares of the utilities provider’s stock worth $41,995,000 after buying an additional 501,216 shares during the last quarter. Finally, Cetera Investment Advisers raised its position in shares of ONEOK by 370.1% in the 1st quarter. Cetera Investment Advisers now owns 615,276 shares of the utilities provider’s stock worth $49,327,000 after buying an additional 484,403 shares during the period. Institutional investors and hedge funds own 69.13% of the company’s stock.

ONEOK Company Profile

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.