ONEOK’s (OKE) “Hold” Rating Reaffirmed at Jefferies Group LLC
Jefferies Group LLC restated their hold rating on shares of ONEOK, Inc. (NYSE:OKE) in a report issued on Friday morning. They currently have a $52.00 price objective on the utilities provider’s stock, up from their previous price objective of $51.00.
Several other brokerages have also weighed in on OKE. Morgan Stanley lowered ONEOK from an overweight rating to an equal weight rating and set a $54.00 target price on the stock. in a research report on Wednesday, July 5th. BidaskClub raised ONEOK from a strong sell rating to a sell rating in a research report on Tuesday, June 27th. Argus raised ONEOK from a hold rating to a buy rating and set a $55.00 target price on the stock in a research report on Wednesday, June 21st. Zacks Investment Research lowered ONEOK from a hold rating to a sell rating in a research report on Tuesday, June 27th. Finally, BMO Capital Markets raised ONEOK from a market perform rating to an outperform rating and raised their target price for the stock from $53.00 to $59.00 in a research report on Wednesday, July 5th. Nine research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company has an average rating of Hold and an average price target of $57.54.
Shares of ONEOK (NYSE OKE) opened at 54.63 on Friday. ONEOK has a 52 week low of $45.41 and a 52 week high of $59.47. The stock’s 50 day moving average price is $53.63 and its 200-day moving average price is $52.77. The stock has a market cap of $20.76 billion, a price-to-earnings ratio of 34.23 and a beta of 1.32.
ONEOK (NYSE:OKE) last issued its earnings results on Tuesday, August 1st. The utilities provider reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.45 by $0.12. ONEOK had a return on equity of 8.62% and a net margin of 3.26%. The business had revenue of $2.73 billion for the quarter, compared to analyst estimates of $2.64 billion. During the same period last year, the business posted $0.40 EPS. Equities analysts anticipate that ONEOK will post $1.67 earnings per share for the current fiscal year.
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The company also recently declared a quarterly dividend, which was paid on Monday, August 14th. Investors of record on Monday, August 7th were paid a dividend of $0.745 per share. This represents a $2.98 dividend on an annualized basis and a yield of 5.45%. The ex-dividend date was Thursday, August 3rd. This is an increase from ONEOK’s previous quarterly dividend of $0.62. ONEOK’s dividend payout ratio (DPR) is currently 186.25%.
In other ONEOK news, Director Eduardo A. Rodriguez sold 2,000 shares of ONEOK stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $50.34, for a total value of $100,680.00. Following the transaction, the director now directly owns 18,125 shares in the company, valued at approximately $912,412.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.00% of the company’s stock.
Hedge funds have recently made changes to their positions in the business. Penserra Capital Management LLC grew its stake in shares of ONEOK by 14.6% in the 1st quarter. Penserra Capital Management LLC now owns 22,931 shares of the utilities provider’s stock valued at $1,271,000 after purchasing an additional 2,925 shares during the last quarter. 1st Global Advisors Inc. purchased a new position in shares of ONEOK in the 1st quarter valued at approximately $885,000. Catalyst Capital Advisors LLC grew its stake in shares of ONEOK by 30.7% in the 1st quarter. Catalyst Capital Advisors LLC now owns 108,336 shares of the utilities provider’s stock valued at $6,006,000 after purchasing an additional 25,440 shares during the last quarter. Neuberger Berman Group LLC grew its stake in shares of ONEOK by 16.1% in the 1st quarter. Neuberger Berman Group LLC now owns 8,572,212 shares of the utilities provider’s stock valued at $475,243,000 after purchasing an additional 1,190,284 shares during the last quarter. Finally, AE Wealth Management LLC grew its stake in shares of ONEOK by 13.5% in the 1st quarter. AE Wealth Management LLC now owns 19,766 shares of the utilities provider’s stock valued at $1,096,000 after purchasing an additional 2,356 shares during the last quarter. Institutional investors own 51.23% of the company’s stock.
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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