ONEOK (NYSE:OKE) Coverage Initiated at Bank of America

Research analysts at Bank of America started coverage on shares of ONEOK (NYSE:OKE) in a research report issued to clients and investors on Thursday, MarketBeat reports. The brokerage set a “buy” rating and a $105.00 price target on the utilities provider’s stock. Bank of America‘s price target indicates a potential upside of 7.99% from the stock’s previous close.

Several other research analysts also recently weighed in on OKE. JPMorgan Chase & Co. upped their price target on shares of ONEOK from $89.00 to $92.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 26th. Barclays upped their price target on shares of ONEOK from $82.00 to $94.00 and gave the stock an “equal weight” rating in a research report on Monday, September 16th. Wells Fargo & Company upped their price target on shares of ONEOK from $91.00 to $100.00 and gave the stock an “overweight” rating in a research report on Friday, August 30th. Tudor Pickering upgraded shares of ONEOK to a “hold” rating in a research report on Thursday, July 18th. Finally, Truist Financial upped their price target 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. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $94.77.

ONEOK Trading Up 0.8 %

OKE stock opened at $97.23 on Thursday. The company’s 50-day simple moving average is $91.79 and its 200-day simple moving average is $84.65. The company has a quick ratio of 0.41, a current ratio of 0.62 and a debt-to-equity ratio of 1.22. ONEOK has a 52-week low of $63.33 and a 52-week high of $98.01. The firm has a market cap of $56.79 billion, a P/E ratio of 21.18, a PEG ratio of 4.82 and a beta of 1.67.

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

Insider Buying and Selling

In related news, Director Pattye L. Moore sold 3,379 shares of the stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $92.01, for a total transaction of $310,901.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ONEOK

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OKE. Wellington Management Group LLP boosted its position in ONEOK by 2,643.5% in the 4th quarter. Wellington Management Group LLP now owns 1,170,739 shares of the utilities provider’s stock valued at $82,209,000 after buying an additional 1,128,066 shares during the period. Kapitalo Investimentos Ltda purchased a new position in ONEOK in the 4th quarter valued at approximately $103,000. Rise Advisors LLC purchased a new position in ONEOK in the 1st quarter valued at approximately $25,000. Massmutual Trust Co. FSB ADV boosted its position in ONEOK by 4.7% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 3,199 shares of the utilities provider’s stock valued at $256,000 after buying an additional 144 shares during the period. Finally, Czech National Bank raised its holdings in shares of ONEOK by 0.5% in the 1st quarter. Czech National Bank now owns 102,500 shares of the utilities provider’s stock valued at $8,217,000 after purchasing an additional 470 shares in the last quarter. Hedge funds and other institutional investors 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.