ONEOK (NYSE:OKE) Trading Down 3.9% – Should You Sell?

ONEOK, Inc. (NYSE:OKE)’s share price dropped 3.9% during mid-day trading on Monday . The company traded as low as $112.40 and last traded at $112.48. Approximately 1,854,124 shares were traded during trading, a decline of 33% from the average daily volume of 2,772,497 shares. The stock had previously closed at $117.05.

Analyst Ratings Changes

OKE has been the topic of a number of research analyst reports. Bank of America assumed coverage on ONEOK in a report on Thursday, October 17th. They set a “buy” rating and a $105.00 price target on the stock. Scotiabank increased their target price on ONEOK from $88.00 to $102.00 and gave the stock a “sector outperform” rating in a report on Friday, August 30th. Royal Bank of Canada increased their target price on ONEOK from $89.00 to $98.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 16th. Morgan Stanley upgraded ONEOK from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $103.00 to $111.00 in a report on Monday, September 16th. Finally, Barclays increased their target price on ONEOK from $94.00 to $99.00 and gave the stock an “equal weight” rating in a report on Monday, November 4th. Eight investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, ONEOK presently has a consensus rating of “Moderate Buy” and a consensus target price of $100.38.

ONEOK Trading Down 4.8 %

The stock has a market capitalization of $65.11 billion, a PE ratio of 24.49, a price-to-earnings-growth ratio of 5.84 and a beta of 1.66. The firm has a 50-day moving average price of $98.87 and a 200-day moving average price of $89.00. The company has a current ratio of 0.81, a quick ratio of 0.59 and a debt-to-equity ratio of 1.59.

ONEOK (NYSE:OKE) last announced its earnings results on Tuesday, October 29th. The utilities provider reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by ($0.05). ONEOK had a net margin of 14.05% and a return on equity of 16.84%. The business had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $5.81 billion. During the same period in the prior year, the business earned $0.99 earnings per share. As a group, equities analysts forecast that ONEOK, Inc. will post 5.15 EPS for the current fiscal year.

ONEOK Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Friday, November 1st were issued a $0.99 dividend. This represents a $3.96 annualized dividend and a yield of 3.55%. The ex-dividend date of this dividend was Friday, November 1st. ONEOK’s dividend payout ratio (DPR) is currently 82.85%.

Insider Buying and Selling

In related news, Director Pattye L. Moore sold 3,379 shares of ONEOK stock in a transaction dated 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in OKE. 1832 Asset Management L.P. bought a new position in ONEOK in the 1st quarter worth about $2,445,000. Price T Rowe Associates Inc. MD boosted its stake in ONEOK by 1.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 792,631 shares of the utilities provider’s stock worth $63,546,000 after purchasing an additional 11,982 shares during the period. SVB Wealth LLC boosted its stake in ONEOK by 3.2% in the 1st quarter. SVB Wealth LLC now owns 21,693 shares of the utilities provider’s stock worth $1,739,000 after purchasing an additional 674 shares during the period. B. Riley Wealth Advisors Inc. boosted its stake in ONEOK by 1.3% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 76,937 shares of the utilities provider’s stock worth $6,168,000 after purchasing an additional 1,017 shares during the period. Finally, Innova Wealth Partners bought a new position in ONEOK in the 1st quarter worth about $200,000. Institutional investors own 69.13% of the company’s stock.

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.