Royal Bank of Canada Raises ONEOK (NYSE:OKE) Price Target to $98.00

ONEOK (NYSE:OKE) had its price objective increased by Royal Bank of Canada from $89.00 to $98.00 in a report published on Wednesday morning, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the utilities provider’s stock.

A number of other research firms have also weighed in on OKE. Scotiabank upped their price target on shares of ONEOK from $88.00 to $102.00 and gave the stock a “sector outperform” rating in a research report on Friday, August 30th. Barclays raised their price target on ONEOK from $82.00 to $94.00 and gave the company an “equal weight” rating in a report on Monday, September 16th. JPMorgan Chase & Co. boosted their price objective on ONEOK from $89.00 to $92.00 and gave the company an “overweight” rating in a research report on Wednesday, June 26th. Wells Fargo & Company increased their target price on ONEOK from $91.00 to $100.00 and gave the stock an “overweight” rating in a research report on Friday, August 30th. Finally, Truist Financial lifted their target price on ONEOK from $81.00 to $83.00 and gave the company a “hold” rating in a research note on Wednesday, July 31st. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $94.77.

ONEOK Price Performance

Shares of ONEOK stock opened at $97.23 on Wednesday. The stock’s fifty day moving average is $91.79 and its 200 day moving average is $84.68. ONEOK has a one year low of $63.33 and a one year high of $98.01. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.41 and a current ratio of 0.62. The stock has a market cap of $56.79 billion, a P/E ratio of 21.18, a P/E/G ratio of 4.82 and a beta of 1.67.

ONEOK (NYSE:OKE) last posted its quarterly earnings data on Monday, August 5th. The utilities provider reported $1.33 EPS for the quarter, topping the consensus estimate of $1.21 by $0.12. The firm had revenue of $4.89 billion for 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 quarter last year, the company earned $1.04 earnings per share. Sell-side analysts anticipate that ONEOK will post 5.09 earnings per share for the current year.

ONEOK Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Friday, November 1st will be given a $0.99 dividend. The ex-dividend date is Friday, November 1st. This represents a $3.96 annualized dividend and a yield of 4.07%. ONEOK’s dividend payout ratio is currently 86.27%.

Insiders Place Their Bets

In other news, Director Pattye L. Moore sold 3,379 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $92.01, for a total value of $310,901.79. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ONEOK

Several hedge funds and other institutional investors have recently made changes to their positions in the company. QRG Capital Management Inc. boosted its position in shares of ONEOK by 2.2% during the second quarter. QRG Capital Management Inc. now owns 5,572 shares of the utilities provider’s stock valued at $454,000 after buying an additional 119 shares during the period. Johnson Investment Counsel Inc. boosted its holdings in ONEOK by 0.9% during the 2nd quarter. Johnson Investment Counsel Inc. now owns 13,623 shares of the utilities provider’s stock valued at $1,111,000 after acquiring an additional 122 shares during the period. Brighton Jones LLC increased its stake in ONEOK by 1.1% in the second quarter. Brighton Jones LLC now owns 11,462 shares of the utilities provider’s stock worth $935,000 after purchasing an additional 122 shares during the period. Ferguson Wellman Capital Management Inc. boosted its stake in shares of ONEOK by 1.4% during the third quarter. Ferguson Wellman Capital Management Inc. now owns 9,202 shares of the utilities provider’s stock valued at $839,000 after purchasing an additional 125 shares during the period. Finally, Capital Wealth Planning LLC increased its stake in ONEOK by 4.3% in the 2nd quarter. Capital Wealth Planning LLC now owns 3,166 shares of the utilities provider’s stock worth $258,000 after buying an additional 131 shares during the period. 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.