ONEOK, Inc. (OKE) Downgraded by BidaskClub
ONEOK, Inc. (NYSE:OKE) was downgraded by equities researchers at BidaskClub from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday.
Other equities research analysts also recently issued reports about the stock. UBS AG raised shares of ONEOK from a “neutral” rating to a “buy” rating and upped their target price for the stock from $56.00 to $59.00 in a research note on Wednesday, June 14th. Argus raised shares of ONEOK from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a research note on Wednesday, June 21st. Jefferies Group LLC set a $51.00 target price on shares of ONEOK and gave the stock a “hold” rating in a research note on Friday, June 16th. BMO Capital Markets raised shares of ONEOK from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $53.00 to $59.00 in a research report on Wednesday, July 5th. Finally, Stifel Nicolaus began coverage on shares of ONEOK in a research report on Monday, June 26th. They issued a “hold” rating and a $48.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $57.15.
ONEOK (NYSE:OKE) traded up 1.13% during mid-day trading on Thursday, reaching $50.93. 2,213,523 shares of the company were exchanged. The company has a market capitalization of $19.35 billion, a price-to-earnings ratio of 31.91 and a beta of 1.31. The company has a 50 day moving average of $53.23 and a 200-day moving average of $52.90. ONEOK has a 1-year low of $45.41 and a 1-year high of $59.47.
ONEOK (NYSE:OKE) last announced 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 analysts’ expectations of $2.64 billion. During the same period in the previous year, the company earned $0.40 earnings per share. On average, equities research analysts forecast that ONEOK will post $1.54 EPS for the current year.
In related news, Director Eduardo A. Rodriguez sold 2,000 shares of the stock in a transaction on Friday, June 16th. The shares were sold at an average price of $50.34, for a total transaction of $100,680.00. Following the completion of the sale, the director now owns 18,125 shares in the company, valued at approximately $912,412.50. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.90% of the stock is owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in OKE. Toronto Dominion Bank increased its position in shares of ONEOK by 122.6% in the second quarter. Toronto Dominion Bank now owns 126,615 shares of the utilities provider’s stock worth $6,603,000 after buying an additional 69,744 shares during the last quarter. Cetera Investment Advisers purchased a new position in shares of ONEOK during the second quarter worth approximately $219,000. Piedmont Investment Advisors LLC purchased a new position in shares of ONEOK during the second quarter worth approximately $2,787,000. Robecosam AG increased its position in shares of ONEOK by 4.8% in the second quarter. Robecosam AG now owns 30,240 shares of the utilities provider’s stock worth $1,558,000 after buying an additional 1,393 shares during the last quarter. Finally, Kalos Management Inc. purchased a new position in shares of ONEOK during the second quarter worth approximately $1,512,000. Institutional investors own 80.89% of the company’s stock.
ONEOK Company Profile
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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