Stifel Nicolaus Reiterates Hold Rating for ONEOK, Inc. (OKE)
ONEOK, Inc. (NYSE:OKE)‘s stock had its “hold” rating reissued by investment analysts at Stifel Nicolaus in a research note issued on Friday. They currently have a $55.00 price objective on the utilities provider’s stock. Stifel Nicolaus’ price objective would indicate a potential upside of 4.50% from the company’s previous close.
OKE has been the subject of a number of other research reports. Zacks Investment Research upgraded ONEOK from a “hold” rating to a “strong-buy” rating and set a $65.00 price objective for the company in a report on Tuesday, October 17th. J P Morgan Chase & Co reiterated a “neutral” rating and issued a $58.00 price target on shares of ONEOK in a research report on Monday, September 11th. Argus reiterated a “buy” rating and issued a $59.00 price target (up from $55.00) on shares of ONEOK in a research report on Thursday, August 24th. Credit Suisse Group dropped their price target on shares of ONEOK from $64.00 to $61.00 and set an “outperform” rating for the company in a research report on Thursday, August 3rd. Finally, BMO Capital Markets set a $62.00 price target on shares of ONEOK and gave the company a “buy” rating in a research report on Wednesday, October 18th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $59.07.
Shares of ONEOK (NYSE OKE) traded down $1.90 during trading hours on Friday, hitting $52.63. The stock had a trading volume of 1,579,438 shares, compared to its average volume of 2,251,447. The company has a market cap of $20,456.35, a P/E ratio of 33.34 and a beta of 1.29.
ONEOK (NYSE:OKE) last issued its quarterly earnings data on Tuesday, October 31st. The utilities provider reported $0.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.06). ONEOK had a return on equity of 9.25% and a net margin of 3.76%. The firm had revenue of $2.91 billion for the quarter, compared to the consensus estimate of $2.80 billion. During the same quarter in the prior year, the firm earned $0.43 EPS. analysts expect that ONEOK will post 1.65 EPS for the current year.
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A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in ONEOK by 17.3% during the second quarter. Vanguard Group Inc. now owns 27,197,952 shares of the utilities provider’s stock valued at $1,418,645,000 after purchasing an additional 4,002,795 shares in the last quarter. BlackRock Inc. raised its position in ONEOK by 28.4% during the second quarter. BlackRock Inc. now owns 24,014,654 shares of the utilities provider’s stock valued at $1,252,605,000 after purchasing an additional 5,317,251 shares in the last quarter. State Street Corp raised its position in ONEOK by 53.7% during the second quarter. State Street Corp now owns 17,416,296 shares of the utilities provider’s stock valued at $908,434,000 after purchasing an additional 6,086,061 shares in the last quarter. Finally, BlackRock Fund Advisors raised its position in ONEOK by 7.3% during the third quarter. BlackRock Fund Advisors now owns 12,451,431 shares of the utilities provider’s stock valued at $639,879,000 after purchasing an additional 846,397 shares in the last quarter. Institutional investors and hedge funds own 51.78% 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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