ONEOK (NYSE:OKE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The brokerage presently has a $65.00 target price on the utilities provider’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 12.19% from the company’s current price.
According to Zacks, “In the last year, shares of ONEOK have gained against industry's decline. ONEOK has widespread pipelines and storage facilities in some prolific oil and gas regions of the United States. 2018 guidance of the company points out the expected gain of the company from its well-placed assets in regions having high drilling activities. The increase in fee-based earnings, acquisition of ONEOK Partners, capital-growth projects and increasing drilling activities from the producers will further boost the performance of the company. However, ONEOK is subject to strict regulations and intense competition in midstream energy services. Rising interest rates is a concern and could impact profitability of the company. “
OKE has been the subject of several other research reports. Credit Suisse Group assumed coverage on ONEOK in a report on Monday, January 8th. They set an “outperform” rating and a $62.00 price target for the company. JPMorgan Chase & Co. raised their price target on ONEOK from $58.00 to $62.00 and gave the company a “neutral” rating in a report on Monday, February 12th. BMO Capital Markets set a $68.00 price target on ONEOK and gave the company a “buy” rating in a report on Thursday, March 8th. Mizuho reaffirmed a “hold” rating and set a $61.00 price target on shares of ONEOK in a report on Tuesday, January 23rd. Finally, UBS Group reaffirmed a “buy” rating and set a $72.00 price target (up previously from $70.00) on shares of ONEOK in a report on Friday, March 2nd. Eight research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company has an average rating of “Buy” and an average price target of $61.29.
ONEOK (NYSE:OKE) last announced its quarterly earnings results on Monday, February 26th. The utilities provider reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.01. ONEOK had a return on equity of 10.46% and a net margin of 3.19%. The business had revenue of $3.79 billion during the quarter, compared to the consensus estimate of $4.10 billion. During the same quarter last year, the firm posted $0.43 EPS. sell-side analysts expect that ONEOK will post 2.48 EPS for the current year.
In other ONEOK news, VP Sheppard F. Miers III sold 2,200 shares of the stock in a transaction on Thursday, March 8th. The stock was sold at an average price of $56.70, for a total transaction of $124,740.00. Following the transaction, the vice president now owns 31,244 shares in the company, valued at approximately $1,771,534.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.00% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Capital Advisors Inc. OK increased its position in shares of ONEOK by 3.1% in the fourth quarter. Capital Advisors Inc. OK now owns 29,582 shares of the utilities provider’s stock worth $1,581,000 after purchasing an additional 881 shares during the period. Benson Investment Management Company Inc. increased its position in shares of ONEOK by 2.1% in the fourth quarter. Benson Investment Management Company Inc. now owns 44,565 shares of the utilities provider’s stock worth $2,382,000 after purchasing an additional 905 shares during the period. Wetherby Asset Management Inc. increased its position in shares of ONEOK by 9.7% in the fourth quarter. Wetherby Asset Management Inc. now owns 10,685 shares of the utilities provider’s stock worth $571,000 after purchasing an additional 946 shares during the period. Stockman Wealth Management Inc. increased its position in shares of ONEOK by 7.5% in the fourth quarter. Stockman Wealth Management Inc. now owns 14,400 shares of the utilities provider’s stock worth $770,000 after purchasing an additional 1,000 shares during the period. Finally, Segment Wealth Management LLC increased its position in shares of ONEOK by 5.3% in the fourth quarter. Segment Wealth Management LLC now owns 19,772 shares of the utilities provider’s stock worth $1,056,000 after purchasing an additional 1,003 shares during the period. Institutional investors own 68.50% 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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