ONEOK (OKE) Upgraded to “Buy” at ValuEngine

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ValuEngine upgraded shares of ONEOK (NYSE:OKE) from a hold rating to a buy rating in a research report sent to investors on Friday.

A number of other research firms also recently issued reports on OKE. JPMorgan Chase & Co. boosted their price target on shares of ONEOK from $65.00 to $74.00 and gave the company a neutral rating in a research note on Friday, July 27th. Barclays boosted their price target on shares of ONEOK from $72.00 to $73.00 and gave the company an overweight rating in a research note on Wednesday, July 11th. Zacks Investment Research downgraded shares of ONEOK from a strong-buy rating to a hold rating in a research note on Thursday, July 19th. Jefferies Financial Group downgraded shares of ONEOK from a buy rating to a hold rating and set a $77.00 price target on the stock. in a research note on Wednesday, July 18th. They noted that the move was a valuation call. Finally, Seaport Global Securities set a $73.00 price target on shares of ONEOK and gave the company a hold rating in a research note on Friday, July 27th. Nine research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. ONEOK currently has a consensus rating of Buy and a consensus price target of $69.88.

OKE stock traded up $0.87 during trading on Friday, reaching $67.79. 3,165,032 shares of the stock were exchanged, compared to its average volume of 2,397,111. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.56 and a quick ratio of 0.40. ONEOK has a 1 year low of $49.65 and a 1 year high of $71.99. The company has a market capitalization of $27.52 billion, a PE ratio of 38.52, a price-to-earnings-growth ratio of 2.58 and a beta of 0.98.

ONEOK (NYSE:OKE) last released its quarterly earnings results on Tuesday, July 31st. The utilities provider reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.01. The business had revenue of $2.96 billion for the quarter, compared to the consensus estimate of $3.20 billion. ONEOK had a net margin of 6.07% and a return on equity of 14.70%. Sell-side analysts forecast that ONEOK will post 2.73 EPS for the current year.

In other ONEOK news, Director Brian L. Derksen acquired 1,500 shares of the company’s stock in a transaction that occurred on Monday, August 6th. The stock was purchased at an average price of $67.60 per share, for a total transaction of $101,400.00. Following the completion of the acquisition, the director now owns 5,100 shares of the company’s stock, valued at approximately $344,760. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.53% of the company’s stock.

Several hedge funds have recently made changes to their positions in OKE. BlackRock Inc. grew its holdings in shares of ONEOK by 9.8% in the second quarter. BlackRock Inc. now owns 36,629,660 shares of the utilities provider’s stock valued at $2,557,848,000 after purchasing an additional 3,276,879 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in shares of ONEOK in the second quarter valued at approximately $94,768,000. Royal Bank of Canada grew its holdings in shares of ONEOK by 240.0% in the first quarter. Royal Bank of Canada now owns 1,220,247 shares of the utilities provider’s stock valued at $69,456,000 after purchasing an additional 861,379 shares in the last quarter. Wells Fargo & Company MN grew its holdings in shares of ONEOK by 26.9% in the second quarter. Wells Fargo & Company MN now owns 1,669,851 shares of the utilities provider’s stock valued at $116,606,000 after purchasing an additional 354,118 shares in the last quarter. Finally, Perella Weinberg Partners Capital Management LP grew its holdings in shares of ONEOK by 86.6% in the second quarter. Perella Weinberg Partners Capital Management LP now owns 575,030 shares of the utilities provider’s stock valued at $40,154,000 after purchasing an additional 266,895 shares in the last quarter. Hedge funds and other institutional investors own 73.15% of the company’s stock.

About ONEOK

ONEOK, Inc, through its general partner interests in ONEOK Partners, L.P., engages in the gathering, processing, storage, and transportation of natural gas in the United States. The company operates through Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments.

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Analyst Recommendations for ONEOK (NYSE:OKE)

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