Oneok Inc. (OKE) Cut to Equal Weight at Morgan Stanley
Oneok Inc. (NYSE:OKE) was downgraded by analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research report issued on Tuesday. They currently have a $50.00 price target on the stock, up from their previous price target of $48.00. Morgan Stanley’s price objective would indicate a potential downside of 2.17% from the stock’s current price. The analysts noted that the move was a valuation call.
Several other equities analysts have also recently issued reports on the company. Jefferies Group cut Oneok from a “buy” rating to a “hold” rating and raised their price objective for the stock from $34.00 to $42.00 in a research note on Wednesday, June 8th. Citigroup Inc. raised their price objective on Oneok from $35.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, June 17th. RBC Capital Markets restated a “sector perform” rating and set a $46.00 price objective (up from $39.00) on shares of Oneok in a research note on Tuesday, August 16th. Zacks Investment Research lowered Oneok from a “buy” rating to a “hold” rating in a report on Tuesday, August 9th. Finally, Royal Bank Of Canada lifted their target price on Oneok from $39.00 to $46.00 and gave the stock a “sector perform” rating in a report on Tuesday, August 16th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and two have issued a buy rating to the stock. Oneok has a consensus rating of “Hold” and a consensus price target of $38.93.
Oneok (NYSE:OKE) opened at 51.11 on Tuesday. Oneok has a one year low of $18.84 and a one year high of $51.72. The stock has a 50 day moving average of $48.41 and a 200-day moving average of $42.62. The firm has a market capitalization of $10.75 billion, a PE ratio of 38.87 and a beta of 1.10.
Oneok (NYSE:OKE) last released its earnings results on Tuesday, August 2nd. The company reported $0.40 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by $0.03. Oneok had a net margin of 3.58% and a return on equity of 9.41%. During the same period in the previous year, the firm earned $0.36 EPS. On average, equities analysts predict that Oneok will post $1.73 EPS for the current year.
Several large investors have recently made changes to their positions in OKE. BlackRock Fund Advisors raised its stake in shares of Oneok by 38.9% in the first quarter. BlackRock Fund Advisors now owns 10,927,979 shares of the company’s stock valued at $326,309,000 after buying an additional 3,062,297 shares in the last quarter. Norges Bank purchased a new stake in shares of Oneok during the fourth quarter valued at about $35,309,000. Vanguard Group Inc. raised its stake in shares of Oneok by 7.3% in the second quarter. Vanguard Group Inc. now owns 20,707,166 shares of the company’s stock valued at $982,554,000 after buying an additional 1,401,380 shares in the last quarter. Riverhead Capital Management LLC raised its stake in shares of Oneok by 1,143.8% in the second quarter. Riverhead Capital Management LLC now owns 962,591 shares of the company’s stock valued at $8,490,000 after buying an additional 885,199 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Oneok by 21.9% in the second quarter. Bank of New York Mellon Corp now owns 4,038,472 shares of the company’s stock valued at $191,625,000 after buying an additional 724,684 shares in the last quarter. Institutional investors and hedge funds own 72.29% of the company’s stock.
ONEOK, Inc is the sole general partner of ONEOK Partners, L.P. (ONEOK Partners), a master limited partnership engaged in the gathering, processing, storage and transportation of natural gas in the United States. The Company operates through three business segments: Natural Gas Gathering and Processing, Natural Gas Liquids and Natural Gas Pipelines.
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