ONEOK, Inc. (OKE) Lifted to Hold at BidaskClub
ONEOK, Inc. (NYSE:OKE) was upgraded by BidaskClub from a “sell” rating to a “hold” rating in a research note issued on Friday.
OKE has been the topic of several other reports. Credit Suisse Group decreased their price objective on shares of ONEOK from $64.00 to $61.00 and set an “outperform” rating on the stock in a research report on Thursday, August 3rd. Royal Bank Of Canada restated a “hold” rating and issued a $58.00 price objective on shares of ONEOK in a research report on Friday, May 12th. Zacks Investment Research cut shares of ONEOK from a “hold” rating to a “sell” rating in a research report on Tuesday, June 27th. Morgan Stanley cut shares of ONEOK from an “overweight” rating to an “equal weight” rating and set a $54.00 price objective on the stock. 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 set a “hold” rating and a $48.00 price target on the stock. Nine analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. ONEOK has a consensus rating of “Hold” and an average target price of $57.46.
Shares of ONEOK (NYSE:OKE) traded up 0.06% during trading on Friday, hitting $53.50. 186,043 shares of the stock were exchanged. The firm has a market capitalization of $20.33 billion, a P/E ratio of 33.52 and a beta of 1.31. ONEOK has a 52 week low of $45.41 and a 52 week high of $59.47. The firm has a 50 day moving average price of $53.30 and a 200 day moving average price of $52.82.
ONEOK (NYSE:OKE) last posted its quarterly earnings data on Tuesday, August 1st. The utilities provider reported $0.33 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by $0.12. The company had revenue of $2.73 billion during the quarter, compared to the consensus estimate of $2.64 billion. ONEOK had a return on equity of 8.62% and a net margin of 3.26%. During the same quarter last year, the company posted $0.40 earnings per share. Analysts forecast that ONEOK will post $1.67 EPS for the current fiscal year.
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In other news, Director Eduardo A. Rodriguez sold 2,000 shares of the stock in a transaction that occurred on Friday, June 16th. The stock was 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 of the company’s stock, valued at $912,412.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.90% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in OKE. BlackRock Inc. raised its stake in ONEOK by 2,987.9% in the first quarter. BlackRock Inc. now owns 18,697,403 shares of the utilities provider’s stock worth $1,036,584,000 after buying an additional 18,091,903 shares during the period. State Street Corp raised its stake in ONEOK by 53.7% in the second quarter. State Street Corp now owns 17,416,296 shares of the utilities provider’s stock worth $908,434,000 after buying an additional 6,086,061 shares during the period. Vanguard Group Inc. raised its stake in ONEOK by 17.3% in the second quarter. Vanguard Group Inc. now owns 27,197,952 shares of the utilities provider’s stock worth $1,418,645,000 after buying an additional 4,002,795 shares during the period. Janus Henderson Group PLC raised its stake in ONEOK by 10,295.1% in the second quarter. Janus Henderson Group PLC now owns 2,258,138 shares of the utilities provider’s stock worth $117,779,000 after buying an additional 2,236,415 shares during the period. Finally, Renaissance Technologies LLC bought a new stake in ONEOK during the first quarter worth $90,888,000. 80.89% of the stock is owned by hedge funds and other institutional investors.
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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