ONEOK (NYSE:OKE) Reaches New 12-Month High – What’s Next?

ONEOK, Inc. (NYSE:OKE)’s stock price hit a new 52-week high during trading on Friday . The stock traded as high as $96.14 and last traded at $96.04, with a volume of 1389062 shares. The stock had previously closed at $94.69.

Analysts Set New Price Targets

Several equities research analysts have commented on OKE shares. Scotiabank boosted their price target on shares of ONEOK from $88.00 to $102.00 and gave the stock a “sector outperform” rating in a research report on Friday, August 30th. JPMorgan Chase & Co. boosted their price target on shares of ONEOK from $89.00 to $92.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 26th. Barclays boosted their price objective on shares of ONEOK from $82.00 to $94.00 and gave the stock an “equal weight” rating in a research note on Monday, September 16th. Wells Fargo & Company boosted their price objective on shares of ONEOK from $91.00 to $100.00 and gave the stock an “overweight” rating in a research note on Friday, August 30th. Finally, Morgan Stanley upgraded shares of ONEOK from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $103.00 to $111.00 in a research note on Monday, September 16th. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, ONEOK has an average rating of “Moderate Buy” and a consensus target price of $92.38.

ONEOK Stock Performance

The firm has a market cap of $56.26 billion, a price-to-earnings ratio of 20.63, a price-to-earnings-growth ratio of 4.68 and a beta of 1.67. The stock’s 50 day moving average is $90.11 and its 200 day moving average is $83.95. The company has a current ratio of 0.62, a quick ratio of 0.41 and a debt-to-equity ratio of 1.22.

ONEOK (NYSE:OKE) last posted its quarterly earnings data on Monday, August 5th. The utilities provider reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. The firm had revenue of $4.89 billion during the quarter, compared to the consensus estimate of $5.52 billion. ONEOK had a net margin of 13.41% and a return on equity of 15.54%. During the same quarter in the previous year, the firm posted $1.04 EPS. Analysts anticipate that ONEOK, Inc. will post 5.09 earnings per share for the current year.

ONEOK Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Thursday, August 1st were issued a $0.99 dividend. This represents a $3.96 dividend on an annualized basis and a yield of 4.11%. The ex-dividend date was Thursday, August 1st. ONEOK’s dividend payout ratio is currently 86.27%.

Insider Transactions at ONEOK

In other news, Director Pattye L. Moore sold 3,379 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $92.01, for a total transaction of $310,901.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.20% of the stock is currently owned by insiders.

Institutional Trading of ONEOK

Institutional investors and hedge funds have recently made changes to their positions in the company. Tortoise Capital Advisors L.L.C. lifted its stake in ONEOK by 3.5% in the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 6,795,313 shares of the utilities provider’s stock valued at $554,158,000 after purchasing an additional 232,043 shares during the last quarter. Kayne Anderson Capital Advisors LP lifted its stake in ONEOK by 28.7% in the 1st quarter. Kayne Anderson Capital Advisors LP now owns 3,705,367 shares of the utilities provider’s stock valued at $297,059,000 after purchasing an additional 825,464 shares during the last quarter. First Eagle Investment Management LLC lifted its stake in ONEOK by 12.3% in the 1st quarter. First Eagle Investment Management LLC now owns 3,465,068 shares of the utilities provider’s stock valued at $277,795,000 after purchasing an additional 378,509 shares during the last quarter. Energy Income Partners LLC lifted its stake in ONEOK by 10.3% in the 1st quarter. Energy Income Partners LLC now owns 3,434,728 shares of the utilities provider’s stock valued at $275,362,000 after purchasing an additional 319,487 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in ONEOK by 4.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,340,155 shares of the utilities provider’s stock valued at $272,377,000 after purchasing an additional 132,326 shares during the last quarter. Institutional investors own 69.13% of the company’s stock.

About ONEOK

ONEOK, Inc engages in gathering, processing, fractionation, storage, transportation, and marketing of natural gas and natural gas liquids (NGL) in the United States. It operates through four segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude.