Wells Fargo & Company Forecasts Strong Price Appreciation for ONEOK (NYSE:OKE) Stock

ONEOK (NYSE:OKE) had its price target raised by Wells Fargo & Company from $100.00 to $107.00 in a research report report published on Friday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the utilities provider’s stock.

OKE has been the subject of a number of other reports. Citigroup lifted their target price on shares of ONEOK from $85.00 to $102.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Barclays upped their price target on ONEOK from $82.00 to $94.00 and gave the stock an “equal weight” rating in a research note on Monday, September 16th. Mizuho raised their price objective on ONEOK from $81.00 to $85.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Truist Financial boosted their price objective on shares of ONEOK from $83.00 to $99.00 and gave the stock a “hold” rating in a research note on Wednesday, October 30th. Finally, Royal Bank of Canada boosted their price objective on ONEOK from $89.00 to $98.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 16th. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, ONEOK presently has an average rating of “Moderate Buy” and a consensus target price of $96.54.

ONEOK Stock Performance

Shares of OKE stock opened at $93.36 on Friday. ONEOK has a 1-year low of $63.33 and a 1-year high of $98.43. The company has a market capitalization of $54.54 billion, a price-to-earnings ratio of 19.53, a P/E/G ratio of 4.23 and a beta of 1.66. The company has a current ratio of 0.81, a quick ratio of 0.41 and a debt-to-equity ratio of 1.59. The stock’s fifty day simple moving average is $93.66 and its 200-day simple moving average is $85.94.

ONEOK (NYSE:OKE) last posted its quarterly earnings results on Tuesday, October 29th. The utilities provider reported $1.18 EPS for the quarter, missing the consensus estimate of $1.23 by ($0.05). ONEOK had a net margin of 14.05% and a return on equity of 16.84%. The company had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $5.81 billion. During the same quarter in the prior year, the firm earned $0.99 earnings per share. On average, sell-side analysts predict that ONEOK will post 5.04 earnings per share for the current fiscal year.

ONEOK Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Friday, November 1st will be issued a dividend of $0.99 per share. This represents a $3.96 annualized dividend and a dividend yield of 4.24%. The ex-dividend date of this dividend is Friday, November 1st. ONEOK’s payout ratio is 82.85%.

Insider Transactions at ONEOK

In related news, Director Pattye L. Moore sold 3,379 shares of the firm’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $92.01, for a total transaction of $310,901.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.20% of the stock is owned by company insiders.

Institutional Trading of ONEOK

Several large investors have recently made changes to their positions in OKE. Quest Partners LLC bought a new stake in ONEOK during the 2nd quarter worth about $28,000. Matrix Trust Co acquired a new position in shares of ONEOK during the third quarter worth approximately $29,000. Ridgewood Investments LLC bought a new stake in shares of ONEOK during the second quarter valued at approximately $31,000. Manchester Capital Management LLC increased its holdings in shares of ONEOK by 66.4% in the first quarter. Manchester Capital Management LLC now owns 456 shares of the utilities provider’s stock valued at $37,000 after purchasing an additional 182 shares in the last quarter. Finally, Values First Advisors Inc. bought a new position in ONEOK in the 3rd quarter worth approximately $44,000. Institutional investors own 69.13% of the company’s stock.

ONEOK Company Profile

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.