ONEOK (NYSE:OKE) Coverage Initiated at Scotiabank

Investment analysts at Scotiabank started coverage on shares of ONEOK (NYSE:OKE) in a research report issued on Friday,Briefing.com Automated Import reports. The brokerage set a “sector outperform” rating and a $109.00 price target on the utilities provider’s stock. Scotiabank’s target price suggests a potential upside of 6.16% from the company’s current price.

OKE has been the subject of several other reports. Morgan Stanley raised shares of ONEOK from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $103.00 to $111.00 in a research report on Monday, September 16th. Mizuho raised ONEOK to a “hold” rating in a research report on Thursday, November 7th. US Capital Advisors upgraded ONEOK from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, November 26th. Royal Bank of Canada raised their price target on ONEOK from $89.00 to $98.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 16th. Finally, Truist Financial boosted their target price on shares of ONEOK from $99.00 to $107.00 and gave the stock a “hold” rating in a research report on Tuesday, December 3rd. Eight equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $101.54.

ONEOK Stock Performance

ONEOK stock opened at $102.68 on Friday. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.59 and a current ratio of 0.81. The company has a market capitalization of $59.98 billion, a PE ratio of 21.48, a P/E/G ratio of 5.24 and a beta of 1.70. The company has a 50 day moving average price of $105.46 and a 200-day moving average price of $94.61. ONEOK has a fifty-two week low of $67.05 and a fifty-two week high of $118.07.

ONEOK (NYSE:OKE) last posted its quarterly earnings results on Tuesday, October 29th. The utilities provider reported $1.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.05). ONEOK had a return on equity of 16.84% and a net margin of 14.05%. The firm had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $5.81 billion. During the same period in the previous year, the company posted $0.99 EPS. As a group, equities analysts forecast that ONEOK will post 5.1 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. National Pension Service grew its holdings in shares of ONEOK by 1.6% during the 3rd quarter. National Pension Service now owns 763,833 shares of the utilities provider’s stock worth $69,608,000 after purchasing an additional 12,349 shares during the period. Leavell Investment Management Inc. raised its stake in shares of ONEOK by 3.8% in the 3rd quarter. Leavell Investment Management Inc. now owns 141,236 shares of the utilities provider’s stock valued at $12,871,000 after acquiring an additional 5,175 shares during the period. Caxton Associates LP acquired a new stake in ONEOK in the 2nd quarter valued at approximately $1,225,000. Point72 Europe London LLP purchased a new stake in ONEOK in the second quarter valued at approximately $15,008,000. Finally, Nations Financial Group Inc. IA ADV raised its holdings in shares of ONEOK by 11.1% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 54,557 shares of the utilities provider’s stock valued at $4,972,000 after buying an additional 5,451 shares during the period. 69.13% of the stock is owned by hedge funds and other institutional investors.

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.