Scotiabank Cuts ONEOK (NYSE:OKE) Price Target to $102.00

ONEOK (NYSE:OKE) had its price target dropped by research analysts at Scotiabank from $109.00 to $102.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a “sector outperform” rating on the utilities provider’s stock. Scotiabank’s price objective would indicate a potential upside of 13.85% from the company’s current price.

Other research analysts have also recently issued reports about the stock. 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. Wells Fargo & Company cut their price target on shares of ONEOK from $107.00 to $102.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 26th. Mizuho raised shares of ONEOK to a “hold” rating in a report on Thursday, November 7th. Citigroup began coverage on shares of ONEOK in a report on Friday, February 28th. They issued a “buy” rating and a $110.00 price target on the stock. Finally, Wolfe Research raised shares of ONEOK from a “peer perform” rating to an “outperform” rating and set a $110.00 price target on the stock in a report on Monday, February 10th. Seven analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $103.31.

ONEOK Trading Down 0.2 %

NYSE OKE opened at $89.59 on Thursday. The company’s fifty day simple moving average is $100.00 and its 200-day simple moving average is $99.29. ONEOK has a 52 week low of $76.23 and a 52 week high of $118.07. The company has a current ratio of 0.81, a quick ratio of 0.59 and a debt-to-equity ratio of 1.59. The stock has a market cap of $55.93 billion, a P/E ratio of 18.74, a PEG ratio of 3.77 and a beta of 1.70.

ONEOK (NYSE:OKE) last posted its earnings results on Monday, February 24th. The utilities provider reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.11. ONEOK had a net margin of 14.05% and a return on equity of 16.84%. The business had revenue of $7 billion for the quarter, compared to analysts’ expectations of $6.18 billion. Equities research analysts predict that ONEOK will post 5.07 EPS for the current fiscal year.

Hedge Funds Weigh In On ONEOK

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of ONEOK by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 70,120,264 shares of the utilities provider’s stock worth $7,040,075,000 after acquiring an additional 558,789 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of ONEOK by 5.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 18,414,781 shares of the utilities provider’s stock worth $1,848,844,000 after acquiring an additional 934,007 shares during the last quarter. Geode Capital Management LLC grew its position in shares of ONEOK by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 14,037,890 shares of the utilities provider’s stock worth $1,405,697,000 after acquiring an additional 357,015 shares during the last quarter. Northern Trust Corp grew its position in shares of ONEOK by 15.2% during the fourth quarter. Northern Trust Corp now owns 6,535,861 shares of the utilities provider’s stock worth $656,200,000 after acquiring an additional 864,392 shares during the last quarter. Finally, Norges Bank bought a new position in shares of ONEOK during the fourth quarter worth about $539,554,000. 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.