ONEOK (NYSE:OKE) Upgraded by Wolfe Research to “Outperform” Rating

Wolfe Research upgraded shares of ONEOK (NYSE:OKE) from a peer perform rating to an outperform rating in a report published on Monday morning, MarketBeat Ratings reports. They currently have $110.00 target price on the utilities provider’s stock.

Several other equities research analysts have also recently issued reports on OKE. Barclays began coverage on shares of ONEOK in a report on Thursday, February 6th. They issued an “equal weight” rating and a $105.00 target price on the stock. Royal Bank of Canada lifted their price objective on ONEOK from $89.00 to $98.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 16th. US Capital Advisors raised ONEOK from a “moderate buy” rating to a “strong-buy” rating in a report on Monday, February 3rd. Bank of America assumed coverage on ONEOK in a research note on Thursday, October 17th. They set a “buy” rating and a $105.00 price target for the company. Finally, Truist Financial increased their price objective on shares of ONEOK from $99.00 to $107.00 and gave the stock a “hold” rating in a research note on Tuesday, December 3rd. Seven research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, ONEOK has a consensus rating of “Moderate Buy” and a consensus target price of $103.92.

ONEOK Price Performance

NYSE OKE opened at $98.65 on Monday. 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 $57.63 billion, a price-to-earnings ratio of 20.64, a PEG ratio of 3.67 and a beta of 1.70. The stock has a 50-day moving average of $102.92 and a 200 day moving average of $97.70. ONEOK has a one year low of $68.65 and a one year high of $118.07.

ONEOK Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Monday, February 3rd will be paid a $1.03 dividend. The ex-dividend date is Monday, February 3rd. This is a boost from ONEOK’s previous quarterly dividend of $0.99. This represents a $4.12 dividend on an annualized basis and a dividend yield of 4.18%. ONEOK’s dividend payout ratio is 86.19%.

Hedge Funds Weigh In On ONEOK

Large investors have recently made changes to their positions in the business. Generali Asset Management SPA SGR purchased a new stake in ONEOK in the 4th quarter worth $10,174,000. Horizon Investments LLC increased its stake in ONEOK by 1.6% in the 4th quarter. Horizon Investments LLC now owns 9,486 shares of the utilities provider’s stock worth $942,000 after acquiring an additional 150 shares during the last quarter. Advisors Asset Management Inc. raised its holdings in shares of ONEOK by 9.0% during the 4th quarter. Advisors Asset Management Inc. now owns 93,325 shares of the utilities provider’s stock worth $9,370,000 after acquiring an additional 7,694 shares in the last quarter. South Street Advisors LLC boosted its position in shares of ONEOK by 460.4% during the 4th quarter. South Street Advisors LLC now owns 71,849 shares of the utilities provider’s stock valued at $7,214,000 after acquiring an additional 59,029 shares during the last quarter. Finally, Retirement Planning Co of New England Inc. purchased a new position in shares of ONEOK in the fourth quarter valued at $226,000. 69.13% of the stock is currently owned by hedge funds and other institutional investors.

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.