Scotiabank Begins Coverage on ONEOK (NYSE:OKE)

Investment analysts at Scotiabank assumed coverage on shares of ONEOK (NYSE:OKE) in a report released 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 price target indicates a potential upside of 6.16% from the company’s current price.

Several other equities analysts also recently issued reports on the stock. Wells Fargo & Company downgraded shares of ONEOK from an “overweight” rating to an “equal weight” rating and set a $107.00 price objective for the company. in a research note on Wednesday, December 18th. 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 research note on Wednesday, October 16th. UBS Group raised their target price on shares of ONEOK from $112.00 to $132.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Truist Financial upped their price target on shares of ONEOK from $99.00 to $107.00 and gave the company a “hold” rating in a research report on Tuesday, December 3rd. Finally, Mizuho upgraded shares of ONEOK to a “hold” rating in a research note on Thursday, November 7th. Eight research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, ONEOK has a consensus rating of “Moderate Buy” and an average price target of $101.54.

ONEOK Stock Up 1.1 %

ONEOK stock opened at $102.68 on Friday. The stock’s fifty day moving average is $105.46 and its two-hundred day moving average is $94.61. The stock has a market cap of $59.98 billion, a PE ratio of 21.48, a P/E/G ratio of 5.24 and a beta of 1.70. ONEOK has a 1-year low of $67.05 and a 1-year high of $118.07. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.81 and a quick ratio of 0.59.

ONEOK (NYSE:OKE) last announced 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 net margin of 14.05% and a return on equity of 16.84%. The business had revenue of $5.02 billion during the quarter, compared to analyst estimates of $5.81 billion. During the same period last year, the company earned $0.99 earnings per share. On average, sell-side analysts expect that ONEOK will post 5.1 EPS for the current fiscal year.

Institutional Investors Weigh In On ONEOK

Hedge funds and other institutional investors have recently modified their holdings of the stock. International Assets Investment Management LLC raised its position in shares of ONEOK by 9,439.9% during the 3rd quarter. International Assets Investment Management LLC now owns 3,230,989 shares of the utilities provider’s stock worth $294,440,000 after purchasing an additional 3,197,121 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of ONEOK by 3.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 17,480,774 shares of the utilities provider’s stock worth $1,593,023,000 after acquiring an additional 661,854 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of ONEOK in the third quarter valued at $47,957,000. Yaupon Capital Management LP purchased a new stake in ONEOK during the 3rd quarter worth about $45,194,000. Finally, National Bank of Canada FI raised its stake in ONEOK by 199.9% in the 3rd quarter. National Bank of Canada FI now owns 697,985 shares of the utilities provider’s stock valued at $63,605,000 after purchasing an additional 465,243 shares during the last quarter. 69.13% of the stock is currently owned by institutional investors and hedge funds.

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.