ONEOK (NYSE:OKE) Rating Increased to Buy at Bank of America

Bank of America upgraded shares of ONEOK (NYSE:OKE) from a neutral rating to a buy rating in a research report sent to investors on Friday, November 2nd, MarketBeat Ratings reports. The firm currently has $75.00 price objective on the utilities provider’s stock, up from their previous price objective of $71.00.

A number of other equities analysts also recently weighed in on OKE. Barclays downgraded ONEOK from an overweight rating to an equal weight rating and lowered their price target for the stock from $73.00 to $70.00 in a research report on Friday, October 12th. ValuEngine downgraded ONEOK from a buy rating to a hold rating in a research report on Wednesday, August 29th. Seaport Global Securities set a $73.00 price target on ONEOK and gave the stock a hold rating in a research report on Friday, July 27th. Goldman Sachs Group assumed coverage on ONEOK in a research report on Monday, October 8th. They set a neutral rating and a $68.00 price target on the stock. Finally, Credit Suisse Group began coverage on ONEOK in a research report on Thursday, October 11th. They set a neutral rating and a $74.00 price target on the stock. Nine investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $70.31.

OKE traded down $0.88 on Friday, hitting $63.09. 2,410,421 shares of the company were exchanged, compared to its average volume of 2,515,783. ONEOK has a 12 month low of $49.65 and a 12 month high of $71.99. The firm has a market capitalization of $26.36 billion, a PE ratio of 35.85, a PEG ratio of 2.38 and a beta of 0.91. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.51 and a current ratio of 0.74.

ONEOK (NYSE:OKE) last released its earnings results on Tuesday, October 30th. The utilities provider reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.04. ONEOK had a return on equity of 16.32% and a net margin of 6.96%. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.31 billion. During the same quarter in the prior year, the company posted $0.43 earnings per share. On average, research analysts forecast that ONEOK will post 2.83 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 14th. Investors of record on Monday, November 5th will be paid a $0.855 dividend. This is a boost from ONEOK’s previous quarterly dividend of $0.83. This represents a $3.42 annualized dividend and a dividend yield of 5.42%. The ex-dividend date is Friday, November 2nd. ONEOK’s payout ratio is 194.32%.

Several hedge funds have recently modified their holdings of OKE. BerganKDV Wealth Management LLC bought a new stake in shares of ONEOK in the second quarter valued at approximately $117,000. JNBA Financial Advisors boosted its stake in shares of ONEOK by 827.4% in the third quarter. JNBA Financial Advisors now owns 2,031 shares of the utilities provider’s stock valued at $138,000 after buying an additional 1,812 shares during the period. TRUE Private Wealth Advisors bought a new stake in shares of ONEOK in the third quarter valued at approximately $140,000. Rehmann Capital Advisory Group boosted its stake in shares of ONEOK by 205.6% in the second quarter. Rehmann Capital Advisory Group now owns 2,442 shares of the utilities provider’s stock valued at $171,000 after buying an additional 1,643 shares during the period. Finally, Palo Capital Inc. bought a new stake in shares of ONEOK in the third quarter valued at approximately $175,000. Institutional investors and hedge funds own 73.46% of the company’s stock.

About ONEOK

ONEOK, Inc, through its general partner interests in ONEOK Partners, L.P., engages in the gathering, processing, storage, and transportation of natural gas in the United States. The company operates through Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments.

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Analyst Recommendations for ONEOK (NYSE:OKE)

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