UBS Group upgraded shares of ONEOK (NYSE:OKE) from a neutral rating to a buy rating in a research report sent to investors on Monday morning, BenzingaRatingsTable reports. UBS Group currently has $75.00 price objective on the utilities provider’s stock, up from their previous price objective of $69.00.
Other analysts have also issued research reports about the stock. Seaport Global Securities lowered shares of ONEOK from a buy rating to a neutral rating and set a $69.07 target price on the stock. in a research report on Monday, April 22nd. Raymond James lowered shares of ONEOK from a strong-buy rating to an outperform rating in a research report on Tuesday, April 16th. Argus lifted their target price on shares of ONEOK to $82.00 and gave the company an average rating in a research report on Tuesday, August 6th. Citigroup lifted their target price on shares of ONEOK from $67.00 to $77.00 and gave the company a buy rating in a research report on Thursday, May 2nd. Finally, Credit Suisse Group lifted their target price on shares of ONEOK from $70.00 to $72.00 and gave the company a neutral rating in a research report on Wednesday, August 7th. Twelve analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $72.37.
Shares of NYSE OKE opened at $67.95 on Monday. The company’s 50-day simple moving average is $69.32 and its 200-day simple moving average is $67.75. ONEOK has a 52-week low of $50.26 and a 52-week high of $72.38. The firm has a market cap of $28.61 billion, a price-to-earnings ratio of 24.44, a price-to-earnings-growth ratio of 1.94 and a beta of 1.17. The company has a quick ratio of 0.60, a current ratio of 0.81 and a debt-to-equity ratio of 1.70.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Tuesday, August 6th were given a dividend of $0.89 per share. The ex-dividend date of this dividend was Monday, August 5th. This is a positive change from ONEOK’s previous quarterly dividend of $0.87. This represents a $3.56 dividend on an annualized basis and a yield of 5.24%. ONEOK’s payout ratio is presently 128.06%.
A number of institutional investors and hedge funds have recently bought and sold shares of OKE. Mutual Advisors LLC raised its stake in ONEOK by 22.0% during the second quarter. Mutual Advisors LLC now owns 17,629 shares of the utilities provider’s stock worth $1,213,000 after purchasing an additional 3,181 shares during the period. Cambridge Investment Research Advisors Inc. raised its stake in ONEOK by 20.1% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 77,396 shares of the utilities provider’s stock worth $5,326,000 after purchasing an additional 12,978 shares during the period. Stonebridge Capital Advisors LLC purchased a new position in ONEOK during the second quarter worth about $60,000. Laffer Investments raised its stake in ONEOK by 1.8% during the second quarter. Laffer Investments now owns 9,905 shares of the utilities provider’s stock worth $682,000 after purchasing an additional 174 shares during the period. Finally, Advisors Capital Management LLC raised its stake in ONEOK by 2.3% during the second quarter. Advisors Capital Management LLC now owns 201,130 shares of the utilities provider’s stock worth $13,840,000 after purchasing an additional 4,515 shares during the period. Hedge funds and other institutional investors own 74.39% of the company’s stock.
ONEOK, Inc, together with its subsidiaries, engages in the gathering, processing, storage, and transportation of natural gas in the United States. It operates through Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments. The company owns natural gas gathering pipelines and processing plants in the Mid-Continent and Rocky Mountain regions.
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